INSTINET LAUNCHES MARKET MATCH SERVICE
INSTINET LAUNCHES MARKET MATCH SERVICE NEW YORK, Dec. 9 /PRNewswire/ -- Instinet Corporation today launched
Market Match, an international electronic equities trading service that matches anonymous buyers and sellers of U.S. listed and OTC issues every trading day at 8:30 a.m. before the New York Stock Exchange opens.
Shares will be forward-priced using volume-weighted averages. Market Match is a response to the growing number of trading professionals using the volume-weighted average price as a trading performance benchmark. Volume-weighted average price balances the size and price of the day's transactions in a particular security to arrive at a representative price. "Market Match provides the opportunity to trade consistently at a price that many professionals believe is an accurate reflection of the market," said David Rothenberg, manager, Crossing Networks, Instinet Corporation. "Market Match's fundamental benefit is the elimination of under performance measured against the day's trading activities in a particular stock. "Only securities that have both a buy and sell order can be matched. Unmatched orders become residuals. Customers then have the rest of the trading day to trade these residuals, either through Instinet or through other market vehicles. After the close, they receive a report attaching the day's volume-weighted average price to all shares matched pre- opening," Rothenberg added. Michael Sanderson, president, Instinet Corporation, stated: "The addition of Market Match is the latest step in our efforts to meet the demand for around-the-clock, around-the-world electronic trading opportunities. By providing an early morning match, Instinet is offering its clients a unique complement to their real-time and after- hours Instinet trading activity." Instinet, a subsidiary of Reuters Holdings PLC (NASDAQ: RTRSY), provides a number of global equity trading services that anonymously link professional traders on an international electronic trading network. The real-time Instinet trading system is currently used by more than 1,200 investment professionals and securities dealers worldwide to negotiate and execute trades in more than 10,000 U.S., U.K. and other selected international equities. The company also offers an after-hours order matching service. The Crossing Network matches anonymous buyers and sellers of U.S. listed and OTC equities at closing prices after the exchanges have closed. There is also a cross for U.K. equities and one for selected Japanese equities. Instinet Corporation share volume for the first six months of 1991 reached 976 million shares, an 8 percent increase over the similar 1990 period. -0- 12/9/91 /CONTACT: Luis Restrepo of Instinet, 212-310-9520, or Robert Crooke of Reuters America, 212-603-3587/ (RTRSY) CO: Instinet Corporation; Reuters America Inc. ST: New York IN: PUB SU: PDT SH-FC -- NY011 -- 0446 12/09/91 10:06 EST
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|Date:||Dec 9, 1991|
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