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Tough New Year at Instinet

Traders Magazine, December 2002

Staff Reports

Instinet began this year as a much leaner organization as a result of some 300 job cuts. Instinet, which merged with the Island ECN last year, has eliminated some 17 percent of the merged business. Instinet's chief executive, who had been on a worldwide tour of the company, said the layoffs are part of a plan to cut $100 million of costs over the next year. "These cost reductions are part of a previously announced plan to eliminate redundant positions within the Instinet-Island combination, to reduce overhead to reflect current market conditions and to bring greater efficiency to the company as a whole," Instinet CEO Ed Nicoll said.

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