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Press Release

July 20th, 2008

Instinet’s JapanCrossing™, CBX™ Japan and KoreaCross™ Now Available on the TORA Platform for Anonymous, Neutral and Zero Market Impact Electronic Trading

TOKYO — (BUSINESS WIRE) — Tora Trading Services® (www.stage.toratrading.tw), the leading electronic trading platform and liquidity provider for Asia, announced today the availability of direct access via the TORA® Trading Platform to global agency broker Instinet’s Asian algorithms and three ATS (Alternative Trading System) platforms – JapanCrossing™, CBX™ Japan and KoreaCross™.

“As unbundling takes hold, traders in Asian markets are increasingly turning to electronic trading platforms that can provide better execution quality results and ultimately translate into superior returns,” said Christian Chan, head of electronic trading, Asia, at Instinet. “We are pleased to provide Tora’s customers access to our electronic trading tools in Asia.”

With the addition of JapanCrossing, CBX Japan and KoreaCross to the TORA Trading Platform, traders can now choose to execute all or part of their orders through each of Instinet’s Asian ATS platforms. Additionally, Tora’s clients now have access to Instinet’s entire suite of algorithms in Asia.

“The TORA Trading Platform is designed to provide the widest variety of execution options and liquidity venues to buy-side firms trading Asia,” commented Robert Dykes, CEO of Tora Trading Services. “We are delighted to offer our clients access to Instinet’s growing portfolio of ATS venues and custom algorithms, and look forward to broadening and deepening this partnership in the future.”

About Instinet
Instinet is an electronic trading pioneer, having established the world’s first significant electronic trading venue in 1969, one of the first recognized U.S. ECNs in 1997 and the first pan-European MTF in 2007. Through its subsidiaries and affiliates, Instinet operates two distinct business lines: a global network of agency-only brokers that seek to help institutions lower overall trading costs and improve investment performance through the use of innovative electronic trading products, including smart-routing, algorithms, DMA, dark pools and EMS platforms, and also provide sales trading, commission management services and independent research; and the
Chi-X® trading systems, which aims to improve the efficiency of capital markets globally by providing high-performance, low-cost alternative execution venues. Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc. For more information, please visit www.instinet.com.

About Tora
Tora (www.stage.toratrading.tw) is the recognized leader in electronic trading systems and access to liquidity for Asia. The TORA Trading Platform is the most comprehensive multi-broker electronic trading platform focused on Asia with 75 Asian brokers, 24 markets, 14 countries, and over 150 algorithmic trading strategies to trade equities, stock futures and options, index futures and options, warrants, convertible bonds, swaps and other synthetics, all on one platform. Tora’s independent algos and off-exchange liquidity products are now being used by buy-side firms to implement complex trading strategies, achieving fast execution and best price. Over US $25 Billion in transactions are processed each month through the TORA Trading Platform, including over 25% of all electronic trading on the Tokyo Stock Exchange. The TORA Trading Platform is provided in an application service provider (ASP) model, and requires no IT infrastructure or staff at the customer site. Tora has over 100 employees dedicated to Asia, with primary, state of the art data centers in Tokyo and Hong Kong, providing 99.99% up time, low latency and high reliability across multiple markets. The TORA Trading Platform integrates with a full complement of third-party and proprietary order management, portfolio management, risk, accounting and other back-office and compliance systems. Tora Trading Services has offices in Tokyo, Hong Kong, Singapore, San Francisco, and New York. For more information, please visit www.stage.toratrading.tw.

Tora Trading Services, TORA Compass, TORA Clearpool, TORA Alpha and the Tora logo are trademarks or registered trademarks of Tora Trading Services in the United States and other countries. All other trademarks are the property of their respective owners.