Instinet Renames Canadian Trading Platform Chi-X Canada

    TORONTO, December 5 /CNW/ - Instinet, a global agency broker and
wholly-owned subsidiary of Nomura Holdings, Inc., today announced that it has
changed the name of its forthcoming ATS (alternative trading system) for
Canadian equities to Chi-X Canada(TM). The platform was previously known as
ICX(SM)(Instinet Canada Cross).

    "In a relatively short amount of time, we have seen a very strong
awareness of our Chi-X brand take hold around the world among both dealers and
institutions," said Anthony Abenante, co-CEO of Instinet. "That being the
case, Instinet intends to standardize both the technology of our displayed ATS
platforms and their branding as Chi-X."

    "We're excited to leverage the strong brand awareness that Chi-X Europe
has achieved," said Tal Cohen, Senior Vice President at Instinet.
"Additionally, given that both Chi-X Canada and Chi-X Europe are based on the
same technology platform, with identical market data and order entry formats,
we feel this name change will simplify the certification process for current
Chi-X Europe customers that intend to connect in Canada."

    "At Credit Suisse AES, we are always early adopters of innovative trading
destinations that enhance liquidity for our clients. Chi-X Europe has proven
itself to be a quality destination that is providing European investors with
faster and cheaper trading," said Dmitri Galiametdinov, Director at Advanced
Execution Services (AES) of Credit Suisse. "We are excited about the promise
that the platform presents for the Canadian marketplace, and we are looking
forward to become an early adopter of Chi-X Canada as well."

    The Chi-X name is derived from the 22nd letter of the Greek alphabet,
"Chi", symbolizing the "crossing," or matching, of the two sides of a trade.
Along with the "X" from the English alphabet, the entire name signifies a
combination of the old world and modern world, or traditional securities
trading techniques married with cutting-edge technology.

    Introduced in April 2007, Chi-X Europe is a pan-European, equity MTF
(Multi-Lateral Trading Facility) for the trading, clearing and settlement of
the component stocks of the FTSE 100 (British), CAC 40 (French), AEX 25
(Dutch) and DAX 30 (German) indices.

    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 help
spur market growth.

    Chi-X Canada has an internal latency of less than one millisecond, or
1/1,000th of a second(*), and is based on the same underlying technology that
currently powers Instinet's other ATS platforms around the world, including
CBX(SM), Chi-X Europe(R) and JapanCrossing(SM).

    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 via third-party market data
vendors. Additional pricing information will be made available before its
launch. For more information, please visit the Chi-X website at

    (*) Internal latency, which is the system's ability to process messages in
its core rather than the roundtrip 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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