Institutional and Professional Business of Instinet. “Combining the best of Instinet and ProTrader will provide Instinet's clients with more opportunities to maximize their success,” said Jean-Marc Bouhelier, Executive Vice President, U.S. “ProTrader will continue to focus its efforts and services on supporting semi-professional and professional active traders, as well as actively traded hedge fund portfolios with less than $100 million under management,” he added. “We are delighted to be joining forces with such an industry leader as Instinet,” said We are committed to providing the highest level of technology-supported trading tools and value-added brokerage services to our customers,” he continued.
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“Combining the power of Instinet's deep liquidity pool and broad range of value-added services with the proven direct access technology and trading software of ProTrader will give our customers the opportunity to improve execution performance in an increasingly complex trading environment. “The acquisition of ProTrader will allow Instinet to deliver on its strategy to customize its service offerings to its institutional clients in the US,” said Doug Atkin, President and CEO of Instinet Group Incorporated. The acquisition also expands Instinet's reach into the hedge fund market and retail active trader segments by providing a full-service offering with front-end technology, quality executions, and back-office operations. Instinet expects the acquisition to enhance its customer interface and order routing technology, which would advance the Company's strategy of further developing services for institutional investors. We anticipate that the transaction will not be material to Instinet Group's 2001 financial results. Under the terms of the agreement dated July 23, 2001, Instinet acquired ProTrader on Octofor $100 million in cash and 5.02 million shares of Instinet common stock valued at US $50 million, based on the average share price of Instinet stock for the seven trading days prior to closing.
ProTrader's 2000 annual revenues exceeded $83 million. The acquisition excludes ProTrader's proprietary trading business. NEW YORK, Octo– Instinet Group Incorporated (Nasdaq: INET), the world's largest electronic agency securities broker, today announced that it has completed the acquisition of ProTrader Group, LP, a provider of advanced trading technologies and electronic brokerage services primarily for retail active traders and hedge funds. London – Reuters, the global information and news group, said today that Instinet, in which it has an 85% shareholding, made the following statement: Leveraging New Technology for Institutional Investors
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