Reuters Subsidiary Instinet Updates IPO Filing

Apr 20, 2001, 01:00 ET from Reuters

    LONDON, April 20 /PRNewswire Interactive News Release/ -- Reuters, the
 global information, news and technology group, announced today that, as part
 of the process of moving towards an initial public offering (IPO) for
 Instinet, its wholly owned electronic brokerage subsidiary, a second amendment
 to the S-1 Registration Statement for a proposed IPO with the US Securities
 and Exchange Commission (SEC) has been filed and includes the following
 information:
     "For the first quarter of 2001 our total revenues were approximately
 $431 million and our net income was approximately $50 million, an increase of
 24% and 18%, respectively, from total revenues of approximately $349 million
 and net income of approximately $42 million for the first quarter of 2000.
 Our trading volumes in Nasdaq-quoted and NYSE-listed stocks during the first
 quarter of 2001 increased 56.0% and 37.0%, respectively, compared with the
 first quarter of 2000 to 20.1 billion shares and 2.7 billion shares,
 respectively.  Our share of volume in Nasdaq-quoted stocks increased from
 11.3% in the first quarter of 2000 to 15.1% in the first quarter of 2001, and
 our share of volume in NYSE-listed stocks increased from 2.4% in the first
 quarter of 2000, to 3.0% in the first quarter of 2001.  During the first
 quarter of 2001, our customers used our systems to execute 27.5 million
 transactions in U.S. equity securities, and 1.7 million transactions in equity
 securities traded in markets outside the United States."
     The numbers reported by Instinet in the S-1 conform to US GAAP and include
 soft dollar and commission recapture revenue and interest income.  Under UK
 GAAP, Instinet's revenue for the first quarter of 2001 was 250 million pounds
 sterling, up 27% from the first quarter of last year with underlying revenue
 up 20%.
     As previously announced, it is anticipated that the IPO will be for a
 maximum of 14.1% of Instinet's capital stock.
     Instinet is the world's largest electronic agency securities broker,
 trading in 40 securities markets, with membership of 20 exchanges throughout
 North America, Europe, and Asia.  It is headquartered in New York and has
 eight other global offices.  Founded in 1969, Instinet was acquired by Reuters
 in 1987 and has grown substantially under Reuters ownership in both US and
 international securities markets.
     A registration statement relating to these securities has been filed with
 the Securities and Exchange Commission but has not yet become effective.
 These securities may not be sold nor may offers to buy be accepted prior to
 the time the registration statement becomes effective.  This press release
 shall not constitute an offer to sell or the solicitation of an offer to buy
 nor shall there be any sale of these securities in any State in which offer,
 solicitation or sale would be unlawful prior to registration or qualification
 under the securities laws of such State.
     The amended S-1 Registration Statement is available to the public on the
 SEC's internet site (http://www.sec.gov).
 
     Note to editors:
     Reuters (http://www.about.reuters.com) premier position as a global
 information, news and technology group is founded on its reputation for speed,
 accuracy, integrity and impartiality combined with continuous technological
 innovation.  Reuters strength is based on its unique ability to offer
 customers around the world a combination of content, technology and
 connectivity.  Reuters makes extensive use of internet technologies for the
 widest distribution of information and news.  Around 73 million unique
 visitors per month access Reuters content on some 1,400 Internet websites.
 Reuters is the world's largest international text and television news agency
 with 2,157 journalists, photographers and camera operators in 190 bureaux,
 serving 151 countries.  In 2000 the Group had revenues of 3.59 billion pounds
 and on 31 December 2000, the Group employed 18,082 staff in 204 cities in 100
 countries.
     This news release may be deemed to include forward-looking statements
 relating to Reuters within the meaning of Section 27A of the US Securities Act
 of 1933 and Section 21E of the US Securities Exchange Act of 1934.  Certain
 important factors that could cause actual results to differ materially from
 those disclosed in such forward-looking statements are described in Reuters
 Annual Report and Form 20-F for the year ended 31 December 2000 under the
 heading 'Risk Factors'.  Copies of the Annual Report and Form 20-F are
 available on request from Reuters Group PLC, 85 Fleet Street, London EC4P 4AJ.
     Reuters and the sphere logo are the trademarks of the Reuters group of
 companies.
 
