Instinet’s Bumpy Ride to an Initial Public Offering
SPECIAL REPORT
NEW YORK--Instinet may be on its way to becoming the first publicly traded ECN, but it has hardly been a smooth ride, sources close to the firm say. The fixed income business continues to drag, and staff morale has suffered in the face of the most recent share re-pricing.
Employees are reportedly unhappy about options issued to them at the time of the company’s S1 filing in February (TTW, Feb. 12). The original "strike price" of the employee options was apparently $15 per share. Earlier this
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