Instinet Celebrates 20th Anniversary of Industry's First Crossing System.To mark occasion, Firm will donate Last Daily Cross' commissions for the week of January 8, 2007 to MDA's Wings Over Wall Street([R]) NEW YORK -- Instinet, a global agency broker, today announced the 20th anniversary of the industry's first crossing network, which Instinet launched on December 16, 1986. To mark the occasion, the firm intends to donate the commissions generated from its LDX LDX Load X (6502 processor instruction) LDX Long Distance Extender LDX Long-Distance Xerox LDX Low Density Line LDX Load Index (SM) (Last Daily Cross) during the week of January 8, 2007, the first full trading week after the holiday season, to the MDA's Wings Over Wall Street([R]), a charitable organization which funds research for Amyotrophic Lateral Sclerosis amyotrophic lateral sclerosis (ALS) (ā'mīətrōf`ik, sklĭrō`sĭs) or motor neuron disease, (ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. ), also known as Lou Gehrig's disease Lou Geh·rig's disease n. See amyotrophic lateral sclerosis. . "Instinet takes great pride in the innovations we've been fortunate enough to introduce to the market, particularly in the crossing space," said Edward J. Nicoll, Instinet CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Over the past 20 years, alternative execution venues like ours have benefited investors worldwide by creating efficient, anonymous marketplaces, and we're pleased to commemorate the occasion by giving to such a worthwhile organization." Now known as LDX, Instinet's end-of-day cross allows clients to anonymously match shares at known end-of-day prices with zero market impact. This trading approach is now employed by over 30 trading systems in the U.S. alone, according to research firm TowerGroup. Since introducing the end-of-day crossing system, Instinet has developed its VWAP VWAP The volume-weighted average price. Cross, which matches orders before the market open and later executes at that day's volume weighted average price, and its IDX (IDX Systems Corporation, South Burlington, VT, www.idx.com) One of the largest health care information systems companies in the country, acquired in 2006 by GE Healthcare (www.gehealthcare.com), a unit of the General Electric Company. (SM) (Intraday Cross), which matches orders three times each day at market mid-spread prices. Combined, Instinet's three U.S. crosses execute over 30 million shares a day, on average. Instinet has also been a pioneer in the international crossing space. Instinet's JapanCrossing(SM) is Asia's only alternative trading system. A PTS-licensed (proprietary trading system) system, JapanCrossing's three daily crosses allow users to trade Japanese equities, particularly illiquid names, in an anonymous, safe and neutral venue. Its liquidity pool has grown steadily, representing 3.9 percent of the TSE's total daily turnover in Q1 2006. Additionally, Instinet is also in the process of introducing continuous, electronic crossing systems in both Europe and Canada. Chi-X, a pan-European MTF (1) (Modulation Transfer Function) A measurement of monitor sharpness. MTF compares the contrast ratio between alternating black and green lines that are one pixel thick. (Multi-Lateral Trading Facility), is currently in live testing, while ICX ICX Inter-Cartridge Exchange ICX Incoming Exchange ICX Intelligence Express ICX Internet College Exchange ICX Internet Content Accelerator (Instinet Canada Cross) is expected to launch in 2007. 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 worldwide securities markets. Acting solely as an agent for its customers, which include international mutual funds, insurance companies, pension funds and hedge funds, Instinet seeks to improve institutional investment performance and lower overall trading costs through its various front-end trading systems, securities crossing networks, algorithms and investment research products. The company, which is majority owned by Silver Lake Partners Silver Lake Partners is a notable American private equity firm founded in 1999 and headquartered on Sand Hill Road in Menlo Park, California. It focuses its activities in the information technology industry. , 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. About MDA's Wings Over Wall Street([R]) The Muscular Dystrophy Association The Muscular Dystrophy Association (MDA) is an organization founded in 1950 which combats muscular dystrophy and diseases of the nervous system and muscular system in general by funding research, providing medical and community services, and educating health professionals has allocated $170 million for ALS research since the Association's inception and is committed to continuing the mission to conduct a global scientific search for a cure. MDA's Wings Over Wall Street[R] benefits the research teams at the Eleanor and Lou Gehrig MDA/ALS Research Center at Columbia University and the Robert Packard Center for ALS Research at Johns Hopkins. For more information about MDA's Wings Over Wall Street, please visit www.wingsoverwallstreet.org [c]2006 Instinet Inc. All rights reserved. INSTINET is a registered service mark in the United States and in other countries throughout the world. |
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