Chi-X Successfully Begins Full Equity Trading, Clearing and Settlement.

Pan-European ATS now fully trading AEX 25 and DAX 30 indices, with clearing services provided by Fortis; Credit Suisse's Advanced Execution Services begins providing externally routed order flow; BNP Paribas approved as "General Clearing Participant"

LONDON -- Instinet Chi-X([R]) Limited, a pan-European equity alternative trading system (ATS), today announced that it is successfully trading, clearing and settling the component stocks of the AEX 25 (Dutch) and DAX 30 (German) indices with the help of Fortis' European Multilateral Clearing Facility (EMCF) entity, a non-exclusive partner. With this phase of the Chi-X rollout in place, the integrated system is now the first to offer trading and clearing services that completely bypass Europe's existing exchanges and central counterparty infrastructure.

Chi-X will begin trading the component stocks of the FTSE 100 index by the end of Q2. The other major European markets will be introduced ahead of MiFID later this year. Chi-X has been in live beta production since November 2006, during this time successfully executing trades from Instinet's client order flow.

"Chi-X is a completely open and MiFID-compliant trading platform, allowing institutional and private client investors to access it through any broker that connects to Chi-X and becomes an accredited partner," said Tony Mackay, Managing Director of Instinet Chi-X Limited. "We strive to provide market participants with an attractive alternative to trading on the incumbent exchanges, and it is also our intention to make offers of equity ownership to selected participants."

"Going live with Chi-X is a landmark moment for us, and we look forward to soon offering our central counterparty services to more European markets," commented Jan Bart de Boer, Global Director Brokerage, Clearing & Custody at Fortis on the introduction of trading, clearing and settlement in these first stocks. "We believe we will see a number of MTF initiatives in Europe with MiFID as a catalyst, and have created the 'European Multilateral Clearing Facility' (EMCF) to offer such MTFs an efficient and cost-effective pan-European central counterparty. Our clients have been asking for this, and to date the incumbents have been either unwilling or unable to provide such a service, so we jumped in."

Chi-X also announced today that Credit Suisse's Advanced Execution Services (AES) trading desk has successfully begun routing orders to Chi-X.

"We are thrilled to offer our clients the opportunities that a radical new service like Chi-X presents," said Richard Balarkas, Managing Director and Head of AES Sales at Credit Suisse. "We are confident that increased competition between exchanges and other venues will deliver improved execution performance and, ultimately, returns to our clients."

Additionally, as part of Chi-X's open access and non-exclusive model, Chi-X today announced that BNP Paribas Securities Services has been approved as a "general clearing participant." BNP Paribas's participation will offer trading participants a choice of access provider and at competitive prices.

"It was a natural move for us to be involved in Chi-X. It is a sign of our commitment to be the leading provider of clearing services for any trading venues, and it also enables our clients to take advantage of new trading opportunities resulting from MiFID" said Patrick Colle, Head of Product - Clearing, Settlement and Custody, at BNP Paribas Securities Services.

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 for trading.

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 for a low monthly fee. 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.