Instinet FX Cross sees strong customer adoption

Instinet FX Crosssm (the "Cross"), Instinet and Citigroup's foreign exchange crossing service, saw strong growth in Customer Adoption and Liquidity, during the first quarter of 2004, with $4.3 billion of liquidity in April alone. Participants also saw a record single trading session of over $1billion and the largest single currency transaction of over $300 million.The currency-crossing platform helps clients reduce transaction costs by directly matching buy and sell orders at a transparent market price, with minimal market impact. Liquidity is provided by corporations, hedge funds and real money investors based across the globe, and has contributed to an average match rate of 30%. Clients who use the Cross to execute currency transactions can reduce their transaction costs by up to 50%.1 The Cross reduces the spread and the total market impact of transactions and gives the opportunity to realize considerable savings over traditional bid-ask market prices, regardless of size or currency pair. 1 Cost...continued

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