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Empresas y finanzas

Instinet and Samsung to Launch Korea´s First Securities Crossing Network


    Instinet, a global securities firm and wholly-owned subsidiary of
    Nomura Holdings, Inc., and Samsung Securities Co., Ltd., Korea´s
    leading investment bank, today announced the launch of KoreaCross(TM),
    a neutral platform available to institutional investors for the
    anonymous, zero-market impact trading of Korean equities. KoreaCross,
    which is scheduled to go live on April 7, will be the Korean market´s
    first securities crossing network.

    "As an agency broker, Instinet has a long heritage of providing
    independent, anonymous matching platforms, including the launch of the
    world´s first crossing network in 1986," said Joseph Marchal, head of
    Instinet Asia. "We are pleased to collaborate with an industry leader
    in Samsung as we extend this expertise into Korea and offer investors
    the market´s first alternative trading venue."

    "As the leading investment bank in Korea, Samsung Securities
    strives for excellence in all of the various products and services we
    provide to our clients. To this end, we are constantly looking for
    ways to expand our product set, and therefore it is our pleasure to
    collaborate with globally recognized securities firm Instinet on
    KoreaCross," said YK Joo, head of equity sales at Samsung Securities.
    "This is the first crossing platform of its kind in Korea, and will
    allow both Korean domestic and overseas institutional investors to
    execute block trades of Korean securities at VWAP with little to no
    market impact."

    "For many large, block trades, the Korean market can be a
    difficult and expensive one in which to operate due to its relative
    lack of anonymity," added Christian Chan, head of Electronic Trading
    for Instinet Asia. "Given these market nuances and our success with
    JapanCrossing, both Korean and non-Korean institutional clients have
    expressed much interest in a joint Instinet-Samsung ´blackbox´
    platform of this nature for trading Korean equities."

    KoreaCross is wholly-owned and operated by Instinet, with Samsung
    Securities acting as the local broker sponsor and providing clearing
    and settlement services, as well as domestic order flow.

    KoreaCross will operate as a daily, "blackbox" pre-market VWAP
    (Volume Weighted Average Price) cross, matching buyers and sellers at
    8:30 a.m. KST for that day´s primary market VWAP. KoreaCross will
    allow for short sells, and the system will aggregate order flow to
    allow clients to more easily meet the Korean market´s 100 million KRW
    (Korean Won) minimum order size requirement.

    Clients can access KoreaCross through the Instinet Newport(TM) EMS
    (Execution Management System), through one of several third-party
    trading systems or via direct FIX Protocol connection. Clients
    interested in obtaining more information should contact Instinet´s
    KoreaCross sales group at 852-2585-0585.

    "While still in their relative infancy, electronic and
    off-exchange trading technologies are rapidly taking hold across
    Asia," said Sang Lee, Managing Partner at Aite Group. "The
    introduction of a system like KoreaCross should help further this
    trend by allowing institutional investors to more effectively trade a
    market known for its high market impact."

    KoreaCross will become Instinet´s ninth ATS (Alternative Trading
    System) platform around the world. In addition to CBX(SM) in the
    United States and Chi-X(R) in Europe and Canada, these include
    JapanCrossing(SM), a three-times-daily, "blackbox" crossing network,
    and CBX Japan, a real-time matching platform, both of which are
    operated under the firm´s Japanese PTS license. Launched in 2001,
    JapanCrossing has become Asia´s largest source of off-exchange
    liquidity, with "hit" (orders with at least a partial fill) and
    "cross" (orders with a complete fill) ratios among the industry´s
    highest and which sees more than 2.5 percent of the Tokyo Stock
    Exchange´s daily turnover flow through it each day.+

    + 2.57 percent in Q4 2007, as measured by Instinet Japan Ltd.

    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 more than 40 countries. 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.

    About Samsung Securities

    Samsung Securities is a full-service investment bank with a focus
    on wealth management and investment banking. The firm is at the
    forefront of Korea´s financial market by offering a full spectrum of
    services and products including brokerage; underwriting and advisory;
    merger and acquisition; sales of beneficiary certificates, mutual
    funds, and other investment products; issuances and sales of
    derivative products and sales of OTC derivatives products. Samsung
    Securities has an extensive business network, employing 2,595
    professionals at 89 local branches and overseas offices in London, New
    York and Hong Kong, and a representative office in Shanghai. A vast
    infrastructure combined with high caliber human resources, the firm
    has a solid framework for the delivery of quality financial services
    geared toward the needs of individual and institutional clients.

    (C)2008 Instinet, LLC, member FINRA/SIPC. All rights reserved.
    INSTINET is a registered trademark in the United States and in other
    countries throughout the world. Approved for distribution in the
    United States by Instinet, LLC, member FINRA/SIPC; approved for
    distribution in Europe by Instinet Europe Limited, which is authorized
    and regulated by the U.K. Financial Services Authority; approved for
    distribution in Japan by Instinet Japan Limited, which is a Financial
    Instrument Dealer under the Financial Instrument and Exchange Law,
    registered with Kanto Local Financial Bureau (Registration No, 208)
    and is a member of Japan Securities Dealers Association(JSDA);
    approved for distribution in Hong Kong by Instinet Pacific Limited,
    which is authorised and regulated by the Hong Kong Securities and
    Futures Commission; and approved for distribution in Singapore by
    Instinet Singapore Services Pte Limited, which is regulated by the
    Monetary Authority of Singapore.