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                                                                   EXHIBIT 10.24

                             BRIDGE TRADING COMPANY
                          TRANSACTION SYSTEM AGREEMENT
                          GENERAL TERMS AND CONDITIONS

ALL CAPITALIZED TERMS NOT DEFINED IN THESE TERMS AND CONDITIONS HAVE THE
MEANINGS SET FORTH IN THE ORDER FORM , WHICH COLLECTIVELY CONSTITUTE THE
AGREEMENT BETWEEN BRIDGE TRADING COMPANY AND INSTINET CORPORATION.

1. FURNISHING SYSTEM

      (a) Bridge grants a non-exclusive, non-transferable license to Broker to
use the System to access order flow, transmit indications and/or transmit
advertised trades as detailed in and in accordance with the Order Form for so
long as this Agreement is in effect. Except as expressly granted in this
Agreement, use by Broker of the System or acceptance of this license in no way
grants any right, title or interest in the System or any of its components to
Broker.

      (b) The parties acknowledge that (i) Bridge is acting solely as a vendor
in licensing Broker to use the System and not as a broker, that (ii) Broker and
not Bridge is acting as the broker with respect to all orders directed to
Broker, or indications and advertised trades transmitted by Broker, via the
System, and that (iii) Bridge's provision of the System does not constitute the
business of buying and/or selling securities for Broker's clients who direct
orders to Broker or to whom Broker directs indications or advertised trades, via
the System.

      (c) Bridge may cancel or withdraw all or part of any System at any time on
6 months' prior written notice to Broker, and on less notice if: (a) Bridge
determines that the provision of the System has become unlawful; (b) an
agreement between any member of the Bridge Group and a third party on which the
System depends is terminated; or (c) the System becomes subject to a claim that
it infringes the rights of any third party. If Bridge cancels all or part of any
System, Bridge's only obligation to Broker will be to refund any Fees paid in
advance for the cancelled System or portion thereof. Broker may terminate this
Agreement as it relates to the entire affected System on 30 days' prior (or on
less notice in the event the notice given by Bridge as detailed above is less
that thirty (30) days) written notice to Bridge at any time after Broker's
receipt of notice of cancellation or withdrawal from Bridge in the event of
Bridge's cancellation or withdrawal of a System or portion thereof. In each
case, Broker shall pay any Fees (as hereinafter defined), Additional Charges (as
hereinafter defined) and taxes owed through the time of termination.

      (d) In no event shall Bridge intentionally cause the System to or
otherwise intentionally (i) redirect any order or other transaction message
directed to Broker (separately and collectively "Broker Orders") to any other
ECN, order entry system or any other destination not specified in the Broker
Order unless otherwise instructed by the customer, (ii) conglomerate or
aggregate Broker Orders with other orders or transaction messages whatsoever,
(iii) use the Broker Orders or any information derived from Broker Orders for
any purposes other than the fulfillment of its obligations under this Agreement
or for the purposes of support, capacity planning, to detect and prevent
breaches of Bridge's network security, the law or the contract terms, or for
other activities related to the administration, management and improvement of
the System (provided that all Broker Orders and information derived from Broker
Orders used for these purposes are considered Confidential Information and kept
as such in accordance with the terms and conditions herein), or (iv) match or
otherwise fill Broker Orders.

2. FEES

      (a) In consideration of the rights granted to Broker in this Agreement,
Broker will pay Bridge all fees and charges ("FEES") for the System as set forth
in the Order Form. Unless otherwise agreed, Fees for the System will accrue from
the "INSTALLATION DATE" for that System, which is the earlier of: (i) the date
when that System is installed and operational at the Broker's Premises; and (ii)
the date when that System is first accessed by Broker. All Fees shall be paid in
arrears and are due and payable within 45 days after the date of an invoice from
Bridge. No Fees or Additional Charges shall be owed by Broker for testing of the
System.

      (b) In addition to the Fees, Broker will pay the following charges
("ADDITIONAL CHARGES") within 30 days after the date of an invoice for the same
from Bridge: (i) all installation, relocation and removal charges relating to
any System as detailed in the Order form or as otherwise agreed to by the
Parties in an appropriate writing ; (ii) all charges for communications
facilities as detailed in the Order Form or as otherwise agreed to by the
Parties in an appropriate writing; (iii) all charges for Software and Equipment
relating to any System supplied by third parties as detailed in the Order Form
or as otherwise agreed to by the Parties in an appropriate writing; and (iv) any
charges for support outside standard hours as detailed in the Order Form or as
otherwise agreed to by the Parties in an appropriate writing. Broker
acknowledges that Additional Charges may change without notice if imposed on
Bridge by a third party.

      (c) In addition to the amounts set forth above, Broker will pay to Bridge
or to the relevant taxing authority, as appropriate, any applicable sales, use,
goods and services, value added or other taxes payable under this Agreement
(other than taxes levied or imposed on Bridge income).

      (d) In all cases, the amounts due under this Agreement will be paid by
Broker in full without any withholding, set-off, counterclaim or deduction,
except for amounts reasonably disputed by Broker. The parties agree to work in
good faith to resolve any payment disputes as quickly as possible.

      (e) All undisputed amounts (so long as the dispute is in good faith) owed
under this Agreement not paid within thirty (30) days of an overdue notice sent
to Broker will bear interest from the date such amount became due at the lesser
of: (i) 1.5 percent per month; or (ii) the maximum allowable rate of interest in
the State of New York for transactions between sophisticated commercial
entities.

      (f) Bridge reserves the right to increase the Fees each year, subject to
Broker's termination right described below. Bridge will notify Broker in writing
of any such increase for the following year by October 15 of the current year,
and such increase will become effective as of January 1 of the following year.
So long as the increase for the following year in the aggregate Fees payable by
Broker for all System provided at the time of notification, expressed as a
percentage ("AGGREGATE FEE INCREASE") is at or below the increase in the
consumer price index for all urban consumers in the New York/New Jersey
Metropolitan area as reported by the Bureau of Labor Statistics of the U.S.
Department of Labor, as measured by the increase in such index from September of
the previous year through August of the current year, expressed as a percentage
("CPI"), Broker will not be entitled to cancel any System. If the Aggregate Fee
Increase exceeds the CPI, Broker may cancel one or more System selected by
Broker

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whose Fees have increased at a rate that exceeds the CPI, until the Aggregate
Fee Increase with respect to the remaining System is less than or equal to the
CPI. Broker may effect any such cancellation by giving Bridge written notice
prior to December 1 of the current year. Notwithstanding the foregoing, upon the
commencement of any renewal term, Bridge has the right to charge Broker the then
current list price for any System and any resulting increase in Fees shall not
be subject to Broker's cancellation right described in this Agreement.

3. SOFTWARE (IF APPLICABLE)

      (a) Broker is granted a non-exclusive, non-transferable right to use any
software ("SOFTWARE") provided as part of the System solely at Broker's
locations in the Order Form. Except as otherwise expressly permitted herein,
Broker may not sub-license, assign, copy (except for back-up purposes), modify,
merge, transfer, decompile or reverse engineer the Software.

      (b) In the event that the Software is or becomes defective, Bridge's sole
liability will be to (i) replace the same after receipt of written notice or, in
the event that Bridge is not able to replace the same, to (ii) refund the
portion of any prepaid Fees applicable, from the date of receipt of notice, to
the portion of the System no longer accessible because of the defective Software
In the event of (ii), Broker may terminate that portion of the Agreement
relating to the entire System which is no longer accessible upon thirty (30)
days' prior written notice to Bridge.

      (c) Broker agrees that the provisions of this Section 3 will inure to the
benefit of any third party provider of Software.

4. INTELLECTUAL PROPERTY

      (a) Broker acknowledges that as between the parties, the System is
valuable intellectual property of Bridge and its affiliates (collectively,
"BRIDGE GROUP"). All rights with respect to the Bridge name, the Bridge name and
trademarks and the System, whether now existing or which may hereafter come into
existence, which are not expressly granted to Broker in this Agreement, are
reserved to the Bridge Group. Any goodwill generated through Broker's use of the
Bridge name and trademarks shall inure solely to the benefit of the Bridge
Group. Except as set forth in this Agreement, Broker may not use the Bridge name
or trademarks without Bridge's prior written consent.

      (b) Bridge acknowledges Broker's assertion that Broker's name and its
Matador Design are trademarks and service marks of Broker, all rights reserved.
Bridge agrees, represents and warrants that these and other graphics, logos,
service marks and trademarks of Broker (the "Broker Marks") may not be used,
displayed or referenced in any manner, commercial or otherwise, without the
prior express written consent of Instinet. Nothing in this Agreement should be
construed as granting, by implication, estoppel, or otherwise, any license,
right or authority to use the Broker Marks.

