Instinet Closes Bond Business, Reports Loss
TRANSACTION SYSTEMS
NEW YORK--Instinet is closing Instinet Fixed Income, its fixed income electronic brokerage, the company announced during Thursday night’s earnings call. Its last day of operations will be May 3, says Mark Nienstadt, acting president,CEO and CFO.
Citing the global economic slowdown and the "uneven pace of acceptance of electronic fixed-income trading platforms," Nienstadt said Instinet will incur a $15 million to $20 million charge in the second quarter and realize a net annual cost savings of
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