Instinet Completes Launch Of Block Trading Platform For Buyside Clients; Provides Access To Institutional Liquidity - Multiple Marketplaces

Instinet, LLC, today announced the completion of the launch of its institutional block trading platform for U.S. securities: Instinet Continuous Block Crossing (CBX(sm)). Combined with the advanced order-routing functionality of the company's Proactive SmartRouter, CBX will provide Instinet's more than 1,000 institutional clients with the potential to trade large equity orders directly and anonymously with each other, while simultaneously representing their limit orders on major ECNs and the NYSE. CBX became fully operational and available to clients at the beginning of this week.

"Our U.S. clients now get the best of both worlds. They can trade blocks with each other to find their natural counterparty and reduce market impact, while at the same time ensuring that they will not miss opportunities in OTC marketplaces or on the floor of the NYSE," said Mike Plunkett, president, Instinet, North American Division. "Moreover, we believe that our sizable customer base will provide our clients with a deep pool of institutional liquidity to support their trading needs."

In the fourth quarter of 2004, Instinet's clients traded on average more than 99 million shares daily through the firm's trading systems.