5. FACILITIES AND EQUIPMENT (IF APPLICABLE)

      (a) If Bridge supplies any equipment ("EQUIPMENT") as part of any System
the following will apply: (i) Broker will provide insurance coverage to protect
the Equipment against loss and damage and shall be liable for all loss or damage
to the Equipment, unless due to an act or omission of Bridge; and (ii) Broker
agrees it will be responsible for keeping its own software and hardware
compatible with the Equipment.

      (b) Broker shall provide 30 days' notice to Bridge of its intention to
relocate any of the Broker equipment used in connection with the System within
the Broker facilities if such relocation does not require Bridge to arrange for
changes in Broker's communications links, and shall provide 30 days' notice (or
such longer notice as may be required to enable Bridge to arrange for changes in
Broker's communications links) to Bridge of its intention to relocate any of
such Broker equipment if such relocation involves the relocation of the Broker
facilities or otherwise requires Bridge to arrange for changes in Broker's
communications links. Bridge will provide assistance as necessary in effecting
any such relocation and will charge Broker for such assistance either at
Bridge's then standard hourly rates or on a fixed fee basis, as Broker and
Bridge agree.

      (c) Except as Bridge and Broker otherwise agree, Broker shall be
responsible for providing wiring required to distribute the System within its
Premises.

6. DISCLAIMER OF WARRANTIES

      EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, THERE ARE NO WARRANTIES,
CONDITIONS, GUARANTIES OR REPRESENTATIONS, WHETHER EXPRESS OR IMPLIED, IN LAW OR
IN FACT, ORAL OR IN WRITING. WITHOUT LIMITING THE FOREGOING, NEITHER BRIDGE NOR
ANY THIRD PARTY SUPPLIER MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE
RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SYSTEM, EQUIPMENT OR SOFTWARE
PROVIDED UNDER THIS AGREEMENT, AND BRIDGE AND EACH THIRD PARTY SUPPLIER
EXPRESSLY DISCLAIMS ANY CONDITION OF QUALITY AND ANY IMPLIED WARRANTY OF TITLE,
NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. BROKER
ACKNOWLEDGES THAT IT HAS NOT RELIED UPON ANY WARRANTY, CONDITION, GUARANTY OR
REPRESENTATION MADE BY BRIDGE OR ANY THIRD PARTY SUPPLIER, EXCEPT AS
SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN THE CASE OF FRAUD. In particular,
and without limiting the generality of the foregoing, Bridge makes no warranty
that orders, indications OR ADVERTISED TRADES processed OR TRANSMITTED via the
System will be properly executed OR DELIVERED.

7. LIABILITY

      (a) ALTHOUGH BRIDGE MAKES REASONABLE EFFORTS TO ENSURE THE ACCURACY AND
RELIABILITY OF THE SYSTEM, NEITHER BRIDGE NOR ANY THIRD PARTY SUPPLIER
GUARANTEES SUCH ACCURACY OR RELIABILITY, AND BROKER ACKNOWLEDGES THAT BRIDGE,
ITS EMPLOYEES, AGENTS, CONTRACTORS, SUB-CONTRACTORS AND THIRD PARTY SUPPLIERS
WILL NOT BE HELD LIABLE FOR ANY DAMAGES SUFFERED OR INCURRED BY BROKER, ANY
CUSTOMER OF BROKER OR ANY OTHER PERSON OR ENTITY ARISING OUT OF ANY FAULT,
INTERRUPTION OR DELAY IN ANY SYSTEM OR OUT OF ANY INACCURACY, ERROR OR OMISSION
IN ANY SYSTEM SUPPLIED TO BROKER, HOWEVER SUCH FAULTS, INTERRUPTIONS, DELAYS,
INACCURACIES, ERRORS OR OMISSIONS ARISE, UNLESS DUE TO BRIDGE'S GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT.

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      (b) Except for Broker's failure to comply with any payment obligations,
neither party will be liable for any failure to perform any obligation under
this Agreement, or for any delay in the performance of such obligations, due to
causes beyond its control, including industrial disputes of whatever nature,
acts of God, public enemy, acts of government, failure of telecommunications,
fire or other casualty.

      (c) UNDER NO CIRCUMSTANCES WILL EITHER PARTY OR THIRD PARTY SUPPLIER BE
LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOST
PROFITS WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT, REGARDLESS OF
WHETHER SUCH DAMAGES COULD HAVE BEEN FORESEEN OR PREVENTED, EXCEPT TO THE EXTENT
DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH PARTY.

      (d) In no event will the aggregate liability of either party to the other
or to any third party for Damages, direct or otherwise, arising out of or in
connection with this Agreement, exceed the total amount of Fees actually paid to
Bridge by Broker during the 12 month period immediately preceding the act or
omission giving rise to the loss, regardless of the cause or form of action,
provided however, that the foregoing limitation of liability shall not apply to
the extent due to the gross negligence or willful misconduct of such party, each
party's obligation to indemnify the other pursuant to this Agreement, or any
Damages suffered by Bridge or any third party supplier caused by any violation
by Broker of Sections 3(a), 5 or 11(h) of this Agreement.

8. INDEMNIFICATION

      (a) INDEMNIFICATION BY BROKER. Broker will indemnify and hold harmless
Bridge, its officers, directors, employees and agents, and any third party
suppliers under this Agreement, from and against any and all liabilities,
damages, awards, settlements, losses, claims and expenses, including reasonable
attorney fees and expenses and costs of investigation (collectively, "DAMAGES")
resulting from third party claims arising from any: (a) material breach of this
Agreement by Broker; (b) any claim by any of Broker's clients on behalf of whom
Broker uses the System; or (b) third party accessing all or part of the System
through or by means of Broker to the extent such claim, if brought by Broker
directly against Bridge, would be excluded pursuant to Section 7(a).

      (b) INDEMNIFICATION BY BRIDGE. Bridge will indemnify and hold harmless
Broker, its officers, directors, employees and agents from and against any and
all Damages resulting from third party claims arising from any: (i) material
breach of the Agreement by Bridge; or (ii) claim that any System or Software
owned by the Bridge Group infringes, alleges to infringe or violates any third
party intellectual property right, provided that the relevant claim: (A) does
not arise from any unauthorized modification to the System or Software made by
Broker and (B) does not arise from the combination of the Software with other
products or technology not supplied or approved by Bridge. If Broker is, or may
become, prohibited from any continued use of any System or Software by reason of
an actual or anticipated claim, Bridge will use reasonable efforts to (a) obtain
for Broker the right to use the System or Software; or (b) replace or modify
such System or Software so that it no longer infringes or is subject to a claim,
but such System or Software performs the same function in an equivalent manner;
or if neither (a) nor (b) are feasible in Bridge's discretion, (c) terminate
that portion of the Agreement relating to the entire affected System or Software
and refund Broker any pre-paid Fees and Additional Charges actually paid for the
affected System or Software for the period after the effective date of
termination of the affected System or Software.

      (c) A party seeking indemnification pursuant to this Agreement
("INDEMNIFIED PARTY") will give prompt notice to the party from whom
indemnification is sought ("INDEMNIFYING PARTY"); provided, however, that
failure to give prompt notice will not relieve the Indemnifying Party of any
liability under this Agreement (except to the extent the Indemnifying Party has
suffered actual prejudice by such failure). The parties will reasonably
cooperate (at the expense of the Indemnifying Party) in the defense or
prosecution of any third party claim.

9. CONFIDENTIALITY

      CONFIDENTIAL INFORMATION means information in any form (including, but not
limited to, models, software and computer outputs) which is not excluded under
this Section 9, whether written or oral, of a business, financial or technical
nature which is marked or otherwise indicated as being or is, or ought
reasonably to be known to be, confidential and which is disclosed by Bridge or
Broker (the "DISCLOSING PARTY") or any member of the Disclosing Party's Group to
the other (the "RECEIVING PARTY") or any member of its Group through their
dealings with each other hereunder. In this definition and for the purposes of
this Section 9, "Group" means, with respect to Bridge, the Bridge Group and its
advisers, agents and representatives and, with respect to Broker, Broker itself,
its holding companies and subsidiaries, subsidiaries of such holding companies,
and from time to time its advisers, agents and representatives. Bridge and
Broker each agree:

      (a) to hold the Confidential Information in confidence and, not without
the Disclosing Party's prior written consent, to disclose any part of it to any
person other than those directly concerned with Bridge and Broker's dealings
with each other and whose knowledge of such Confidential Information is
essential for such dealings. The Receiving Party will ensure that those persons
comply with the obligations imposed on the Receiving Party under this clause.
The Receiving Party will be liable for such person's default;

      (b) not, without the Disclosing Party's prior written consent, to use the
Confidential Information for any purpose other than in their dealings with each
other;

      (c) to delete from any device containing any Confidential Information
and/or return to the Disclosing Party upon demand or termination of the
Agreement, the Confidential Information except for one copy of such Confidential
Information as is required to be retained by law, regulation, professional
standards or reasonable business practice by a member of the Receiving Party's
Group; and

      (d) to use reasonable endeavors to provide the Disclosing Party with
prompt notice if any member of the Receiving Party's Group becomes legally
compelled to disclose any of the Confidential Information, so that the
Disclosing Party may seek a protective order or other appropriate remedy. If
such order or remedy is not available in time, the obligation of confidentiality
will be waived to the extent necessary to comply with the law.

