Instinet's Research & Analytics product and customer base are to be transferred to Reuters BridgeStation.
R&A is an information and analytics service providing real-time and historical data, up-to-the-minute news, and search and screen and other analytical tools. In addition, R&A offers fundamental and comprehensive financial company information including corporate summaries, quarterly and annual financial statements, historical earnings, and financial ratios.
The net assets of R&A were US$7.9 million as of 30 September 2001. Reuters Group owns 83% of electronic agency broker Instinet, which underwent a partial flotation earlier this year.
Tom Glocer, Reuters chief executive, says: "One of my key priorities for the Reuters Group is to make our global scale count in our favour. By transferring these 2200 R&A users to Reuters and ultimately migrating them to BridgeStation, we will add to our existing 600,000 user base, leverage our investment in Bridge and deliver a high-quality service to Instinet users."
Doug Atkin, president and CEO of Instinet, says users will continue to receive the same service, market data information, and trading analytics as before.
"As a result of this collaboration, Instinet clients will be able to participate in a much broader service and still benefit from the information currently available through R&A," he says.