Instinet Renames Canadian Trading Platform Chi-X Canada

05/12/2007 - 15:15

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 www.chi-xcanada.com.

* 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 www.instinet.com.