      (e) This obligation of confidentiality is made by each of Bridge and
Broker on their own behalf and as agent for each member of their respective
Groups.

      (f) This obligation of confidentiality will not apply to information which
(i) is, at the time of the disclosure, or subsequently through no act or
omission of the Receiving Party's Group, becomes generally available to the
public; (ii) becomes rightfully known to the Receiving Party's Group through a
third party with no obligation of confidentiality; (iii) the Receiving Party is
able to prove was

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lawfully in the possession of the Receiving Party's Group prior to such
disclosure; or (iv) is independently developed by the Receiving Party's Group
without benefit of or reference to the other party's Confidential Information.

      (g) This undertaking will be binding for as long as such Confidential
Information retains commercial value.

      (h) If a Receiving Party is requested or required in any judicial or
administrative proceeding or by any regulatory body or court to disclose any
Confidential Information, such Receiving Party shall, so long as it is permitted
by such judicial, administrative or regulatory body (i) use its best efforts to
give the Disclosing Party prompt notice of such request so that it may seek an
appropriate protective order or other remedy and (ii) consult with the
Disclosing Party as to the advisability of taking legally available steps to
resist or narrow such request or requirement. The Receiving Party shall
cooperate fully with the Disclosing Party in obtaining such an order or other
remedy. If in the absence of an appropriate protective order or other remedy the
Receiving Party is nonetheless legally required to disclose Confidential
Information, the Receiving Party may make such disclosure without liability
hereunder; provided, however, that the Receiving Party shall use its reasonable
efforts to give the Disclosing Party written notice of the information to be
disclosed as far in advance of its disclosure as is practicable and, upon the
Disclosing Party's request and at its expense, use its reasonable efforts to
obtain reasonable assurances that confidential treatment will be accorded to
such Confidential Information.

10. TERM AND TERMINATION

      (a) This Agreement will take effect on the Effective Date and will
continue for a term of 12 months from the Commencement Date. This Agreement will
automatically renew for additional 12 month terms unless either party gives the
other written notice of termination at least 90 days prior to the expiration of
the then current term.

      (b) In addition to any other remedy available at law or in equity, either
party may terminate this Agreement immediately, without further obligation to
the other party, in the event of (a) any material breach of this Agreement by
the other party that is not remedied within 30 days' after receiving written
notice of such breach; (b) any sale, lease or other transfer of all or
substantially all of the assets of the other party to any non-affiliated person;
(c) any change in control of the other party (whether by merger, stock transfer
or otherwise) except in the case of an initial public offering; or (d) the other
party's making of an assignment for the benefit of its creditors, the filing by
the other party or its creditors of a voluntary or involuntary petition under
any bankruptcy or insolvency law, under the reorganization or arrangement
provisions of the United States Bankruptcy Code or under the provisions of any
law of like import, or the appointment of a trustee or receiver for the other
party or its property. For purpose of this Agreement, affiliate means, with
respect to any person, any other person that directly, or indirectly through one
or more intermediaries, controls or is controlled by, or is under common control
with, such person.

      (c) Promptly upon termination of this Agreement for any reason, Broker
will: (a) pay all Fees, Additional Charges, taxes and other charges owed through
the time of termination; and; (b)allow Bridge or its nominees reasonable access
to its premises to remove the Equipment and Software.

      (d) If Bridge terminates this Agreement pursuant to Section 10(b), or if
Broker terminates this Agreement or cancels any System except as expressly
permitted hereunder, Bridge will be entitled to recover from Broker, as
liquidated damages, an amount equal to 75% of the Fees that would have been
payable by Broker from the date of termination or cancellation until the Broker
could have next terminated this Agreement or cancelled the relevant System in
accordance with the terms of this Agreement.

11. GENERAL

      (a) This Agreement will be governed by and construed in accordance with
the laws of State of New York. Both parties consent to the non-exclusive
jurisdiction of any state or federal court sitting in the State of New York, and
of any court to which an appeal therefrom may be taken. Each party hereby
irrevocably waives the right to a trial by jury in any action or proceeding
arising out of this Agreement.

      (b) Whenever any notice or other communication is given by one party to
the other ("NOTICE"), such Notice shall be in writing and shall be delivered by
facsimile (with confirmation of receipt duly obtained by the sending party) or
registered or certified mail, return receipt requested, addressed as set out
above. Notices properly given in accordance with this Section 11(b) shall be
effective on the date sent; all other notices shall be effective on the date
actually received.

      (c) This Agreement will be binding upon and inure to the benefit of the
parties, their respective personal representatives, and permitted successors and
assigns. Broker may not assign or otherwise transfer any of its rights or
delegate any of its duties under this Agreement without the prior written
consent of Bridge. Notwithstanding the foregoing, either party may assign or
otherwise transfer its rights under these Terms to an affiliate ("assignment")
provided that any such assignee assumes all the obligations of the assignor in
writing. Any attempted assignment in violation of this Section 11(c) is void.

      (d) There is no joint venture, partnership, agency or fiduciary
relationship existing between the parties and the parties do not intend to
create any such relationship by this Agreement. This Agreement is non-exclusive.

      (e) This Agreement may only be amended in writing signed by authorized
representatives of both parties. If either party delays or fails to exercise any
right or remedy under this Agreement, it will not have waived that right or
remedy. This Agreement shall supersede the May, 2001 IOE Agreement between the
parties.

      (f) If any provision or term of this Agreement, not being of a fundamental
nature, is held to be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remainder of this Agreement will not be affected.

      (g) Sections 6, 7, 8, 9, 10(c) and 11 of this Agreement will survive the
termination or expiration of this Agreement. The headings to this Agreement are
for convenience only and shall not be used as an aid to the interpretation of
the Agreement.

      (h) Broker agrees that: (a) it will not knowingly take any action to harm
Bridge or any other customer of Bridge, or use the System in contravention of
any laws or regulations; (b) it is responsible for obtaining and maintaining all
required licenses and consents to receive and use the System including those of
the SEC and FCC; (c) Bridge will have no obligation to check any e-mail or other
messages Broker receives or sends via the System for viruses, time bombs or
similar bugs; (d) Bridge may distribute Software upgrades by downline loading
and in doing so Broker agrees Bridge may upload information regarding Broker's
network and install agent software on the Broker's premises to enable such
downline loading (and Bridge agrees it will keep confidential

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any information it uploads); (e) if Bridge is required to store personal data on
Broker's employees in order to provide any System, Broker agrees that it shall
complete, or have its employees complete, any forms Bridge reasonably requires
in order for Bridge to comply with any statutory obligations relating to the
storage of such personal data; and (f) when Bridge provides a System which is
accessed using a password, account name or other identifier (collectively,
"PASSWORD"), Broker agrees that it shall; (i) ensure each Password is kept
confidential and not shared among individuals, and (ii) notify Bridge promptly
if Broker becomes aware of any Password being used by a person not authorized by
Broker to access that System.

      (i) Bridge agrees that: (a) it will not knowingly take any action to harm
Broker or any customer of Broker's, or to use or provide the System and Software
in contravention of any laws or regulations; and (b) to cooperate with Broker in
obtaining any exchange approvals which may be required to enable Broker to use
the System, provided that it shall be Broker's responsibility to obtain all
consents.

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                                                   BRIDGE TRADING COMPANY
                                                   TRANSACTION SYSTEM AGREEMENT
                                                   TRANSACTION SYSTEM ORDER FORM

                               [PRICING SCHEDULE]

BRIDGE TRADING COMPANY ("BRIDGE")          BROKER

Signed: /s/ Richard H. Paulson             Signed: /s/ Michael Healy
       ------------------------------             ------------------------------
Print                                      Print
Name: Richard H. Paulson                   Name: Michael Healy
     --------------------------------           --------------------------------

Title: Chief Operating Officer             Title: First Vice President
      -------------------------------            -------------------------------

Date: September 19, 2002                   Date: September 19, 2002
     --------------------------------           --------------------------------

                                                ("EFFECTIVE DATE")<PAGE>

                                                                   EXHIBIT 10.25

                                                                    CONFIDENTIAL

[REUTERS LOGO]

CONTRACT NO.
CLIENT NO.      Instinet

                           GLOBAL SOLUTIONS AGREEMENT

REUTERS LIMITED (REUTERS)               CLIENT:          :        Instinet Group
                                                          (CLIENT)

PRINCIPAL OFFICE:  85 Fleet Street,     PRINCIPAL OFFICE: 3 Times Square,
                   London, EC4P 4AJ                       New York, NY 10036

INCORPORATION:     England              INCORPORATION:   Delaware

REGISTERED NUMBER: 145516               REGISTERED NUMBER:  N/A

This Global Solutions Agreement consists of the attached Master Terms and
Conditions and any Addenda and/or Statements of Work. Together, these documents
are referred to as the AGREEMENT.

