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Instinet Adds Hong Kong Equities to CBX ASIA

Posted: 13 January 2009

Instinet Incorporated, a provider of electronic trading and agency-only brokerage services, today announced that its Asia-ex Japan agency brokerage subsidiary, Instinet Pacific Limited, has successfully added Hong Kong equities to its leading off-exchange, displayed liquidity pool, CBX ASIA™. The CBX platform has allowed for the trading of Japanese equities since 2001.

“Over the past few years, we’ve seen traders in Asia increasingly embrace crossing networks and alternative liquidity pools for the execution quality benefits they bring through their anonymity and advanced order functionality. Given that trend and the success we are seeing in Japan, clients have expressed interest in extending CBX to other Asian markets,” said Nick McDonald, Co-Head of Asia-Pacific Equities at Instinet. Hong Kong is Instinet’s second largest market in Asia, which makes it the most natural choice to introduce CBX after Japan.

Launched in Asia in 2001, first in Japan under Instinet’s Japanese PTS (Proprietary Trading System) License, CBX ASIA is a real-time, low-latency central limit order book with traditional price/time priority and rich order functionality. Unlike Instinet CBX in the U.S., which is based on the same technology and is the market’s second largest independent dark pool, CBX ASIA is a displayed platform whose market data is available to clients, as fully-hidden orders are prohibited under securities laws in certain Asian jurisdictions.

CBX ASIA, which is available to both institutions and broker-dealers, is accessible through Instinet’s Newport 3 EMS and Asia SmartRouter™, directly via FIX or through third-party OMS/EMS. Market data is available through ThomsonReuters and ACTIV Financial Systems.

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