(COMTEX) B: Instinet CEO Edward Nicoll to Testify Before the Subcommittee
f the House Financial Services Committee Regarding th
B: Instinet CEO Edward Nicoll to Testify Before the Subcommittee of the House Fi
ancial Services Committee Regarding the Role of Specialists
NEW YORK, Feb 20, 2004 (BUSINESS WIRE) -- Instinet Group Incorporated (Nasdaq:
INGP) today announced that its CEO Edward J. Nicoll will testify before a
hearing, at 10 a.m. in New York City, held by the House Financial Services
Capital Markets Subcommittee, and chaired by Rep. Richard H. Baker (LA), to
review the role of specialists in the modern capital markets. Entitled "Market
Structure III: The Role of the Specialist in the Evolving Modern Marketplace,"
the hearing will take place in the Alexander Hamilton Auditorium of the Native
American Museum at the United States Custom House at One Bowling Green in lower
Manhattan.
In his testimony, Ed Nicoll will encourage the members of the House Subcommittee
to support regulatory changes that allow electronic markets to compete on a
level playing field with manual, floor based markets such as the NYSE. Excerpts
from his testimony include:
-- "The debate about regulatory reform is really a debate about
whether one market structure fits all or whether investors
should be free to choose how and where they trade."
-- "I challenge the NYSE to make its trading data, and in
particular all specialist trading activity, publicly
available. We owe investors an open and honest look at the
numbers -- not just simple assurances that 'All is well'."
-- "If the NYSE truly wants to offer an automated execution
system that competes with ECNs, I challenge the NYSE to make
two additional changes:
1. Immediately display all limit orders received electronically -- no delays, no
human intervention, and no exceptions.
2. Immediately execute all matching orders received electronically - no delays,
no human intervention, and no exceptions."
-- "Certainly, if the NYSE is stirred to propose these changes
(to its Direct+ system) to simply stave off the threat of
competition, actual competition will produce even greater
benefits for investors."
To download the testimony, please access the following link:
www.instinetgroup.com/housetestimony
About Instinet
Instinet, through affiliates, is the largest global electronic agency securities
broker and has been providing investors with electronic trading solutions for
more than 30 years. Our services enable buyers and sellers worldwide to trade
securities directly and anonymously with each other, have the opportunity to
gain price improvement for their trades and lower their overall trading costs.
Through our electronic platforms, our customers also can access over 40
securities markets throughout the world, including NASDAQ, the NYSE and stock
exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and
Zurich. We also provide our customers with access to research generated by us
and by third parties, as well as various informational and decision-making
tools. We act solely as an agent for our customers and do not trade securities
for our own account or maintain inventories of securities for sale. Inet ATS,
Inc. (INET), and Instinet, LLC (Instinet, the Institutional Broker), are
subsidiaries of Instinet Group Incorporated (NASDAQ: INGP), part of the Reuters
family of companies. Instinet is part of the Reuters family of companies.
This news release is for information purposes only and is not intended as an
offer or solicitation with respect to the purchase or sale of any security.
While Instinet believes the information contained herein is reliable, we do not
guarantee its accuracy, and it may be incomplete or condensed. These statements
speak only as of this news release and Instinet undertakes no obligation to
update publicly any of the information contained herein, in light of new
information or future events.
(C) 2004 Instinet Group Incorporated and its affiliated companies. All rights
reserved. INSTINET and INET are service marks in the United States. Instinet,
LLC, member NASD/SIPC, is an investment adviser with the SEC. Inet ATS, Inc., is
a member of the NASD/NSX/SIPC.
This news release may be deemed to include forward-looking statements relating
to Instinet. Certain important factors that could cause actual results to differ
materially from those disclosed in such forward-looking statements are included
in the Instinet Annual Report Form 10-K dated for the period ended December 31,
2002 and other documents filed with the SEC and available on the Company's web
site. Certain information regarding NASDAQ trading volumes is also included in
Instinet's Annual Report on Form 10-K for the fiscal year ended December 31,
2002 and on the Company's web site at www.instinetgroup.com.
SOURCE: Instinet Group Incorporated
CONTACT: Investor Contact:
Instinet Group Incorporated
John Pitt, 212-310-7481
john.pitt@instinet.com
or
Media Contact:
Instinet Group Incorporated
Stephen Austin, 212-310-4037
stephen.austin@instinet.com
Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.
Copyright (C) 2004 Business Wire. All rights reserved.
-0-
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING
*** end of story ***
News 
Market Data 
Discover 
AI
