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Chi-X Europe Extends Trading Services to Swedish Stocks


    Chi-X(R) Europe Limited, the first live, pan-European equity
    multilateral trading facility (MTF), today announced that it is
    successfully trading, clearing and settling the top five component
    stocks of the OMX Stockholm 30 index, and plans to introduce the
    remainder of the indices´ names by the end of the month. The first
    stocks trading on Chi-X Europe are:

    -- Ericsson ´B´,

    -- Volvo ´B´ AB,

    -- Atlas Copco ´A´ AB,

    -- TeliaSonera AB and

    -- Hennes & Mauritz ´B´ AB

    "Since launching almost one year ago, we have introduced trading
    services for many of Europe´s most heavily traded equities, and are
    pleased to extend coverage today to these top Scandinavian names,"
    commented Peter Randall, CEO of Chi-X Europe Limited. "Chi-X Europe
    participants have regularly enjoyed price improvement and
    significantly lower trading costs. We remain encouraged by our early
    success, and believe that Chi-X Europe will continue to bring
    considerable execution quality benefits to the trading community
    through our cheaper, faster and smarter model."

    The introduction of trading in Swedish stocks on Chi-X Europe
    marks a significant milestone for trading in the Scandinavian markets.
    Currently, trading Swedish stocks on the Stockholm Stock Exchange
    costs an average of 1.07 bps*, compared to Chi-X Europe´s 0.05 bps
    cost (based on a passive/aggressive rebate ratio of 50:50).

    Central counterparty services have previously not been available
    for Swedish equities, but with today´s announcement, clearing and
    settlement for the OMX Stockholm 30 component stocks will be
    centralised via Fortis´ European Multilateral Clearing Facility (EMCF)
    entity. Trades in these stocks will be settled in the Nordic Central
    Securities Depository, and will be fully fungible for clients whether
    traded on Chi-X Europe or on the primary market. With this new
    structure in place, overall trading, clearing and settlement through
    Chi-X Europe and EMCF is anticipated to be more than 20 times cheaper*
    when compared to the current market infrastructure.

    * Based on Instinet Europe Limited´s analysis of trading, clearing
    and settlement costs.

    About Chi-X(R) Europe

    Chi-X Europe Limited, a majority-owned, indirect subsidiary of
    Instinet Incorporated, is an FSA-authorised securities firm operating
    as an MTF (Multi-Lateral Trading Facility) for the trading of the
    component stocks of the FTSE 100 (British), AEX 25 (Dutch), DAX 30
    (German), CAC 40 (French) and SMI 20 (Swiss) and, by month end, OMX
    Stockholm 30 (Swedish).

    Chi-X Europe´s low-cost, streamlined model is designed to help
    participants achieve ultra-low execution, clearing and settlement
    costs. Benchmark tests showed the Chi-X Europe operating model to be
    up to 10 times faster(+) and significantly less expensive than
    Europe´s traditional equity exchanges. Chi-X Europe disseminates
    market data to clients directly and via third-party market data
    vendors at no cost, and trade reporting is available for a low monthly
    fee. For more information, please visit www.chi-x.com.

    (+) Based on Instinet Europe Limited´s exchange linkages
    performance measurement statistics for average DMA order messaging in
    June 2007. These Instinet internal figures are for round-trip latency
    message acknowledgement based on sending an average number of messages
    to the exchange system and obtaining a response back to Instinet´s
    system over the course of a normal trading day. They are provided for
    illustrative purposes only and are not intended to represent an
    independent performance measure of latency. Market volatility and
    volume may affect actual performance.

    About Instinet

    Instinet is a global securities firm, providing the world´s most
    sophisticated fund managers with the necessary trading tools, ATS
    platforms and global agency liquidity to achieve a high quality trade
    execution in more than 80 securities markets around world. 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, through its
    subsidiaries, operates a wide array of ATS platforms around the world,
    including CBX(SM) in the United States, JapanCrossing(SM) in Asia and
    Chi-X(R) in Europe, Canada and, soon, Australia. 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.

    (C)2008 Instinet, LLC. All rights reserved. INSTINET is a
    registered trademark in the United States and in other countries
    throughout the world. CHI-X is a registered trademark in the UK and
    Europe. Approved for distribution in Europe by Chi-X Europe Limited,
    which is authorised and regulated by the Financial Services Authority.
    Instinet, LLC, member FINRA/SIPC.