Instinet's International Business Soars, But Domestic Revenue Loses Steam
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NEW YORK--Revenue at the Instinet division of Reuters Holdings' grew a healthy 11 per cent in 1997, according to the company's year-end earnings report, but the bulk of this growth occurred in the trading of European equities, while growth in the core US equities business continued to tail off. The lasting effects of increased competition, a new regulatory environment and Nasdaq's shift to pricing shares in sixteenths instead of eighths are blamed for the stalled revenue growth.
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