This work is devoted to the development of efficient methods for the numerical simulation of incompressible flows on modern supercomputers. Direct simulation of the Navier-Stokes equations is nowadays an essential tool to provide new insights into the physics of turbulence and indispensable data for the development of better turbulence models. However, since DNS simulations at high Reynolds numbers are not feasible because the convective term produces far too many scales of motion, a dynamically less complex mathematical formulation is sought. In the quest for such a formulation, we consider regularizations of the convective term that preserve symmetry and conservation properties exactly. This yields a novel class of regularization...