By signing below, each party agrees that it has read the Agreement and will be
bound by it with effect from [enter date the Agreement takes effect]. This date
is referred to as the EFFECTIVE DATE.

REUTERS LIMITED                         INSTINET GROUP [CLIENT]

SIGNED BY: /s/ Devin Wenig              SIGNED BY: /s/ Jean-Marc Bouhelier

PRINT NAME: Devin Wenig                 PRINT NAME: Jean-Marc Bouhelier

TITLE:                                  TITLE: Executive Vice President

DATE OF SIGNATURE: March 14, 2003       DATE OF SIGNATURE: March 14, 2003

<PAGE>
                                                                    Confidential

[REUTERS LOGO]

                           MASTER TERMS AND CONDITIONS

Reuters and Client agree as follows:

1. DEFINITIONS AND SCOPE OF THE AGREEMENT

1.1 Definitions

ACCEPTANCE PERIOD is defined in Clause 4.3.

ADDENDUM means any written document signed by both parties containing terms
regarding tasks to be performed and/or items to be delivered under this
Agreement. If the terms of this Agreement and any Addendum conflict, the terms
of the relevant Addendum will prevail solely as it relates to the subject matter
of the Addendum.

AGREED LEVEL means, as at the date of Reuters notice referred to in Clause 2.3,
the most recently published OECD All Items Rate of Change Index percentage for
the relevant 12 month period.

AUTHORISED LOCATIONS means the locations set out in the Software License
Addendum.

AUTHORISED POSITIONS means the authorised number and type of positions or
devices for an item of Software as set out in the relevant Software License
Addendum. A position or device may be defined in the relevant Software License
Addendum as a single computer (workstation, terminal, pager, cellular phone or
digital assistant), server, router or any similar device or a user. Unless
otherwise specified in such Software License Addendum, each processor in each
such device constitutes a separate Authorised Position.

CHARGES means the Fees plus any related charges specified in Clause 2.2.

CLAIM is defined in Clause 10.5.

CLIENT means Instinet Group (as identified herein) or where in the Agreement the
context requires, the company to which the rights and obligations of Instinet
are transferred under Clause 1.2.

CLIENT PRODUCTS means the computer software programs developed by or on behalf
of Client (except where developed by Reuters on behalf of Client in which
instance all issues related to ownership shall be detailed elsewhere in the
Agreement or in a separate agreement between the parties) using the Development
Software and which incorporate some or all of the Embedded Software as an
embedded or packaged component, and which add significant and primary
functionality to the Embedded Software. Client Products are further defined in
the relevant Software License Addendum.

CONFIDENTIAL INFORMATION means information in any form (including, but not
limited to, models, software and computer outputs) which is not excluded under
Clause 13, whether written or oral, of a business, financial or technical nature
which is marked or otherwise indicated as being or is, or ought reasonably to
be, known to be confidential and which is disclosed by Reuters or Client (the
Disclosing Party) or any member of the Disclosing Party's Group to the other
(the Receiving Party) or any member of its Group through their dealings with
each other. In this definition and for the purposes of Clause 13, "Group" means,
with respect to Reuters, Reuters Group and its advisers, agents and
representatives and, with respect to Client, Client itself, its holding
companies and subsidiaries, subsidiaries of such holding companies from time to
time and its advisers, agents and representatives.

CONSULTING FEES is defined in Clause 2.1.

CONSULTING SERVICES means any consulting services as described in any Statement
of Work.

CONSULTING SERVICES ADDENDUM means any Addendum under which Consulting Services
are provided to Client.

CUSTOMIZED SOFTWARE means the object code version of the proprietary software
products (and any associated Documentation, Updates and Upgrades) developed by
or on behalf of a member of the Reuters Group and identified as such in any
Software License Addendum.

DEVELOPMENT SOFTWARE means the object code version of the proprietary
development tools, application program interfaces (APIS), library files and
other proprietary software components (and any associated Documentation, Updates
and Upgrades) identified as such in the relevant Software License Addendum.

DOCUMENTATION means the standard written material in machine readable or printed
form that describes the design, functions, operation or use of the Software.

EMBEDDED SOFTWARE means those elements of the Development Software which are
intended for redistribution to End Users.

END USER means any employee or independent contractor of Client acting under
Client's direction in the ordinary course of Client's business. To the extent
any sublicensing rights are identified in the relevant Software License
Addendum, the term End User also includes any entity or person to which such
Software may be sublicensed as set out in the relevant Software License
Addendum.

FEES means, collectively, the License Fees, Maintenance Fees, Support Fees and
Consulting Fees, as applicable.

INSTALLATION DATE means, where Reuters is responsible for installing the
Software under a Consulting Services Addendum, the date on which Reuters
certifies that the relevant Software has been successfully installed.

LICENSE FEES is defined in Clause 2.1 and includes any runtime license feesas
required by Clause 6.2.

MAINTENANCE has the meaning given to it in Clause 7.1.

MAINTENANCE FEES is defined in Clause 2.1.

REUTERS means Reuters Limited or, where in the Agreement the context requires,
the company to which the rights and obligations of Reuters Limited are
transferred under Clause 1.2.

REUTERS GROUP means Reuters Group PLC and its direct and indirect subsidiaries.

SOFTWARE means Standard Software, Customized Software, Embedded Software and
Development Software and any Third Party Software delivered with the foregoing
but

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excludes (other than the Embedded Software components) the Client Products.

SOFTWARE LICENSE ADDENDUM means any Addendum to this Agreement under which
Software is provided to Client.

SOFTWARE SUPPORT ADDENDUM means any Addendum to this Agreement under which
Software Support is provided to Client.

SOFTWARE SUPPORT is defined in the relevant Software Support Addendum.

SPECIFICATIONS means any technical specifications for the Customized Software
set out in the relevant Consulting Services Addendum or in any related Statement
of Work.

STANDARD SOFTWARE means the object code version of the proprietary software
products (and any associated Documentation, Updates and Upgrades) identified as
such in the relevant Software License Addendum.

STATEMENT OF WORK means any written document signed by both parties regarding
tasks to be performed and/or items to be delivered under a Consulting Services
Addendum. If the terms of an Addendum and any Statement of Work conflict, the
terms of the Statement of Work will prevail with regard to the subject matter
thereof.

SUBSIDIARY means a company in which another company owns directly or indirectly
more than 50% of the issued share capital and over which it exercises effective
control.

SUPPORT FEES is defined in Clause 2.1.

THIRD PARTY SOFTWARE means any computer program owned by a third party other
than a Reuters Group member and made available to Client under this Agreement as
detailed in the Software License Addendum.

UPDATES means any bug fixes to the Standard Software released in object code
format from time to time by Reuters in its sole discretion.

UPGRADE means a periodic release of the Software and/or related Documentation
which may include new features and additional functionality.

VIRUS means any code or device which is designed or intended to impair the
operation of any computer or database, prevents or hinders access to or the
operation of any program or data (whether by altering, erasing, duplicating or
rearranging within the computer or any storage medium or device, the program or
data in whole or part, or otherwise), including computer viruses, worms, trojan
horses and other similar things.

WARRANTY PERIOD is defined in Clause 8.2.

1.2 Scope of Agreement

a) The Software and Services will be provided either by Reuters Limited or,
where they are provided by a Subsidiary of Reuters Limited in certain countries,
by that Subsidiary. Client agrees that Reuters rights and obligations under the
Agreement with respect to the supply of Software and Services in any such
country are transferred to that Subsidiary from the Effective Date or, where
appropriate, from the later date on which such Software and Services are first
supplied. Reuters will ensure that such Subsidiaries are aware of and comply
with the terms of the Agreement.

b) The Software and Services will be provided either to Instinet Group or, where
they are provided to a Subsidiary of Instinet Group in certain countries, to
that Subsidiary. Reuters agrees that Client's rights and obligations under the
Agreement with respect to the supply of Software and Services in any such
country are transferred to that Subsidiary from the Effective date or, where
appropriate, from the later date on which such Software and Services are first
supplied. Client will ensure that such Subsidiaries are aware of and comply with
the terms of the Agreement.

2. PAYMENTS AND CHARGES

2.1 Fees. On the payment dates specified in the relevant Addendum and/or
Statement of Work, Client will pay to Reuters the applicable fees for:

a) the Software (the LICENSE FEES);

b) Maintenance (the MAINTENANCE FEES);

c) Software Support  (the SUPPORT FEES)
each as set out in the relevant Software License Addendum; and

d) any requested Consulting Services, (the CONSULTING FEES) as set out in the
relevant Statement of Work.

