Instinet Ranked First For Execution Quality In ITG Broker Edge Trading Survey

Instinet Incorporated, a global leader in electronic trading and agency-only brokerage services, today announced that it has been ranked first for execution quality in overall US stock trading over the four-quarter period ended March 31, 2008, as measured by value-added(1), according to Investment Technology Group, Inc.’s (ITG®) ITG Broker Edge^™ report.

“We’re pleased to once again find ourselves atop ITG’s execution quality rankings,” said Michael Plunkett, President of Instinet, LLC, Instinet Incorporated’s US-based agency brokerage subsidiary. “We believe that our technology, open approach to connectivity partnerships and agency trading model is helping us to deliver exceptional value to our global client base, evidenced by the record U.S. trading volumes we are currently seeing.”

Instinet ranked first in nine out of the 14 ITG Broker Edge trading categories, more than any other broker in the survey, and was among the top five firms in 12 out of the 14 categories (see table below). The report, previously known as the Plexus BrokerEDGE Monitor survey, covered over two million trades executed by 1,500 brokers for around 100 institutional traders. The ITG Broker Edge survey no longer separates trading in Nasdaq-listed and NYSE-listed stocks into distinct categories, but measures transaction quality across all US exchange-listed stocks.

¹“Value-added” is defined as the total trade cost minus ITG Broker Edge’s difficulty-adjusted benchmark, called PAEG/L(SM). This is the average experience benchmark for each trade based on statistical equations. The total trade cost is defined as the average difference between execution price and market price at the time the order was released to the broker. Higher value added means greater the cost savings and better execution quality.

²“Table shows Instinet’s ranking versus other brokers in the ITG Broker Edge universe, excluding brokers whose survey data was less than 0.5% of ITG Broker Edge’s sample by value traded for each category. The universe consists of over 1,500 broker-dealers executing trades resulting from orders released by over 100 institutional equity traders at money management organizations with over $1.5 trillion in assets.

³“Median, maximum and minimum are based on data supplied for top 50 brokers by ITG Broker Edge.