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The firm made strategic decisions-time and time again-to position itself exactly where the industry and its clients needed to go. It wasn’t always easy for the people who labored to make Instinet successful over the decades. Finally, it became clear that an accessible, transparent, and efficient electronic marketplace could bring innumerable benefits to the industry, the economy, and individuals everywhere. Like many evolutions, it was often propelled forward in giant leaps by external, dramatic events. But then, after almost two decades of hard work, Instinet became an overnight success.Įventually, these ideas about electronification and disintermediation reached a critical mass and gathered enough momentum to break the inertia of hundreds of years of business as usual. And, like most truly fundamental shifts, it took time to catch on. Fifty years ago, it was hard to predict the scope of this change, even for the visionaries that were making it happen. These principles seem basic now, but their introduction was a moment in history that would slowly, inexorably, begin a revolution. It would be a place for investors to connect with each other to execute trades at the best possible price, and for lower cost. An alternative to the single, central limit order book that was available to only a few people. Their innovation was an electronic network for trading stocks. He recruited some like-minded partners and started a company called Institutional Networks that would fundamentally change the structure of the financial markets.
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In 1969, Jerome Pustilnik was that visionary individual. But sometimes a new course can be set by a visionary individual who sees an opportunity for radical improvement and steps forward to challenge the status quo. For obvious reasons, most people would not willingly rock a boat that is sailing comfortably along.
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Significant change rarely occurs when things are going well.