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September 30, 1998

Three Executives Promoted In a Revamped Reuters

By Staff Reports

Instinet has a new president and chief executive, Douglas Atkin, the former chief operating officer of the New York-based electronic broker, and chief executive of its affiliate, Instinet International.

Atkin, who was based in London for the last six years, succeeds Michael Sanderson, who is in his late 50s. Sanderson is retiring, said a spokesman for Instinet, a subsidiary of Reuters Group PLC., the financial information-services giant.

The promotion of Atkin follows a reorganization this summer at sister company Reuters America, which broke down its information, trading and Instinet businesses into separate divisions.

With Sanderson also stepping down as chairman and chief executive of Reuters America Holdings, the U.S. arm of Reuters America, his responsibilities have been divided between two company executives, Thomas Glocer and Graham Albutt.

Glocer, who is the newly-named president of Reuters Information, the Americas, and president of Reuters America, was formerly an executive vice president. Albutt, who is the newly-named president of Reuters Trading Systems, the Americas, was formerly executive vice president and chief information officer.

The promotion of Atkin is the management change that will be most watched by traders. By some estimates, up to 20 percent of Nasdaq trading volume is transacted on Instinet.

Atkin will oversee worldwide operations with 1,200 employees in eight major cities. Instinet is a member of 17 exchanges worldwide.

Atkin steps into his new role during a critical period for Instinet. While Instinet recorded spectacular revenue growth over recent years, the quarter ending June 30 was sluggish. (Pretax profits fell to $485 million, compared to $499 million in the same period last year).

Under Atkin's leadership, Instinet International's business grew by more than 1,500 percent from 1992 to 1997.