Global brokerage services firm Instinet has established a local business after becoming a full member of the Australian Securities Exchange (ASX).
The firm set up shop in 2007, but at that time the firm only had remote membership through its Hong Kong office.
Instinet Australia can now provide its Australian clients with a locally-based sales and trading desk.
The new full ASX licence represents a new phase of growth for the company, according to Instinet Asia's chief executive Glenn Lesko.
"Since being granted the first remote participation licence in September 2007, we've grown to become the 11th largest institutional broker in Australia," Lesko said.
"With our electronic trading tools, sales trading capabilities and access to global liquidity, we are clearly gaining momentum in Australia and by coming onshore we have realised the next step in our plans for growth."
The onshore licence will also give Instinet clients the local advantages of trading with an Australia-based company, Instinet Asia's chief operating officer John Fildes said.
"By coming onshore and being closer to our clients we have realised the next step in our plans for growth here," Fildes said.
The Australian equities team that has operated out of the firm's Hong Kong office will now move to Sydney.
"We expect to add several new traders in the coming months," Fildes said.
