Instinet Introduces BLX Dark Pool

Agency-only broker combines the best of point-in-time and continuous crossing in
new, algo-friendly block trading system; Pulse Trading`s BlockCross dark pool
added as opt-in liquidity provider to BLX
NEW YORK--(Business Wire)--
Instinet Incorporated, a global leader in electronic trading and agency-only
brokerage services, today announced that its U.S. agency-brokerage subsidiary,
Instinet, LLC, has launched BLX™, a new algo-friendly dark pool for U.S.
equities that "builds" block trades by combining the liquidity aggregation
benefits of point-in-time crossing with the flexibility of a continuous market.
BLX, which has been operating in a "soft launch" mode, recorded an average trade
size of 15,719 shares in September 2009.

With BLX, Instinet aims to restore block-trading in the fragmented U.S. equity
market, as the platform aggregates multiple orders from both buy- and sell-side
participants and consolidates them into block-size trades. Given its multi-party
participation model, BLX is able to promote anonymity and protect trading
information more effectively than a peer-to-peer or negotiation trading
paradigm. The patent-pending BLX market model was designed specifically to
increase trade size by appealing to an array of trading participants, including
both passive block traders and those using algorithmic trading strategies. The
BLX model also includes several built-in anti-gaming features, such as volume
triggers and a mid-point pricing window so that the system cannot be "pinged" by
information-seeking traders.

"Given today`s environment, in which the average trade size has fallen below 400
shares*, we believe there is a tremendous opportunity for BLX to help clean up
the tape by aggregating orders from multiple parties and then initiating a
point-in-time block cross. In addition, we see BLX as a compelling complement to
our existing dark liquidity offerings, which include multiple daily crossing
matches and the CBX™ continuous dark pool," said Jonathan Kellner, President,
Americas, at Instinet.

Additionally, Instinet announced today that BlockCross, an independent ATS owned
by Pulse Trading, has been added as an access provider to BLX, offering
BlockCross clients opt-in access to the platform. Institutional clients can also
access BLX through Instinet`s Newport® 3 and Instinet Trading Portal® EMS
platforms, the Instinet Execution Experts™ algorithms or other third-party
brokers that have connected.

"We think that the innovative BLX market model provides a great complement to
BlockCross` peer-to-peer model," said Christian A. Dubois, managing partner at
Pulse Trading, Inc. "We`re pleased to be the first firm to collaborate with
Instinet around BLX, and believe that offering customers access to relationships
such as these is critical to helping the buyside achieve best execution in block
trading."

BLX becomes the fifth U.S. dark pool and ninth ATS platform offered globally by
Instinet, which, in 1986, introduced the industry`s first securities crossing
platform and in 1969 the world`s first significant electronic trading venue. In
the U.S., BLX joins CBX™, Instinet`s continuous dark pool that averaged over 47
million shares traded per day in Q2 2009, and the VWAP, Intraday and Overnight
crosses that comprise Instinet`s U.S. Crossing offering. Outside of the U.S.,
Instinet`s ATS platforms include BlockMatch™ in Europe and CBX™ ASIA,
KoreaCross™ and JapanCrossing™ in Asia.

* The average U.S. equity trade size was 375 shares in August 2009, according to
the TABB Group.

About Instinet

Instinet is an electronic trading pioneer, having established the world`s first
major electronic trading venue in 1969, one of the first recognized U.S. ECNs in
1997 and the first pan-European MTF in 2007. Through its subsidiaries and
affiliates, Instinet operates two distinct business lines: a global network of
agency-only brokers that seek to help institutions lower overall trading costs
and improve investment performance through the use of innovative electronic
trading products, including smart-routing, algorithms, DMA, dark pools and EMS
platforms, and also provide sales trading, commission management services and
independent research; and the Chi-X® trading systems, which aim to improve the
efficiency of capital markets globally by providing high-performance, low-cost
alternative execution venues. Instinet is a wholly-owned subsidiary of Nomura
Holdings, Inc. For more information, please visit www.instinet.com.

©2009, Instinet Incorporated and its subsidiaries. All rights reserved. INSTINET
is a registered trademark in the United States and other countries throughout
the world. Approved for distribution in Japan by Instinet Japan Limited which is
a Financial Instrument Dealer under the Financial Instrument and Exchange Law,
registered with Kanto Local Financial Bureau (Registration No. 208) and is a
member of Japan Securities Dealers Association (JSDA). Approved for distribution
in Hong Kong and Australia by Instinet Pacific Limited which is authorized and
regulated by the Securities and Futures Commission of Hong Kong, and is exempt
from holding an Australian Financial Services Licence. The laws of Hong Kong
differ from Australian laws. Approved for distribution in Singapore by Instinet
Singapore Services Private Limited, which is regulated by the Monetary Authority
of Singapore and is a trading member of The Singapore Exchange Securities
Trading Private Limited and a clearing member of The Central Depository (Pte)
Ltd. Approved for distribution in Europe by Instinet Europe Limited, which is
authorized and regulated by the Financial Services Authority. Approved for
distribution in Canada by Instinet Canada Limited, member IIROC/CIPF. Instinet
LLC, member of SIPC, assumes responsibility for distribution to U.S.
institutional investors.

Media:
Instinet Incorporated
Mark Dowd
Executive Director
Global Corporate Communications & Public Relations
Phone: +1-212-310-5331
Mobile: +1-201-376-9687
mark.dowd@instinet.com

Copyright Business Wire 2009