2.2 In addition to the Fees, Client will also pay any installation, project
management, integration charges, training or other charges (the CHARGES) set out
on the relevant Software License Addendum at the same time as the Fees to which
they relate.

2.3 Provided Reuters gives Client at least 3 months' written notice, Reuters may
increase the Maintenance Fees, Support Fees, and any Fees for runtime licenses
once each year by not more than the Agreed Level, unless agreed with Client.

2.4 Payment of Invoices. All undisputed Fees are (unless otherwise indicated on
the relevant Addendum and/or Statement of Work) payable 45 days after the date
of the relevant invoice. A service charge of 1.5% per month or the highest
lawful interest rate, whichever is lower, will be applied to all undisputed (so
long as the dispute is in good faith) amounts not paid due within thirty (30)
days after an overdue notice is sent to the Client. Client will, within 15
business days of receipt of any invoice, provide written notice to Reuters of
any dispute setting out in reasonable detail the reason for such dispute.

2.5 Licensing Reports. If Client is to pay on-going usage-based Fees, Client
will provide Reuters summarized electronic quarterly reports relating to such
Fees (in detail and computer format as reasonably required by Reuters). Reports
covering the prior calendar quarter will be provided to Reuters within 15 days
following the end of that quarter, along with any Fees due to Reuters.

2.6 Audit Rights. Client will, for a minimum of 3 years or the minimum retention
period required for applicable tax purposes (if longer), maintain for each
Authorised Position in relation to which Software has been used, installed or
decommissioned in the previous 30 days, a complete and accurate record of such
Authorised Position, its location, type, the related Software (including version
number) and all Fees paid or payable in respect of such Software. Such records
will be maintained in accordance with good business and licensing practices in
the computer industry. Reuters will have the right, at its expense (using its
agents and

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representatives where appropriate) to audit Client (including, but not limited
to such records of Client and the related Authorised Positions and usage) for
the sole purpose of verifying compliance with this Agreement and to ascertain
any unlicensed use of Reuters software; provided that (i) Client is given at
least 10 business days' advance notice of Reuters intention to audit and (ii)
the audit is conducted during normal business hours and in the presence of an
authorized representative of Client (so long as the Client acts reasonably in
making its representatives available for such purposes). Reuters may not
exercise such audit rights more than once in any 12 month period; provided that
if a discrepancy of 10% or more is revealed in an audit, Reuters has the right
to conduct a re-audit within 6 months. In addition, if the audit reveals that
the amount which should have been paid to Reuters is 10% or more than the amount
paid by Client, Client will pay the reasonable costs of the audit incurred by
Reuters in addition to the unpaid amounts.

2.7 Verification Statement. Client will, on Reuters request, certify to Reuters
that Client is in compliance with this Agreement.

3. TAXES

In addition to the Charges, Client will pay to Reuters or to the relevant taxing
authority, as appropriate, any applicable taxes or duties (including withholding
tax), but excluding taxes on Reuters' gross income, payable under this
Agreement, so that after payment of such taxes and duties the amount received by
Reuters is not less than the applicable Charges. Reuters shall supply
appropriate documentation evidencing the applicability of a tax within a
reasonable time after receipt of a request for such evidence from Client.

4. SOFTWARE DELIVERY, TESTING AND ACCEPTANCE

4.1 Delivery. Reuters will deliver the Software to the delivery address
specified on the relevant Software License Addendum.

4.2 Acceptance. Subject to Clause 4.4, the relevant Software License Addendum
will specify whether the Software will be accepted either (a) on delivery, (b)
within the Acceptance Period (in which case such acceptance will take place in
accordance with Clause 4.3). Option (b) is only relevant where Reuters is
responsible for installing the Software, or (c) within the time specified on the
relevant Software License Addendum. Option (c) is only relevant where the
Software is not to be accepted on delivery and Reuters is not responsible for
installing the Software.

4.3 Acceptance Period. Where the applicable Software License Addendum specifies
that Reuters is responsible for installing the relevant Software, Client will,
subject to Clause 4.4, have 30 days from the Installation Date (the ACCEPTANCE
PERIOD) to confirm that the Software substantially conforms to the then current
applicable Documentation (if any) or Specification. At any time during an
Acceptance Period, Client may (a) accept the Software; (b) report to Reuters any
material, and reproducible and documented failure of the Software to conform
substantially to the then current applicable Documentation (if any) or
Specifications; or (c) reject any Customized Software due to its material and
reproducible failure to conform substantially to the relevant Specification. In
the event of such rejection or report, Client will provide written notice to
Reuters which will set out its reasons for rejection or the nature of such
failure in reasonable detail. Reuters will use all reasonable efforts to correct
any non-conformities and resubmit such Software to Client in a commercially
reasonable time frame. A new Acceptance Period as described above will commence
on the date of any such re-delivery If the Software fails to pass any repeated
acceptance test, Client shall have the option of immediately terminating the
Software License Addendum with respect to the failing Software, without
obligation, liability or penalty of any kind, and receive a refund of any monies
theretofore paid to Reuters by Client, if any, or of repeating the acceptance
test once Reuters has corrected any deficiencies.

4.4 Deemed Acceptance. Unless otherwise agreed in an appropriate Software
License Addendum or Statement of Work, Client will be deemed to have accepted
Software if, and on the date when, Client (a) deploys such Software to a third
party and/or End User; (b) uses the Software commercially or (c) does not
affirmatively reject such Software during the Acceptance Period. This Clause
shall not be deemed to imply that Client has any greater right to use or
distribute the Software in excess of the rights granted herein. If such Software
is in use at multiple sites, acceptance of such Software or any part of it at
the first such site will constitute acceptance at all subsequent sites.

4.5 Certificates. If requested by Reuters, Client will sign a certificate
confirming acceptance, delivery and/or installation of any Software.

4.6 Installation of Software, Updates and Upgrades. Unless specified on the
relevant Software License Addendum, Client is responsible for the timely
installation of the Software. Duplication, distribution and installation of
Updates and/or Upgrades are also the responsibility of Client, unless otherwise
specified in a Software License Addendum. However, Client may request Reuters to
provide assistance in the installation of Software, Updates and/or Upgrades as
indicated on, and for the fee specified in, a Software License Addendum or
Consulting Services Addendum.

4.7 Client Tasks. Even where Reuters is responsible for installation of
Software, Updates or Upgrades, Client will, in a timely manner, perform such
Client Tasks as specified in the relevant Software License Addendum, at Client's
own expense.

4.8 Security Administration. Client is responsible for security of the
environment in which the Software operates (including any password management
system not explicitly controlled by Reuters). Client will permit Reuters
personnel prompt and reasonable access to the Software to enable Reuters to
provide Software Support and/or Maintenance. If Client does not provide such
prompt and reasonable access, Reuters will not be liable for any loss or damage
Client suffers from any failure by Reuters to provide Software Support and/or
Maintenance.

5. TITLE

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5.1 Reuters Property. Except in relation to Client Products (excluding any
Embedded Software components), Client acknowledges that the only rights it has
to the Software or to any other deliverables under this Agreement are
non-exclusive rights under licence.

5.2 Client agrees not to use the Software or other deliverables (as specified in
a Software License Addendum or Statement of Work) other than as licensed under
this Agreement.

5.3 The parties acknowledge that performance of this Agreement may result in the
development by Reuters of new concepts, software, methods, techniques,
processes, adaptations and ideas, in addition to Reuters prior technology, which
may be embodied in Reuters deliverables (as specified in a Software License
Addendum or Statement of Work). The parties agree that the same, other than any
Client confidential and proprietary materials, will belong to Reuters
exclusively.

6. LICENSES

6.1 Subject to Clauses 6.4, 9 and 16.1, Reuters grants to Client a
non-transferable, non-assignable, non-exclusive license for the duration of the
Agreement to use and install:

a) the Standard Software and any Customized Software solely for Client's own
internal business purposes;

b) the Development Software solely for Client's internal use, for the purpose of
integrating the Embedded Software into a Client Product;

c) the Embedded Software to (i) link, embed and package the Embedded Software
exactly in the form provided to Client by Reuters in or with the Client
Products, and (ii) reproduce and distribute the Embedded Software to End Users
solely in conjunction with Client Products; provided, that Client will, to the
extent technically feasible, ensure that the Embedded Software is embedded in
the Client Products in such a manner that the End User cannot directly link to
or use the Embedded Software other than as part of and solely in connection with
the use of a Client Product and will in any event contractually prohibit any
such linking or use. In addition, Reuters grants to Client the right to use,
copy and distribute Documentation intended for distribution to End Users in
connection with its distribution of the Embedded Software; provided, that such
Documentation may only be distributed together with Client Products.

