Chi-X Europe Granted FSA License for Off-Exchange Trade Reporting

    Monthly Trade Reporting Service Available for GBP 210 Per Month; No
Charge for Market Data, Licenses, Data Feeds or Message Traffic

    LONDON, October 15 /CNW/ - Chi-X(R) Europe Limited, a pan-European equity
alternative trading system (ATS), today announced that it has been granted
Trade Data Monitor (TDM) authorization by the Financial Services Authority
(FSA), enabling Chi-X Europe to offer its participants a trade reporting
service for Chi-X Europe trades, as well as a broad range of OTC equity

    Effective immediately, Chi-X Europe will offer off-exchange trade
reporting for a monthly fee of GBP 210 per client connection. There will be no
additional charges for market data, license fees, data feed fees or message or
volume traffic.

    Under the TDM license, Chi-X Europe will provide a real-time, FIX 4.4
trade data feed to participants and vendors, and will receive submitted trade
reports via the same format. In order to provide complete post-trade
transparency, Chi-X Europe will handle trades, trade corrections and trade
cancellations, as well as the delayed publication of block trades.

    "We are delighted that the FSA has granted authorization for Chi-X Europe
to operate as a Trade Data Monitor, as this will allow us to help clients meet
their post-trade transparency requirements under MiFID Article 28," commented
Hirander Misra, Director of Chi-X Europe Limited. "We believe that the
combination of no cost market data and flat fee trade reporting with Chi-X's
faster, cheaper and smarter trading and clearing model makes it an extremely
viable alternative for European investors."

    About Chi-X(R) Europe

    Chi-X Europe Limited, an indirect subsidiary of Instinet Incorporated, is
an FSA-authorised securities firm operating as an Alternative Trading System
(ATS) and, once MiFID goes into effect, Multi-Lateral Trading Facility (MTF)
for the trading of a wide range of European equities.

    Chi-X Europe's low-cost, streamlined model is designed to help
institutional investors achieve ultra-low execution, clearing and settlement
costs. Both internal and external benchmark tests showed the Chi-X Europe
operating model to be up to 10 times faster(*) and significantly less expensive
than Europe's traditional equity exchanges. Chi-X Europe disseminates market
data to clients directly and via third-party market data vendors at no cost,
and trade reporting is available for a low monthly fee. For more information,
please visit

    (*) Based on Instinet Europe Limited's exchange linkages performance
measurement statistics for average DMA order messaging in June 2007. These
Instinet internal figures are for round-trip latency message acknowledgement
based on sending an average number of messages to the exchange system and
obtaining a response back to Instinet's system over the course of a normal
trading day. They are provided for illustrative purposes only and are not
intended to represent an independent performance measure of latency. 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 60 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 ATS 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

    (C)2007 Instinet, LLC. All rights reserved. INSTINET and CHI-X are
registered service marks in the United States and in other countries
throughout the world. Approved for distribution in Europe by Chi-x Europe
Limited, which is authorised and regulated by the Financial Services
Authority. Instinet, LLC, member FINRA/SIPC.

For further information:

For further information: Media Instinet Mark Dowd, 212-310-5331 Vice
President, Corporate Communications or Gordian
Enterprises for Chi-X Europe Limited Julia Streets, + 44 7976 205552

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