Instinet, an electronic agency brokerage, has migrated 600 of its clients to a new financial information exchange (FIX) protocol trading platform.

The migration project is the latest in a series of steps to upgrade and re-engineer Instinet's ageing equities trading system. Following Instinet's purchase of the Island electronic communications network (ECN) last year, the brokerage developed a software link so that customers could view Island and Instinet's services together, but the underlying matching engines remain separate.