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To: esecurities(tm) who wrote (191)	5/12/1999 7:49:00 PM
From: esecurities(tm)	Read Replies (2) \| Respond to of 314

Instinet leads consortium (American Century, Archipelago, JP Morgan, Morgan Stanley) to acquire majority interest in Tradepoint Financial Networks. Instinet Leads Investment Consortium; Major Firms Form Consortium to Acquire Majority Interest in Tradepoint NEW YORK, May 6 /PRNewswire/ -- A group of major brokerage and financial-services firms today announced plans to form a consortium to acquire a majority interest in Tradepoint Financial Networks PLC (TFN.V), a U.K.-based electronic Recognised Investment Exchange. The Consortium is being formed by Instinet Corporation, a wholly-owned subsidiary of Reuters Group PLC (Nasdaq: RTRSY - news) and the world's largest agency broker; American Century, a leading U.S.-based mutual fund company with more than $85 billion in assets under management; Archipelago, a premier U.S. Electronic Communications Network (ECN); and the leading global financial firms J.P. Morgan (NYSE: JPM - news) and Morgan Stanley Dean Witter & Co (NYSE: MWD - news). In addition to the founding members, other financial institutions have also expressed an interest in joining the Consortium. Subject to Tradepoint shareholder and regulatory approval, the Consortium will subscribe for 70 million new ordinary Tradepoint shares at 20p per share, equivalent to $0.32 per share USD. This will represent approximately 54.4% of Tradepoint after the investment. Provision has been made for the Consortium to increase its stake in Tradepoint to over 60%. Tradepoint is an electronic, order-driven equities market for UK securities with a fully transparent order book. Established in 1996 as a for-profit stock exchange, Tradepoint provides members with efficient electronic access and the ability to reduce investment costs. Tradepoint has over 80 members, including financial institutions and broker-dealers. Members of the Consortium are supportive of market models that align with the interests of issuers and investors and, therefore, they view Tradepoint as strategically important given the changes that are occurring in the equity markets around the world. Douglas M. Atkin, president and CEO of Instinet said, ''Given the economics of the capital markets, the for-profit market model will be increasingly important to the future development and evolution of many exchanges. We believe Tradepoint represents a combination of visionary thinking and technology which complements Instinet's brokerage model as well as our work with exchanges worldwide to open the capital gateways to investors around the world..." SOURCE: &copy 1999 Instinet Corporation Company Press Release Thursday May 6, 1:30 pm Eastern Time biz.yahoo.com