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To: TFF who started this subject	12/6/2003 9:00:43 AM
From: TFF	of 12617

Instinet Unit May Have Originated Some Corinthian Trades Friday December 5, 6:36 pm ET By Janet Whitman, Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--A software subsidiary of Instinet Group Inc. (NasdaqNM:INGP - News) may have been the starting point of a series of erroneous trades in shares of education company Corinthian Colleges Inc. (NasdaqNM:COCO - News) . ADVERTISEMENT Instinet Executive Vice President Andrew Goldman said the firm is looking at whether some of the trades originated with its Gr8Trade unit, a front-end system that provides electronic access to all major stock exchanges and allows instantaneous trading in equities. "We do know that it was involved in the order entry process for some of today's trades having to do with COCO," Goldman said in an interview. "There were customers using Gr8Trade as an order entry for shares of COCO. We are reviewing those trades to determine what happened." Multiple sell orders for Corinthian's stock appear to have been placed erroneously, and sent out to Nasdaq and electronic communication networks, or ECNs, such as Instinet and Bloomberg Tradebook. Goldman declined to say what portion of the sell orders were generated through Gr8Trade, whose customers are mainly electronic day-trading firms. "We don't know whether it was exclusively Gr8Trade." The erroneous trades prompted Nasdaq to halt trading in that stock briefly and take the unusual step of canceling hundreds of trades. Reuters Group PLC (NasdaqNM:RTRSY - News) has a roughly 60% stake in Instinet. The bulk of the erroneous orders may have been routed to Bloomberg Tradebook, a unit of Bloomberg LP. Bloomberg Tradebook Chief Executive Kevin Foley said the ECN was inundated with sell orders, "all from the same source." He declined to name the source of the orders. -By Janet Whitman, Dow Jones Newswires; 201-938-5248; janet.whitman@dowjones.com

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