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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who started this subject	3/28/2003 4:25:17 PM
From: TFF	of 12617

Instinet sets 175 job cuts or 12 percent of staff Friday March 28, 4:13 pm ET NEW YORK, March 28 (Reuters) - Instinet Group Inc., which runs an electronic share-trading network, said on Friday it would cut 175 jobs, or 12 percent of its work force, as it looks to cut costs. Instinet (NasdaqNM:INET - News), which bought rival Island ECN (News - Websites) last year, has struggled with dismal market conditions and increased competition over the past few years. It said the job cuts would reduce annual expenses by $20 million. That is on top of the $100 million target for cost savings it had already announced.

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