6.2 Runtime Licenses. Where Client integrates Embedded Software into a Client
Product, Client may be required to pay a runtime license fee, as set out in the
relevant Software License Addendum and which Reuters will notify to Client in
advance of such integration. Client will ensure that the appropriate payments
are made to Reuters for each copy of the Client Products containing Embedded
Software. If Client wishes to resell or redistribute any applications that
incorporate Development Software to third parties, Client must enter into a
separate agreement with Reuters, provided that Client may provide access to the
Development Software to its consultants to enable such consultants to assist in
the integration of the Embedded Software into a Client Product, so long as such
consultants have signed an agreement with Client which requires the consultant
to maintain the confidentiality of any materials disclosed to the consultant.

6.3 Sublicense Rights. Client will have the right to sublicense the Software
identified on the relevant Software License Addendum as sub-licensable to End
Users; provided that Client enters into a written agreement with each such
sub-licensee that (i) is at least as protective of Reuters intellectual property
and other rights as is this Agreement and (ii) provides payment, record-keeping,
reporting obligations and audit rights as least as protective as to those set
out in this Agreement. Client agrees to exercise its audit and other rights in,
and to enforce such sub-licensee agreements, as reasonably requested by Reuters
or as otherwise necessary to protect Reuters rights under this Agreement. Client
Products will not be marketed under any brand name other than Client's brand
name.

6.4 License Limitations. The licenses granted under this Clause 6 will be
subject to the following limitations:

a) Client will only install the number of Authorised Positions of the Software,
for use only in the specified operating environment and will install and use
such Software only at the Authorised Locations (all of which are set out on the
relevant Software License Addendum). Software may be transferred to other
locations maintained by Client if Client provides Reuters with 30 days' prior
written notice of such transfer and, after such transfer, the number of
Authorised Locations and number and type of Authorised Positions does not exceed
that permitted in the relevant Software License Addendum;

b) Client will not reverse engineer, disassemble or decompile any Software
except to the extent permitted by law;

c) Client will not use or allow the use of the Software: (i) unless otherwise
specified on the relevant Software License Addendum, for rental or in the
operation of a service bureau, hosting or ASP (Application Service Provider)
model; (ii) by any persons other than End Users (iii) to disclose results of any
performance tests of the Software to any third party, provided that Client may
provide access to the Software to its consultants to enable such consultants to
assist in the integration of the Embedded Software into a Client Product, so
long as such consultants have signed an agreement with Client which requires the
consultant to maintain the confidentiality of any materials disclosed to the
consultant;

d) Client will have the right to make 2 backup copies of the Software at each of
the Authorised Locations. Client agrees to reproduce and include all copyright,
trademark and other proprietary rights notices on any copy of the Software made
by Client. Client further agrees not to remove or obliterate any copyright,
trademark or proprietary rights notices on any such copies or which is displayed
by the Software; and

e) each copy of a Client Product or the Software which may be sublicensed will
display the logo and attribution tag provided by Reuters and the copyright
notice prominently and in a format which will be mutually agreed to by the
parties in writing prior to deployment of such software to any End Users.
Reuters and Client agree to use their reasonable

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efforts to conclude such agreement in a prompt and expeditious manner.

7. MAINTENANCE, SUPPORT, UPGRADES AND OBSOLESCENCE.

7.1. Maintenance. Subject to Sections 7.2 and 7.3, following expiry of the
Warranty Period, Reuters will, for a period of 1 year (and thereafter for
successive 1 year periods unless either party gives at least 90 days' written
notice of cancellation prior to the end of the term) provide Maintenance to
Client, upon request. MAINTENANCE consists of providing Client with product
documentation and any Updates to the Software promptly after they become
generally available. Software Support is provided to Client under a relevant
Software Support Addendum.

7.2 Upgrades. Reuters may periodically make Upgrades generally available as part
of an Update. Reuters may, however, at its discretion, periodically make
Upgrades available at Reuters then current list price. Reuters will notify
Client of the nature and availability of an Upgrade, which Client may then
obtain from Reuters at such list price upon written request. If an Update or
Upgrade is provided to Client, Maintenance Fees and Support Fees will be payable
for such Software from acceptance.

7.3 Obsolescence. Reuters reserves the right to obsolete: (i) a prior Update
and/or Upgrade of Software 6 months following the general availability of the
then current release of the Update and/or Upgrade; and (ii) any Software product
on at least 24 months' prior written notice. Reuters will have no obligation to
provide Maintenance for any such obsolete Updates, Upgrades or Software at the
end of such periods of time. Reuters obligations to provide Software Support for
the same are set out in the relevant Software Support Addendum.

8. BETA TESTING AND TRIALS OF SOFTWARE.

8.1 Where Client agrees to participate in beta testing of Software, Client will
evaluate the Software for the beta test period specified in the relevant
Software License Addendum. Client will document and report any difficulties in
beta testing such Software in accordance with reasonable instructions received
in writing from Reuters. Reuters reserves the right to make changes to the
design, specification or documentation of such Software during the beta test
period without prior notice to Client. Client agrees that such Software is a
test facility and should not be used in a live environment. If Client does so,
such action is at Client's sole risk.

8.2 Reuters or Client may terminate any beta testing of Software by giving 7
days' written notice to the other. Within 10 days of termination of the beta
testing, if Client does not choose to continue to use the Software, Client will
return the Software to Reuters and, upon request, will certify to Reuters that
all copies of the Software in any form have been removed from the Authorised
Locations. If neither party terminates such beta testing and Reuters officially
launches such Software, Client will continue to use the Software subject to the
terms of the Agreement, including (but not limited to) payment of fees (at
Reuters then list price) for such Software commencing upon the conclusion of
beta test period.

8.3 Where Reuters agrees that Client may use Software on a trial basis (either
paid or unpaid) Client will use such Software subject to the terms of this
Agreement. Even where Client is permitted to use Software on a trial basis,
Client will be responsible for any installation, third party charges and any
taxes payable with respect to such use except for taxes on Reuters gross income.

9. TERMINATION

9.1 Term. This Agreement and the licenses granted under it will remain in effect
unless terminated in accordance with Clause 10.2(b), 10.5(b) or this Clause 9.

9.2 Termination. Either party may terminate this Agreement or any individual
Addendum and/or Statement of Work (within the timescales set out below) if the
other party:

a) commits a material breach of this Agreement which is incapable of remedy.
Such termination will be effective immediately on giving notice;

b) commits a material breach of this Agreement, which remains unremedied 30 days
after giving written notice. Such termination will be effective at the end of
the 30 day notice period. However, if the breach is capable of remedy but cannot
reasonably be cured within such 30 day period, termination will not be effective
if the party in default commences cure of the breach within 30 days and
thereafter diligently pursues such cure to completion within 60 days of such
notice of breach; or

c) makes an assignment for the benefit of its creditors, files or has filed
against it a petition under any bankruptcy, insolvency, reorganization or
similar law, appoints or has appointed against it a trustee or receiver for any
of its property or commences or has commenced against it (by resolution or
otherwise) the liquidation or winding-up of its affairs, which termination will
be effective immediately upon giving notice.

9.3 Termination for License Breach. Notwithstanding Clause 9.2(a) and (b),
Reuters may terminate this Agreement (or any Addendum, Statement of Work or
license granted under any of them) with immediate effect if Client commits a
material breach of Clause 6 and such breach remains unremedied 72 hours after
receipt of written notice of the breach provided that such written notice of the
material breach contains a detailed description of the breach with Reuters
requirements for cure. If a material breach of Section 6 cannot be cured within
72 hours after Client's receipt of written notice, but Client has taken all
appropriate steps to begin the cure, Reuters shall work with Client to allow
extra time to cure the breach for a time period to be determined by Reuters in
its discretion.

9.4 Addenda. The parties' termination for any reason of any individual Addendum
and/or Statement of Work will not result in a termination of this Agreement but
will result in only the termination of the relevant Addendum and/or Statement of
Work. The provisions of this Agreement relating to the effects of termination
will apply to each Addendum and/or Statement of Work as an independent contract.

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9.5 Obligations upon Termination. If Client's breach of Clauses 6.1 to 6.4
(inclusive) is not cured and Reuters terminates this Agreement for such breach,
Client will, as promptly as possible, remove or procure the removal of all
Client Products developed using the Embedded Software and supplied to any End
Users and delete or destroy any Software, as Reuters directs.

9.6 Survival. The respective rights and obligations of the parties under Clauses
2.5, 2.6, 5, 9.6, 10, 11, 13, 15 and 16 will survive any termination of this
Agreement.

10. WARRANTIES AND INDEMNITIES

10.1 Mutual Warranties. Each party warrants that: (i) it has full power to enter
into and perform its obligations under this Agreement; (ii) it has obtained all
necessary corporate approvals to enter into and execute this Agreement; and
(iii) its performance under this Agreement does not or will not conflict with
any other material agreement or obligation to which it is a party or by which it
is bound.

