"We have long believed that Instinet is the best place to begin the search for liquidity. This rate reduction further highlights the advantages to subscribers of partnering with INET to have the opportunity to obtain the highest quality executions at the lowest possible price," said Alex Goor, executive vice president, head of Alternative Trading Systems, Instinet Corporation. "Our goal is to continue to build upon what is already one of the largest aggregate liquidity pools in over-the-counter securities by offering value-added services such as routing."
As a result of this price reduction, subscribers can now access marketplaces offering automated executions at a cost potentially lower than accessing those markets directly. For example, at the new price of $.0025 per share, customers would save nearly $100,000 for one million average daily shares routed between now and the end of the year.
Instinet ECN and Island ECN, soon to be combined into one electronic marketplace branded INET, will comprise one of the largest liquidity pools in over-the-counter securities. The combined entity will collect, prioritize, display and match orders within its member network, and through the use of advanced technology, will offer routing services for its U.S.-registered broker-dealer subscribers. Instinet ECN and Island ECN are subsidiaries of Instinet Group Incorporated, part of the Reuters family of companies.
(c) 2003 Instinet Corporation and its affiliated companies. All rights reserved. INSTINET is a registered service mark in the United States and other countries throughout the world. Instinet ECN and Instinet SmartRouter are provided by Instinet Corporation, member NASD/SIPC. The Island ECN is provided by The Island ECN, Inc., member NASD/CSE/SIPC. Instinet Corporation and The Island ECN, Inc. are subsidiaries of Instinet Group Incorporated.
This news release is for informational purposes only and does not constitute an offer, solicitation or recommendation with respect to the purchase or sale of any security. While Instinet believes the information in this news release to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. These statements speak only as of this news release and Instinet undertakes no obligation to update publicly any of the information contained herein, in light of new information or future events.
This news release may be deemed to include forward-looking statements relating to Instinet. Certain important factors that could cause actual results to differ materially from those disclosed in such forward-looking statements are included in the Instinet Annual Report Form 10-K dated for the period ended December 31, 2002 and other documents filed with the SEC and available on the Company's web site at www.InstinetGroup.com.
