October 16, 2008

Instinet Incorporated, a provider of electronic trading and agency-only brokerage services, said that its European agency brokerage subsidiary, Instinet Europe Limited, has successfully completed conformance testing on the BATS Europe MTF. As a result, Instinet Europe's institutional clients will be able to have immediate access to the multilateral trading facility (MTF) from its anticipated October 31, launch.

"Successfully connecting to BATS Europe is a significant milestone in the continued development of our execution and smart order routing capabilities," said Richard Balarkas, CEO of Instinet Europe Limited, in a press release. "From the moment BATS Europe goes live, Instinet's global client base will be able to access it via sales traders, DMA or through our Instinet Execution Experts algorithms," he added.

Mark Hemsley, CEO of BATS' European markets division, added in the release, "We are delighted that a broker with the international reputation of Instinet will join the other firms connected from day one as BATS seeks to follow its U.S. success by Making Markets Better in Europe. We are confident that access to our liquidity will offer price improvement opportunities for Instinet's global client base and we look forward to working with the Instinet team."