Instinet Chi-X(R) Limited, a pan-European equity alternative
trading system (ATS), today named Michael Bundy Chief Technology
Officer. Mr. Bundy joins Chi-X from Nomura subsidiary Instinet, which
owns Chi-X, where he will be succeeded by Christopher Rogers (see
separate announcement).
Mr. Bundy, who will relocate to London for this newly created
position, has served as Instinet CTO since July 2005, where he was
responsible for all of the firm's global technology development
efforts. Among his notable achievements was overseeing the complete
redevelopment of Instinet CBX(SM), an upstairs matching system, or
dark pool, whose underlying technology serves as the foundation for
all of Instinet's matching engines around the world, including Chi-X.
"As Chi-X continues to grow, we felt it was important to build an
independent, world-class technology team. Michael brings to bear
extensive experience in building and running one of the fastest, most
reliable systems in the U.S., plus the experience of overseeing
Instinet's technology development in Europe and Asia," said Tony
Mackay, Managing Director of Instinet Chi-X Limited. "We could not be
more excited about the prospect of him working full time with the
Chi-X team as we look to build upon our early leadership position."
"I see Chi-X today as being in a similar position to Island's in
the U.S. in the late 1990s, with Chi-X and other such systems on the
cusp of completely revolutionizing the European equity markets through
ultra fast, highly scalable technology and a pricing approach never
before seen in Europe," said Michael Bundy. "In many ways, being CTO
of Chi-X is to me one of the most exciting technology positions in the
world."
Before joining Instinet, Mr. Bundy worked for E*Trade Financial,
where he was a senior manager overseeing the development and
maintenance of the trading systems used by E*Trade Securities, E*Trade
Capital Markets, and E*Trade Canada. Prior to that, Mr. Bundy held
various technology research positions at Baylor College of Medicine,
AT&T Bell Laboratories and NeoSoft Inc.
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. Instinet Chi-X is currently available in live beta
production.
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 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,
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 an independent 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.
