Island ECN Announces Management Change

Instinet Group Incorporated (Nasdaq: INET) announced that Matthew Andresen, President and Chief Executive Officer of its Island ECN subsidiary, will be leaving Island today to accept a new job at another company. Island's Chief Technology Officer, Will Sterling, will now serve as President as well as CTO of Island ECN.

"Matt has done an exceptional job over the past four years of building Island into one of the largest electronic marketplaces. We know Matt will continue to achieve great things," said Ed Nicoll, Chief Executive Officer of Instinet. "Moving ahead, I cannot think of a stronger leader to take over as President of Island than someone with Will's talents and skills. Will brings a unique mix of technological expertise, market structure insight, and a proven track record of running one of the most efficient technology operations in the industry," said Mr. Nicoll.

"It's a tremendous privilege to be given the chance to lead Island. I look forward to continuing Island's outstanding tradition of providing its subscribers with superior products and services," said Will Sterling.

Will Sterling joined Island in 1997, and has served as CTO since the company's founding.