Merrill Lynch Smart Order Router Executes More than One Hundred Million Shares on...

Merrill Lynch Smart Order Router Executes More than One Hundred Million Shares on Chi-X Europe on a Single Day

LONDON--(Business Wire)--
Chi-X(R) Europe Limited, operator of the first live, pan-European,
equity multilateral trading facility (MTF), today announced that on
Thursday 17 July 2008, Merrill Lynch's smart order router executed in
excess of one hundred million shares on Chi-X Europe.

"Since launching sixteen months ago, we have been pleased to see a
steady growth in the number of orders and number of trades executed on
Chi-X Europe," said Peter Randall, CEO of Chi-X Europe. "We are
delighted that Merrill Lynch's smart order router has chosen to
execute so many shares on Chi-X Europe and believe this a great
testimonial to our claim that we are faster, cheaper and smarter than
executing on other destinations."

Commenting on the record day, Yvonne Hansmann, MD and Head EMEA
Execution Sales at Merrill Lynch, said: "As the EMEA markets fragment,
we have invested heavily in our proprietary smart order routing
technology to ensure we continue to deliver best execution for our
clients. We are one of the few brokers in Europe to offer
comprehensive smart order routing which we estimate is saving clients
in excess of 3 basis points of market impact. As new platforms come on
line we are integrating them into our smart order routing platform to
ensure we remain the broker of choice for best execution."

About Chi-X(R) Europe

Chi-X Europe Limited, a majority-owned subsidiary of Instinet
Europe Limited, is an FSA-authorised securities firm operating as a
multilateral trading facility (MTF) for the trading of a wide range of
European equities. Chi-X Europe's low-cost, streamlined model is
designed to help participants achieve ultra-low execution, clearing
and settlement costs. Benchmark tests have shown the Chi-X Europe
operating model to be up to 10 times faster(+) and significantly less
expensive than Europe's traditional equity exchanges. Chi-X Europe
disseminates real-time market data to clients directly and via
third-party market data vendors at no cost, and off-exchange trade
reporting is available for a low monthly fee. For more information,
please visit www.chi-x.com.

(+) Based on Instinet Europe Limited's exchange linkages
performance measurement statistics for average DMA order messaging in
June 2007. These Instinet internal figures are for round-trip latency
message acknowledgement based on sending an average number of messages
to the exchange system and obtaining a response back to Instinet's
system over the course of a normal trading day. They are provided for
illustrative purposes only and are not intended to represent an
independent performance measure of latency. Market volatility and
volume may affect actual performance.

(C)2008 Chi-X Europe Limited. All rights reserved. CHI-X is a
registered trademark in the UK and Europe. INSTINET is a registered
trademark in the United States and in other countries throughout the
world. Approved for distribution in Europe by Chi-X Europe Limited,
which is authorised and regulated by the Financial Services Authority.

Instinet
Mark Dowd, 212-310-5331
First Vice President,
Global Corporate Communications & Public Relations,
mark.dowd@instinet.com
or
Streets Consulting Ltd. for Chi-X Europe Limited
Julia Streets, + 44 7976 205552
julia.streets@streetsconsulting.com

Copyright Business Wire 2008