Chi-X(R) Latency Measured to be 10 Milliseconds by TransactTools

Instinet Chi-X Limited, the first pan-European equity alternative
trading system (ATS), or multi-lateral trading facility (MTF) as it
will be known once MiFID goes into effect in November, today announced
that its roundtrip latency has been measured at 10 milliseconds--or
1/100th of a second--after a series of latency and throughput tests
performed by TransactTools.

"Based on Instinet's internal system performance measurement
statistics for average DMA order routing speed to the incumbent
European stock exchanges, we believe Chi-X is more than 10 times
faster than them, when compared to TransactTools' results," said Peter
Randall, Director of Instinet Chi-X Limited.

TransactTools' standard benchmark tests found that over 95 percent
of messages sent to Chi-X were responded to in an average of 10
milliseconds--a measure that includes the client-side infrastructure
latency involved on either side of the transaction--with the fastest
response time being four milliseconds. For high volume throughput
testing, in which five million messages were generated in total, Chi-X
maintained an average roundtrip latency of 18 milliseconds while
handling 16,000 messages per second. Chi-X's internal latency, which
is a measure of the system's ability to process messages in its core
rather than the roundtrip measurement, was measured by Instinet Chi-X
at 890 microseconds, or less than one millisecond.

"We believe Chi-X is set to change the face of equity trading in
Europe, offering benefits that will resonate with traders and
regulators alike," Randall continued. "MiFID is rightly focusing the
industry's attention on meeting best execution requirements. Many
recognize execution cost as an important element, but speed of
execution is fundamental in this equation as well. From the beginning
we have designed Chi-X to be an ultra-fast alternative to the
traditional European venues, and feel that TransactTools' findings
bear out our claims."

"Our results demonstrate Chi-X is well-positioned to set a new
standard for speed and capacity in electronic European equities
trading," said Sam Johnson, CEO of TransactTools. "As the leading
independent provider of high-throughput, low-latency messaging
technology, our Professional Services group was an obvious choice to
run these tests for Instinet."

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 a pan-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 pan-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 www.chi-x.co.uk.

* 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, which
include international mutual funds, insurance companies, pension funds
and hedge funds, Instinet seeks to improve institutional investment
performance and lower overall trading costs through its various
front-end trading systems, securities crossing networks, algorithms
and investment research products. The company, which is majority owned
by Silver Lake Partners, is headquartered in New York and maintains
offices in North America, Europe and the Asia Pacific region. For more
information, please visit www.instinet.com.

About TransactTools

TransactTools is the world's leading provider of high-performance
enterprise messaging software and services for the securities trading
industry, with offices in New York, London, and Singapore. An active
participant in many industry standards groups including FIX Protocol
Ltd. and the TWISE Standards Organization, TransactTools was the first
company ever to launch free, globally-accessible testing services for
validating and certifying FIX implementations. More information is
available at www.transacttools.net.

(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 Incorporated.