Chi-X Names Michael Bundy CTO

    LONDON, March 14 /CNW/ - Instinet Chi-X(R) Limited, a pan-European equity
alternative trading system (ATS), today named Michael Bundy Chief Technology
Officer. Mr. Bundy joins Chi-X from Nomura subsidiary Instinet, which owns
Chi-X, where he will be succeeded by Christopher Rogers (see separate

    Mr. Bundy, who will relocate to London for this newly created position,
has served as Instinet CTO since July 2005, where he was responsible for all
of the firm's global technology development efforts. Among his notable
achievements was overseeing the complete redevelopment of Instinet CBX(SM), an
upstairs matching system, or dark pool, whose underlying technology serves as
the foundation for all of Instinet's matching engines around the world,
including Chi-X.

    "As Chi-X continues to grow, we felt it was important to build an
independent, world-class technology team. Michael brings to bear extensive
experience in building and running one of the fastest, most reliable systems
in the U.S., plus the experience of overseeing Instinet's technology
development in Europe and Asia," said Tony Mackay, Managing Director of
Instinet Chi-X Limited. "We could not be more excited about the prospect of
him working full time with the Chi-X team as we look to build upon our early
leadership position."

    "I see Chi-X today as being in a similar position to Island's in the U.S.
in the late 1990s, with Chi-X and other such systems on the cusp of completely
revolutionizing the European equity markets through ultra fast, highly
scalable technology and a pricing approach never before seen in Europe," said
Michael Bundy. "In many ways, being CTO of Chi-X is to me one of the most
exciting technology positions in the world."

    Before joining Instinet, Mr. Bundy worked for E(*)Trade Financial, where he
was a senior manager overseeing the development and maintenance of the trading
systems used by E(*)Trade Securities, E(*)Trade Capital Markets, and E(*)Trade
Canada. Prior to that, Mr. Bundy held various technology research positions at
Baylor College of Medicine, AT&T Bell Laboratories and NeoSoft Inc.

    About Chi-X(R)

    Instinet Chi-X Limited, an independent subsidiary of Instinet Europe
Limited, is an FSA-authorised securities firm operating as an Alternative
Trading System (ATS) and MTF (Multi-Lateral Trading Facility under MIFID) for
the trading of a wide range of European equities. Instinet Chi-X is currently
available in live beta production.

    Through Chi-X's low-cost, streamlined model, institutional investors are
able to trade European equities and achieve ultra-low execution, clearing and
settlement costs. Both internal and external benchmark tests showed the Chi-X
operating model to be more than 10 times faster and significantly less
expensive than Europe's traditional equity exchanges(*). Chi-X disseminates
market data to clients directly and via third party market data vendors at no
cost, and trade reporting is available for a flat monthly fee of GBP 210 per
calendar month. For more information, please visit

    (*) Market volatility and volume may affect actual performance.

    About Instinet

    Instinet, through its subsidiaries, acts as a global agency broker,
providing the trading expertise and advanced technology necessary to
successfully interact with more than 50 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, algorithms,
commission management programs and investment research products. The company,
which is an independent subsidiary of Nomura Holdings, Inc., is headquartered
in New York and maintains offices in North America, Europe and the Asia
Pacific region. For more information, please visit Instinet
conducts its U.S. institutional brokerage business primarily through Instinet,
LLC, member NASD/SIPC.

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

For further information:

For further information: Instinet Media Relations Mark Dowd,

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