Chi-X Canada Sets Launch Date

    ATS platform to commence trading on February 20, 2008, bringing to Canada
advanced functionality, complete anonymity and lower costs for the trading of
TSX(R)-listed equities.

    TORONTO, December 20 /CNW/ - Chi-X Canada ATS Limited, a wholly-owned
subsidiary of global agency broker Instinet and operator of Chi-X Canada(TM),
today announced that its ATS (alternative trading system) will commence
trading on Wednesday, February 20, 2008. A complete listing of stock names
initially available for trading, followed by the rollout schedule for
additional securities, will be provided closer to the launch.

    "After consulting with key industry participants -- including prospective
clients, regulatory organizations and technology vendors -- we decided on the
February 20 launch date to give the Canadian investment community ample time
to prepare for Chi-X Canada," said Tal Cohen, SVP at Instinet.

    Chi-X Canada, whose technology is currently powering Chi-X Europe(R), has
been available for testing by market participants since June 2007, and will
continue to be available through the February 20 launch. Prospective clients
or technology vendor partners interested in testing should contact Chi-X
Canada at 888-310-1560 or

    About Chi-X Canada(TM)

    Operated by Chi-X Canada ATS Limited, member IDA/CIPF, Chi-X Canada is a
high-performance, fully anonymous and low-cost continuous alternative trading
system (ATS) for TSX-listed equities. Supporting a wide array of advanced
order types and based on strict price-time priority, Chi-X Canada aims to
provide trading efficiency and cost savings to investors and ultimately to
help increase market volumes as systems of this nature have done in other
markets around the world.

    Based on the same technology that is currently powering Chi-X Europe(R)
and developed by ATS pioneer Instinet, Chi-X Canada has an internal latency of
less than one millisecond, or 1/1,000th of a second(*).

    Subscription is available to any IDA-regulated investment dealer with
membership in good standing in Ontario. The system is accessible to members
for order entry through the FIX (Financial Information eXchange) protocol, and
market data is available as a direct feed in the CHIXMD protocol, which is
similar to the ITCH protocol currently in use by other markets. Chi-X Canada
will disseminate its market data at no cost. Additional pricing information
will be made available before its launch. For more information, please visit
the Chi-X Canada website at

    (*) Internal latency, which is the system's ability to process messages in
its core rather than the round trip measurement, was measured by Instinet to
be 890 microseconds, or less than one millisecond. Market volatility and
volume may affect actual performance.

    About Instinet

    Instinet, through its subsidiaries, is a global agency broker, providing
the trading expertise and advanced technology necessary to successfully
interact with more than 80 securities markets worldwide. Acting solely as an
agent for its customers, Instinet seeks to improve institutional investment
performance and lower overall trading costs through its various front-end
trading systems, securities crossing networks, smart-routing technology,
algorithms, commission management programs and investment research products.
Instinet also operates a wide array of Alternative Trading System platforms
around the world, including CBX(SM), Chi-X(R) Europe and JapanCrossing(SM).
The firm, which is a wholly-owned subsidiary of Nomura Holdings, Inc., has
offices in North America, Europe and the Asia-Pacific region. For more
information, please visit

    (C)2007 Instinet, LLC. All rights reserved. INSTINET is a registered
service mark in the United States and in other countries throughout the world.
Instinet, LLC is a member of FINRA/SIPC.

For further information:

For further information: Instinet Mark Dowd, 212-310-5331 Corporate

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