Instinet Group Incorporated offers customers trade, execution, order management and ancillary services, enabling them to trade equity securities directly with each other through its platforms, as well as with other investors in over 40 securities markets around the world. The size, nature and geographic distribution of Instinets customers have generated distinct pools of liquidity on its two electronic platforms. Instinet offers its customers smart order-routing technology that directs their equity transactions among the various markets to which the Company is connected to obtain better execution. In 2002, Instinets customers used its two platforms to complete a total of 156 million transactions, representing an average of approximately 619,000 transactions each trading day. Through its electronic platforms, customers can also access over 40 securities markets, including NASDAQ, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich.