Exhibit 99.1
Investor Relations / Media Relations
John Pitt
Tel: +1.212.310.7481
john.pitt@instinet.com
Will Sterling, President of Island ECN, to Leave Instinet
Alex Goor to Head ATS/ECN Business
New York, June 27, 2003 - Instinet Group Incorporated (Nasdaq: INET) announced
today that Will Sterling, President of its Island ECN subsidiary and head of
Instinet Corporation's ECN and Clearing businesses, will be leaving today to
accept a new job at another company. Instinet's Executive Vice President for
Strategic Planning, Alex Goor, will now lead Instinet's ATS/ECN initiatives.
"Will has done an exceptional job during his five years at Island, first as
Chief Technology Officer and then as President. In the past year he played a key
role in the integration of Island and Instinet, and helped position Instinet as
one of the largest electronic marketplaces. He will continue to achieve great
things," said Edward J. Nicoll, Chief Executive Officer of Instinet. "As we move
forward, I cannot think of a stronger leader than Alex Goor to head Instinet's
ATS/ECN business. Alex brings a unique mix of industry knowledge and a proven
track record," said Mr. Nicoll.
"I am honored and privileged to lead Instinet's ATS/ECN initiatives. Island and
Instinet have played a key role in making the equity markets more efficient, and
I look forward to building on this track record. I think we have a tremendous
opportunity to continue to improve our customers' experience by aggressively
focusing on our technology and product offering, " said Alex Goor. Alex Goor
joined Instinet in 2002. Before joining Instinet he was Chief Strategy Officer
at Datek Online Holdings Corporation (DOHC), where he had also served as
President of Datek Online Brokerage Services, the firm's online brokerage
subsidiary, and as President of Watcher Technologies, a DOHC technology
development and licensing subsidiary.
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, manage their orders and lower their
overall trading costs. Instinet is part of the Reuters family of companies.
Through our electronic platforms, our customers 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. Our
customers consist of institutional investors, such as mutual funds, pension
funds, insurance companies and hedge funds, as well as market professionals,
including 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.
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) 2003 Instinet Corporation and its affiliated companies. Instinet Corporation
(member NASD/SIPC), The Island ECN, Inc. (member NASD/CSE/SIPC) and Instinet
Clearing Services, Inc. (member NASD/SIPC) are subsidiaries of Instinet Group
Incorporated. All rights reserved. INSTINET is a registered service mark in the
United States and in other countries throughout the world. Instinet is part of
the Reuters family of companies.
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 Annual Report on Form 10-K for the year ended December 31, 2002,
and other documents filed with the SEC and available on the Company's Web site.
These statements speak only as of the date of this news release, and the Company
does not undertake any obligation to update them.