10.2 Software Warranty.

a) Reuters warrants to Client that: (i) for a period of 90 days from the date of
acceptance, (the WARRANTY PERIOD) the Software will perform substantially in
accordance with the applicable Documentation (if any) and any applicable
Specifications. This warranty does not apply to Updates and Upgrades; (ii) any
services performed by Reuters under this Agreement will be of a professional
quality conforming to generally accepted industry standards and practices; and
(iii) Reuters will use all reasonable commercial efforts to ensure that the
Software has been scanned for Viruses utilizing the most recent version of
generally available anti-virus protection and to prevent shipment to Client of
any Software that fails this Virus scan.

b) As Client's exclusive remedy and Reuters entire liability for breach of
Clause 10.2(a), Reuters will use reasonable efforts to correct the problem
giving rise to such breach in a commercially reasonable time and manner;
provided, that if Reuters is unable to provide a repair, replacement or
workaround for any reported defect or error within a reasonable period of time,
Reuters will refund the applicable Fee. If License Fees are refunded, the
relevant licenses granted will immediately terminate and the applicable Software
will be returned to Reuters or deleted from Client's systems as Reuters directs.

c) Other than Reuters obligations under Clause 7.1 and any Software Support
Addendum, Reuters is not responsible for any defect or error in the Software not
reported during the Warranty Period. In any event, Reuters is not responsible
for any defect or error in the Software caused by (i) use of the Software not
materially in accordance with the Documentation; (ii) Client's negligence, or
any misuse (not caused by Reuters), unauthorised modification, failure of
electrical power supply, or improper environment or (iii) modification by anyone
other than Reuters or its nominated contractor.

10.3 DISCLAIMER OF WARRANTIES. EXCEPT AS EXPRESSLY SET OUT IN THIS CLAUSE 10,
THERE ARE NO OTHER WARRANTIES WITH RESPECT TO THE SOFTWARE OR SERVICES PROVIDED
UNDER THIS AGREEMENT. REUTERS AND ITS SUPPLIERS MAKE NO WARRANTY OR
REPRESENTATION THAT THE SOFTWARE WILL MEET CLIENT'S REQUIREMENTS OR THAT THE
SOFTWARE WILL BE ERROR FREE OR RUN WITHOUT INTERRUPTION. REUTERS AND ITS
SUPPLIERS MAKE AND CLIENT RECEIVES NO OTHER WARRANTIES WHETHER EXPRESS, IMPLIED,
STATUTORY, OR OTHERWISE ARISING FROM COURSE OF DEALING OR USAGE OF TRADE, AND
REUTERS EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, INCLUDING THE IMPLIED
WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE.

10.4 Intellectual Property Warranty. Reuters warrants to Client that the
Software owned by the Reuters Group does not infringe (i) any valid patent that,
as of the date of this Agreement, is duly issued by the United States, Canada,
any European Union country, Switzerland, Japan, Singapore, Australia or New
Zealand (each a "Named Country") or that, as of the date of this Agreement, is
duly issued in any other country that is a member of the Patent Cooperation
Treaty (each a "Treaty Country") provided that the Treaty Country patent is a
counterpart (i.e. foreign-filed equivalent) of a Named Country patent or (ii)
any valid copyright, trade mark or other intellectual property right of any
third party.

10.5 Intellectual Property Indemnification. a) Subject to Clause 10.10, Reuters
will defend, indemnify and hold harmless Client (and its officers, directors,
agents and employees) from and against any claim, demand, cause of action, debt
or liability, (collectively, CLAIM), the extent that such Claim, if true, would
constitute a breach of the warranty set out in Clause 10.4; provided that
Reuters is promptly notified in writing of such Claim, is given the exclusive
right to control such defense and/or settlement and Client provides reasonable
assistance (at Reuters expense and request) in the defense and/or settlement of
such Claim. Client will not settle any Claim, lawsuit or proceeding or make any
admission or provide to any person any information that may prejudice or
otherwise affect Reuters position without Reuters prior written approval. This
indemnity will not extend to any Claim of infringement or alleged infringement
to the extent that such Claim arises out of or is related to: (i) use of a
version of the Software other than the most current version made available to
Client, if infringement would have been avoided by the use of the current
version of the Software that had previously been made available to Client; (ii)
a modification of the Software by anyone other than Reuters or its nominated
contractor where the infringement would have been avoided except for the
modification; (iii) the combination, operation or use of the Software with any
third party software, hardware or other materials not provided or approved in
writing by Reuters, including without limitation, Client Products, to the extent
the combination, operation or use causes such infringement; or (iv) to the
extent that the Claim arises out of or relates to information, technology or
materials provided by Client or )

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to the extent that the Claim arises out of or relates to conformance with
Specifications provided by Client.

b) Upon notice of an infringement Claim arising from the Software or if in
Reuters reasonable opinion such a Claim is likely, Reuters will have the right,
at its option, to (i) obtain for Client the right to continue use of the
Software; (ii) substitute other software with substantially similar operating
capabilities or (iii) modify the Software so it is no longer infringing. If
Reuters determines that none of the foregoing remedies are reasonably available,
Reuters may terminate Client's right to the allegedly infringing Software and
refund to Client the amount which Client has paid for such Software, depreciated
on a straight-line basis over a four year period, in which event, Client and End
Users will immediately cease use of the Software.

c) THIS CLAUSE 10.5 STATES THE ENTIRE LIABILITY OF REUTERS AND THE EXCLUSIVE
REMEDIES OF CLIENT WITH RESPECT TO THE INFRINGEMENT OF ANY PROPRIETARY RIGHTS BY
THE SOFTWARE.

10.6 Client Intellectual Property Indemnification. Subject to Clause 10.10,
Client will defend, indemnify and hold harmless Reuters (and its officers,
directors, agents, employees and the relevant members of the Reuters Group) from
and against any infringement or alleged infringement by any Client Product
(excluding, for these purposes, claims to the extent related to the Software
provided by Reuters, if any, in the Client Product) developed by or on behalf of
Client of any patent, copyright, or trade mark of a third party. THIS CLAUSE
10.6 STATES THE ENTIRE LIABILITY OF CLIENT AND THE EXCLUSIVE REMEDIES OF REUTERS
WITH RESPECT TO THE INFRINGEMENT OF ANY PROPRIETARY RIGHTS BY CLIENT PRODUCTS.

10.7 Client General Indemnification. Subject to Clause 10.10, Client will
defend, indemnify and hold harmless Reuters (and its officers, directors,
agents, employees and the Relevant Group Member) from and against any claim
which arises or results from: (i) the Client Products, including, without
limitation, any representations made by Client or a sub-licensee inconsistent
with the terms and conditions of this Agreement (excluding, for these purposes,
claims to the extent related to the Software provided by Reuters, if any, in the
Client Product); (ii) any representations or warranties granted in excess of
those made by Reuters in Clause 10.2; (iii) any claim brought by a third party
against Reuters to the extent related to or arising out inadequate installation,
maintenance or support by Client of Client Products or other Software which
Client has sublicensed to a third party; or (iv) any claim (other than claims
for which Reuters indemnifies Client under Clause 10.5) brought by a third party
against Reuters to the extent related to or arising out of Client's use of the
Software, unless such claim is caused by Reuters gross negligence, fraud or
willful misconduct. Client will only be required to indemnify Reuters under this
Clause 10.7 and/or Clause 10.6 above if Client is promptly notified in writing
of such claim and Client is granted exclusive right to control such defense
and/or settlement, and Reuters provides reasonable assistance (at Client's
expense and request) in the defence and/or settlement of the same. Reuters will
not settle any claim, lawsuit or proceeding or make any admission or provide any
information to any person that may prejudice or otherwise affect Client's
position without Client's prior written approval.

10.8 Death and Personal Injury. Nothing in this Agreement limits or restricts
either party's liability to the other for death or personal injury caused by its
negligence.

10.9 Property Damage. Reuters and Client each accept liability for direct
physical loss or damage to tangible property (it being agreed that the loss of
data or computer files or programs does not constitute loss or damage to
tangible property) caused by its gross negligence and/or willful act or
omission.

10.10 EXCLUSION OF SPECIAL DAMAGES. NEITHER PARTY NOR ITS SUPPLIERS WILL BE
LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL
DAMAGES, LOSS OF PROFITS, ECONOMIC LOSS, LOSS OF BUSINESS, OR LOSS OF DATA OR
COMPUTER FILES OR PROGRAMS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
PROVIDED, HOWEVER, THAT THE ABOVE EXCLUSION OF DAMAGES SHALL NOT APPLY TO EACH
PARTY'S OBLIGATION TO INDEMNIFY THE OTHER PURSUANT TO THIS AGREEMENT. THE
FOREGOING WILL APPLY REGARDLESS OF WHETHER SUCH LIABILITY IS BASED IN CONTRACT,
TORT, (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) AND STRICT LIABILITY OR ANY
OTHER THEORY OF LEGAL LIABILITY.

