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March 23, 2005

Taking a Knife to Instinet

By Staff Reports

Instinet plans some $50 million in cost savings through the third quarter of this year, savings that will be achieved through reducing office space and the elimination of jobs.

That's according to a spokesman for the trading giant as well as its fourth quarter earnings release.

Instinet has reduced expenses in the communication, equipment and business development lines, according to the release. "Some of the Instinet technology has been old. We have been upgrading data centers and are finding we can do things without as many people," an Instinet spokeswoman said. She added that that the workforce number had recently shrunk by about 80 to 1,000.

Instinet is owned by Reuters, which recently, once again, put it on the block. Instinet has been in the process of trying to improve its bottom line. Approximately 500 jobs have been eliminated over the past two years.