Subject: Exchanges - Instinet

Last-Revised: 11 May 1994
Contributed-By: Jeffrey Benton (jeffwben at aol.com)

Instinet is a professional stock trading system which is owned by Reuters. Institutions use the system to trade large blocks of shares with each other without using the exchanges. Commissions are slightly negotiable but generally $1 per hundred shares. Instinet also runs a crossing network of the NYSE last sale at 6pm. A "cross" is a trade in which a buyer and seller interact directly with no assistance of a market maker or specialist. These buyer-seller pairs are commonly matched up by a computer system such as Instinet.

Visit their web site: http://www.instinet.com/