Exhibit 99.2

For Immediate Release

For Instinet:

Investor Relations:                            Media Relations:
John Pitt                                      Calvin Mitchell
212 310 7481                                   212 310 7520
john.pitt@instinet.com                         calvin.mitchell@instinet.com

For Island:

Media Relations:
Andrew Goldman
212 231 5047
andrew@island.com


                  INSTINET AND ISLAND ECN CLOSE HISTORIC MERGER

New York, September 20, 2002 - Instinet Group Incorporated (Nasdaq: INET) and
Island ECN announced today that they have completed their merger. Effective
today, Island Holding Company has become a wholly-owned subsidiary of Instinet
Group Incorporated. This combination will offer professional investors and
traders superior trading platforms and diverse trading choices in worldwide
marketplaces.

"This merger will provide customers with broader and deeper liquidity and offer
them better execution opportunities and improved performance across multiple
markets in the U.S. and around the globe. We look forward to setting the
standard for delivering the most innovative products and services to our
customers," said Ed Nicoll, Instinet's newly appointed Chief Executive Officer.

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. Unlike most traditional broker-dealers, 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.


About Island:

Island ECN is a technology leader in electronic marketplaces, handling
approximately one out of every five trades in Nasdaq securities.(1) Island ECN
is also the largest single marketplace for the most heavily traded security in
the world, QQQ.2

(1) Source: Market share for Island calculated from internal data. Island
reports a majority of its trades in Nasdaq securities to the Cincinnati Stock
Exchange. Nasdaq's Economic Research Department excludes such trades from their
calculations of market share. Island calculates its market share by adding total
trades reported to Nasdaq with total trades reported to the CSE. 2 Source:
Consolidated volume from AmexTrader, volume for NYSE and AMEX acquired from
Reuters terminal, Island volume from Island internal data. Island percent market
share of QQQ trading calculated by dividing Island total reported QQQ share
volume into consolidated volume. AMEX and NYSE market shares calculated by
dividing the volume reported.

                                      # # #

This press 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.


(C)2002 Instinet Corporation and its affiliated companies. All rights reserved.
Member NASD/SIPC. INSTINET and the INSTINET Mark are service marks in the United
States and in other countries throughout the world. Instinet Corporation is a
subsidiary of Instinet Group Incorporated.



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 Instinet's Quarterly Report on Form 10-Q for the period ended June 30, 2002
as Exhibit 99.1, and other documents filed with the SEC and available on the
Company's website. Certain information regarding Nasdaq trading volumes is also
included in the Instinet's Annual Report on Form 10-K for the fiscal year ended
December 31, 2001 and on the Company's website at www.instinet.com. These
statements speak only as of the date of this news release, and the Company does
not undertake any obligation to update them.