Exhibit 99.1




FOR IMMEDIATE RELEASE

Investor Relations:                              Media Relations:
John Pitt                                        Alicia Curran
Instinet Group Incorporated                      Instinet Group Incorporated
212 310 7481                                     212 310 5462
john.pitt@instinet.com                           alicia.curran@instinet.com



                 INSTINET ANNOUNCES ADDITIONAL COST REDUCTIONS

New York -- March 28, 2003 -- Instinet Group Incorporated (Nasdaq: INET) today
announced that as part of its continuing cost-reduction effort it would reduce
its workforce by approximately 175 employees (or approximately 12 percent of its
full-time employees), across its operations, both in the U.S. and
internationally. These reductions result from attrition and the elimination of
positions. Instinet expects that these reductions will result in an estimated
$20 million reduction in its operating costs on an annualized basis. This
decrease is in addition to the $100 million cost reduction target previously
announced.

"Today's reduction is part of Instinet's ongoing commitment to produce a leaner
and more efficient company," said Edward J. Nicoll, Instinet's Chief Executive
Officer.

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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.

Copyright 2003 Instinet Group Incorporated and its affiliated companies. All
rights reserved. INSTINET is a registered service mark in the United States and
in other countries throughout the world.

Approved for distribution in the UK by Instinet Europe Limited which is
regulated by the FSA and is a member of the LSE.

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 September 30,
2002, and other documents filed with the SEC and available on the Company's
website. These statements speak only as of the date of this news release, and
the Company does not undertake any obligation to update them.