Chi-X Offers Transaction Reporting Via ICMA's TRAX2 Reporting Service



    Instinet Chi-X(R) Limited, a pan-European equity alternative
    trading system (ATS), today announced the introduction of transaction
    reporting for its participants via the International Capital Market
    Association's TRAX2 reporting system. The system, in accordance with
    the Financial Services Authority's regulation requiring transaction
    reports to be filed by the end of the business day following trade
    date, will ensure that all UK-based Chi-X participants have a single
    point of reporting.

    TRAX2 is one of a limited number of FSA-permitted reporting
    systems and was one of the first to apply for the new Approved
    Reporting Mechanism (ARM) status under MiFID. Existing TRAX2 user
    firms will be able to aggregate Chi-X trading volumes with existing
    trading volumes to achieve the volume discounts available on TRAX2.

    Commenting on the collaboration with ICMA, Hirander Misra,
    Director of Instinet Chi-X Limited, said, "MiFID is opening up
    Europe's equity trading landscape by enabling the introduction of
    alternative liquidity destinations such as Chi-X. We are delighted to
    have partnered with ICMA, which we feel provides Chi-X clients with a
    low-cost, efficient mechanism for UK transaction reporting. We will
    continue to identify ways to help our clients trade more efficiently
    while fulfilling regulatory requirements."

    Kevin Milne, Managing Director of ICMA Ltd., added, "We are
    pleased that Chi-X is live on the system and that we are able to
    provide our clients with an additional reporting service through
    TRAX2."

    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.

    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 will be available GBP 210 per month.

    For more information, please visit www.chi-x.com.

    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 a wholly-owned 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
    www.instinet.com. 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 Incorporated.