Exhibit 99.1
For Immediate Release
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For Instinet:

Investor Relations:                                    Media Relations:
John Pitt                                              Silvia Davi
212 310 7481                                           212 310 7520
john.pitt@instinet.com                                 silvia.davi@instinet.com

For Island:

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


                     ISLAND ECN ANNOUNCES MANAGEMENT CHANGE

New York, October 3, 2002 - Instinet Group Incorporated (Nasdaq: INET) announced
that Matthew Andresen, President and Chief Executive Officer of its Island ECN
subsidiary, will be leaving Island today to accept a new job at another company.
Island's Chief Technology Officer, Will Sterling, will now serve as President as
well as CTO of Island ECN.

"Matt has done an exceptional job over the past four years of building Island
into one of the largest electronic marketplaces. We know Matt will continue to
achieve great things," said Ed Nicoll, Chief Executive Officer of Instinet.
"Moving ahead, I cannot think of a stronger leader to take over as President of
Island than someone with Will's talents and skills. Will brings a unique mix of
technological expertise, market structure insight, and a proven track record of
running one of the most efficient technology operations in the industry," said
Mr. Nicoll.

"It's a tremendous privilege to be given the chance to lead Island. I look
forward to continuing Island's outstanding tradition of providing its
subscribers with superior products and services," said Will Sterling.

Will Sterling joined Island in 1997, and has served as CTO since the company's
founding.


About Instinet:
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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:
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Island ECN is a technology leader in electronic marketplaces, handling
approximately one out of every five trades in Nasdaq securities.1

1) As of August 2002. 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.

                                      # # #

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. The Island ECN, Inc., member
NASD/CSE/SIPC, 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.