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                http://tbutton.prnewswire.com/prn/11690X43414818
 
 

SOURCE Reuters
    LONDON, April 20 /PRNewswire Interactive News Release/ -- Reuters, the
 global information, news and technology group, announced today that, as part
 of the process of moving towards an initial public offering (IPO) for
 Instinet, its wholly owned electronic brokerage subsidiary, a second amendment
 to the S-1 Registration Statement for a proposed IPO with the US Securities
 and Exchange Commission (SEC) has been filed and includes the following
 information:
     "For the first quarter of 2001 our total revenues were approximately
 $431 million and our net income was approximately $50 million, an increase of
 24% and 18%, respectively, from total revenues of approximately $349 million
 and net income of approximately $42 million for the first quarter of 2000.
 Our trading volumes in Nasdaq-quoted and NYSE-listed stocks during the first
 quarter of 2001 increased 56.0% and 37.0%, respectively, compared with the
 first quarter of 2000 to 20.1 billion shares and 2.7 billion shares,
 respectively.  Our share of volume in Nasdaq-quoted stocks increased from
 11.3% in the first quarter of 2000 to 15.1% in the first quarter of 2001, and
 our share of volume in NYSE-listed stocks increased from 2.4% in the first
 quarter of 2000, to 3.0% in the first quarter of 2001.  During the first
 quarter of 2001, our customers used our systems to execute 27.5 million
 transactions in U.S. equity securities, and 1.7 million transactions in equity
 securities traded in markets outside the United States."
     The numbers reported by Instinet in the S-1 conform to US GAAP and include
 soft dollar and commission recapture revenue and interest income.  Under UK
 GAAP, Instinet's revenue for the first quarter of 2001 was 250 million pounds
 sterling, up 27% from the first quarter of last year with underlying revenue
 up 20%.
     As previously announced, it is anticipated that the IPO will be for a
 maximum of 14.1% of Instinet's capital stock.
     Instinet is the world's largest electronic agency securities broker,
 trading in 40 securities markets, with membership of 20 exchanges throughout
 North America, Europe, and Asia.  It is headquartered in New York and has
 eight other global offices.  Founded in 1969, Instinet was acquired by Reuters
 in 1987 and has grown substantially under Reuters ownership in both US and
 international securities markets.
     A registration statement relating to these securities has been filed with
 the Securities and Exchange Commission but has not yet become effective.
 These securities may not be sold nor may offers to buy be accepted prior to
 the time the registration statement becomes effective.  This press release
 shall not constitute an offer to sell or the solicitation of an offer to buy
 nor shall there be any sale of these securities in any State in which offer,
 solicitation or sale would be unlawful prior to registration or qualification
 under the securities laws of such State.
     The amended S-1 Registration Statement is available to the public on the
 SEC's internet site (http://www.sec.gov).
 
     Note to editors:
     Reuters (http://www.about.reuters.com) premier position as a global
 information, news and technology group is founded on its reputation for speed,
 accuracy, integrity and impartiality combined with continuous technological
 innovation.  Reuters strength is based on its unique ability to offer
 customers around the world a combination of content, technology and
 connectivity.  Reuters makes extensive use of internet technologies for the
 widest distribution of information and news.  Around 73 million unique
 visitors per month access Reuters content on some 1,400 Internet websites.
 Reuters is the world's largest international text and television news agency
 with 2,157 journalists, photographers and camera operators in 190 bureaux,
 serving 151 countries.  In 2000 the Group had revenues of 3.59 billion pounds
 and on 31 December 2000, the Group employed 18,082 staff in 204 cities in 100
 countries.
     This news release may be deemed to include forward-looking statements
 relating to Reuters within the meaning of Section 27A of the US Securities Act
 of 1933 and Section 21E of the US Securities Exchange Act of 1934.  Certain
 important factors that could cause actual results to differ materially from
 those disclosed in such forward-looking statements are described in Reuters
 Annual Report and Form 20-F for the year ended 31 December 2000 under the
 heading 'Risk Factors'.  Copies of the Annual Report and Form 20-F are
 available on request from Reuters Group PLC, 85 Fleet Street, London EC4P 4AJ.
     Reuters and the sphere logo are the trademarks of the Reuters group of
 companies.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X43414818
 
 SOURCE  Reuters