Instinet and Citibank Announce Alliance to form The Instinet FX Cross

The Instinet FX CrossSM, the product of a strategic alliance between Instinet Global Holdings, Inc.

First Published by e-Forex News: July, 2002

The Instinet FX CrossSM, the product of a strategic alliance between Instinet Global Holdings, Inc. ("Instinet") and Citibank, is a revolutionary currency-crossing product that seeks to transform the execution of large currency transactions. It will enable clients to anonymously execute large currency orders at a transparent market price with minimal market slippage. Instinet and Citibank have brought their complementary strengths to the venture, which enable them to deliver a more efficient foreign exchange trading process to global investors. Instinet, through Instinet Corporation, brings over 15 years of equity crossing expertise and its reputation as a neutral, anonymous agency broker dedicated to seeking to save money for investors. Citibank brings its capital strength, credit rating, expertise in FX execution and clearing, and its established CitiFX Benchmark product.