10.11 Limitation of Liability. Except for damages caused by acts of gross
negligence and willful misconduct, and except as set out in (i) Clause 10.5
regarding Reuters liability; and (ii) Clauses 2.1, 2.5, 5.2, 6, 9.5, 10.1, 10.6,
10.7 and 16.5 regarding Client's liability, each party's liability to the other
is limited with respect to:

a) any Software, to the License Fees paid for such Software under the relevant
Software License Addendum;

b) any Software Support, the Support Fees paid by Client to Reuters in the
previous six months under the applicable Software Support Addendum;

c) any Consulting Services Addendum and/or Statement of Work, the amount having
then been paid by Client to Reuters under such Consulting Services Addendum
and/or Statement of Work; and

d) any other liability arising out of or in connection with this Agreement, to
the total amount having then been paid by Client to Reuters at the relevant
Authorised Location.

10.12 Warranties for Beta Software. Notwithstanding anything to the contrary in
this Agreement, Software provided to Client for beta testing is done so on an
"AS - IS" basis without warranty of any kind whether express or implied, in law
or in fact, oral or in writing. Clauses 10.2 10.4 and 10.5 do not apply to such
Software.

10.13 Third Party Software. Notwithstanding anything to the contrary in this
Agreement, Reuters makes no representations or warranties with regard to Third
Party

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Software. If Client has any claim with respect to Third Party Software, Reuters
will indemnify Client to the extent Reuters is indemnified under the relevant
Third Party Software license agreement for Client's claim. Reuters may transfer
its exclusive rights under Clause 10.5 above to control the defence or
settlement of such claim to the relevant Third Party Software owner or licensor,
provided that such transferee assumes all Reuters' obligations to Client
thereunder.

10.14 Third Party Software Agreements. In order to use certain Third Party
Software, Client may be required to enter into an agreement with the relevant
Third Party Software licensor. Reuters shall notify Client of any such
requirement in advance of delivery of any Third Party Software to Client, and
Client will not use any Third Party Software until it meets such requirement.

11. GOVERNING LAW AND JURISDICTION

11.1 This Agreement is governed by English Law. Both parties consent to the
non-exclusive jurisdiction of the English Courts.

12. THIRD PARTY RIGHTS

a) Members of the Reuters Group and Subsidiaries of Instinet Group have the
right under the Contracts (Rights of Third Parties) Act 1999 (the ACT) to
enforce and/or rely on the terms of the Agreement. In addition, Reuters third
party suppliers (THIRD Parties) have the right to enforce and/or rely on Clauses
5.2, 6, 10.10, 10.11, 10.12 and 10.13.

b) The Act will not affect any right or remedy available to any Third Party or
members of the Reuters Group or Subsidiary of Instinet Group apart from that
Act.

c) Notwithstanding sub-clause 12.2(a), the Agreement may be terminated or varied
in accordance with its terms without the consent of any Third Party.

13 CONFIDENTIALITY

13.1 Reuters and Client each agree:

a) to hold the Confidential Information in confidence and, not without the
Disclosing Party's prior written consent, to disclose any part of it to any
person other than those directly concerned with Reuters and Client's dealings
with each other and whose knowledge of such Confidential Information is
essential for such dealings. The Receiving Party will ensure that those persons
comply with the obligations imposed on the Receiving Party under this clause.
The Receiving Party will be liable for such person's default;

b) not, without the Disclosing Party's prior written consent, to use the
Confidential Information for any purpose other than in their dealings with each
other;

c) to delete from any device containing any Confidential Information and/or
return to the Disclosing Party upon demand or termination of the Agreement, the
Confidential Information except for one copy of such Confidential Information as
is required to be retained by law, regulation, professional standards or
reasonable business practice by a member of the Receiving Party's Group; and

d) to use reasonable endeavours to provide the Disclosing Party with prompt
notice if any member of the Receiving Party's Group becomes legally compelled to
disclose any of the Confidential Information, so that the Disclosing Party may
seek a protective order or other appropriate remedy. If such order or remedy is
not available in time, the obligation of confidentiality will be waived to the
extent necessary to comply with the law.

13.2 This obligation of confidentiality is made by each of Reuters and Client on
their own behalf and as agent for each member of their respective Groups.

13.3 This obligation of confidentiality will not apply to information which (a)
is, at the time of the disclosure, or subsequently through no act or omission of
the Receiving Party's Group, becomes generally available to the public; (b)
becomes rightfully known to the Receiving Party's Group through a third party
with no obligation of confidentiality; (c) the Receiving Party is able to prove
was lawfully in the possession of the Receiving Party's Group prior to such
disclosure; or (d) is independently developed by the Receiving Party's Group
without use of or reference to any Confidential Information.

13.4 This undertaking will be binding for as long as such Confidential
Information retains commercial value.

14. INJUNCTIVE RELIEF

Reuters and Client agree that financial remedies may be inadequate remedies for
breaches of Clauses 6 or 11. Accordingly, Reuters and Client agree that Reuters
and/or Client may be entitled to seek injunctive or other equitable relief.

15. NOTICES

a) Subject to sub-clauses (b) and (d), all notices under the Agreement will be
sent in writing by registered mail, courier, fax or email or delivered in
person: (i) from Reuters to Client at the address set out in the relevant
Software License Addendum or to a specified email address provided by Client,
with a copy to Office of the General Counsel, Instinet Corporation, 3 Times
Square, 10th Floor, New York, New York 10036; and (ii) from Client to Reuters at
the address set out in the relevant Software License Addendum or email address
for notices provided by Reuters.

b) Reuters and Client will only send notices relating to breach or termination
of the Agreement or cancellation of Services by registered mail, courier or fax
or delivered in person at the address set out in sub-clause (a).

c) Notices will be deemed to be received 3 business days after being sent or on
proof of delivery, if earlier.

d) Communications sent by email via any of Reuters online administration
services, will be subject to certain administrative procedures which Reuters
will notify to Client prior to or contemporaneous with such communications.

16. GENERAL

16.1 Assignment. Subject to Clause 1.2, neither party may transfer any of its
rights or obligations under this Agreement without the prior written consent of
the other party, which consent will not be unreasonably withheld or delayed.
However, the Parties agree that each may transfer any or all of its rights or
obligations under this Agreement to a member of the Reuters Group or Client
Group, respectively, by providing written notice to Client. This Clause 16.1
will not be construed as limiting Reuters right to use subcontractors

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to carry out any of its obligations under this Agreement. Reuters will remain
liable for any such services provided by a subcontractor. Any assignment not in
conformity with this Clause 16.1 is void.

16.2 Entire Agreement; Amendment. This Agreement constitutes the entire
understanding between the parties solely regarding its subject matter and
supersedes all proposals and other representations, statements, negotiations and
undertakings, in each case, verbal or written, relating to such subject matter.
In entering this Agreement, neither party has relied on, and will have no remedy
in respect of, any statement, warranty or representation (except in the case of
fraud) made by the other save as set out in this Agreement. No change in,
addition to, or waiver of any provision of this Agreement will be binding upon
either party unless in writing signed by an authorised representative of such
party.

16.3 Severability. If any provision of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal or unenforceable, the remainder of
this Agreement will remain in effect and this Agreement will be read as though
the offending provision had not been written.

16.4 Waiver. If either party delays or fails to exercise any right or remedy
under the Agreement, that party will not have waived that right or remedy or any
other right or remedy on any other occasion.

16.5 Export Compliance. Client agrees to comply with all relevant export laws
and regulations of the United States and other countries (collectively, EXPORT
LAWS) to ensure that no Software or any portion of it is exported, directly or
indirectly, in violation of Export Laws. Reuters will not be liable for
reasonable default or delay caused by Reuters efforts to comply with Export
Laws. If Export Laws change after the execution of this Agreement and such
changes materially inhibit or prohibit Reuters from performing under this
Agreement, Reuters will not be liable for its non-performance and Reuters and
Client will have the right to terminate this Agreement and the licenses granted
under it.

16.6 Force Majeure. Neither party will be held liable for any loss or failure to
perform any obligation (other than a payment obligation for that portion of the
services provided where Client is still receiving all or part of any the
services provided under this Agreement), due to circumstances beyond its
reasonable control. Should such circumstances continue for more than 3 months,
either party may cancel any affected service immediately by notice in writing.

16.7 Privacy. Subject to Reuters confidentiality obligations, Client consents to
the collection and processing of information by the Reuters Group about (a)
users of the Software and (b) individuals the Reuters Group deals with in its
day-to-day business, for the purposes set out in the privacy section at
www.reuters.com Client also agrees, as a condition of this Agreement, to procure
such consent from users of the Software.

16.8 Announcements. Notwithstanding Clause 13, Client agrees that Reuters may
refer to Client in any marketing materials that Reuters produces in connection
with the Software and or the Consulting Services only with the prior written
consent of Client.

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