Document:

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                                                                   Exhibit 10.20

                           DATA DISTRIBUTION AGREEMENT

         This DATA DISTRIBUTION AGREEMENT (this "Agreement") dated the ________
day of May __, 2001, by and between Instinet Global Holdings, Inc., a Delaware
corporation located at 3 Times Square, New York, New York 10036 ("Instinet"),
and Reuters America Inc., a Delaware corporation with offices at 3 Times Square,
New York, New York 10036 ("Reuters") (Instinet and Reuters are sometimes
referred to individually as a "Party" and jointly as the "Parties").

         WHEREAS, Instinet has developed certain proprietary data relevant to
the financial industry and is the owner of such data and/or has certain
proprietary rights in such data; and

         WHEREAS, Reuters desires to obtain a limited exclusive right and
license to use, market and distribute Instinet's proprietary data to its
authorized subscribers and on the Reuters Site (as defined below); and

         WHEREAS, Instinet and Reuters desire that Instinet provide its
proprietary data to Reuters in exchange for the branding described in this
Agreement.

         NOW, THEREFORE, in consideration of the mutual promises contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

1        DEFINITIONS

AFFILIATE, with respect to any Person, shall mean any other Person directly or
indirectly Controlling, Controlled by or under common Control with, such Person.

AUTHORIZED SUBSCRIBER shall mean a Person who receives any Reuters Service under
a valid subscription or trial agreement with a member of the Reuters Group.

CLICK-THROUGH shall mean a visible graphic or textual indication located within
the Reuters Site which, when explicitly selected by a user, results in the
presentation within the user's browser window of the Instinet.com website, the
Instinet.net website or any other successor Instinet web site. Such presentation
may be either in the current browser window or in a new browser window, at the
sole discretion of Reuters.

CONTROL over a Person shall mean possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities or partnership
interests, representation on its board of directors or similar governing body,
by contract or otherwise.

DATA shall mean only the Instinet security and market-based proprietary
information and content described in Exhibit A.
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DATA SET shall mean any of the categories of Data described in Exhibit A (e.g.,
Top of Book Data, Last Sale Data, Full Book Data, Most Actives), and any other
category of Data delivered to Reuters pursuant to this Agreement.

DELIVERY SYSTEM shall mean the method(s) by which Instinet delivers the Data to
the Reuters Group, as set forth and more fully described in Exhibit B.

ELECTRONIC COMMUNICATIONS NETWORK OR ECN shall mean an any electronic system
that widely disseminates to third parties orders entered therein by an exchange
market maker or OTC market maker, and permits such orders to be executed against
in whole or in part.

INSTINET COMPETITOR shall mean any of the entities whose names are set forth on
Exhibit E. Exhibit E may be amended from time to time in Instinet's reasonable
discretion by written notice to Reuters.

INSTINET MARKS shall mean all trademarks, service marks, logos and other
distinctive brand features of Instinet, including, without limitation, the
trademarks, service marks and logos described in Exhibit F.

INSTINET MATADOR LOGO shall mean the logo as depicted below or any future logo
that Instinet may designate to replace the current logo. In the event that
Instinet modifies its logo, Reuters will adopt the new logo within thirty (30)
days after its receipt of written notice from Instinet.

                                [INSTINET LOGO]

INSTINET SUBSCRIBER shall mean any entity approved by Instinet to obtain access
to Instinet's securities order entry and trade reporting services or analytic
services that include the Data.

INTELLECTUAL PROPERTY shall mean: 1) trademarks, service marks, logos, slogans,
brand names, domain names, certification marks, trade dress, trade names, words,
symbols and other indications of origin and the goodwill associated therewith;
and all registrations of and renewals or extensions of the foregoing; 2)
software; original works of authorship, copyrights and all renewals and
translations thereof and any moral rights relating thereto; and 3) patents,
utility models, industrial designs, inventors' certificates and inventions.

MARKET DATA VENDOR shall mean any of the entities whose names are set forth on
Exhibit G. Exhibit G may be amended from time to time in Reuters reasonable
discretion by written notice to Instinet.

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PERSON shall mean any natural person, corporation, partnership, limited
liability company, firm, joint venture, association, joint-stock company, trust,
unincorporated organization, governmental body, or other entity.

REUTERS GROUP shall mean, at any time, Reuters and all Affiliates of Reuters
Group PLC and their respective successors and assigns that are engaged in the
supply of Data to Authorized Subscribers or over the Reuters Site.

REUTERS SERVICE shall mean any Reuters product or service (including news, data
and other information, whether real-time or historical, as well as software and
consulting services) provided from time to time by the Reuters Group.

REUTERS SITE shall collectively refer to reuters.com, any subsite within
reuters.com (such as finance.reuters.com), any related non-US websites (such as
finanzen.reuters.de and reuters.co.uk) and any other website that is from time
to time owned and operated by the Reuters Group; provided, however, that any
non-US websites contain the following language:

         The displayed information does not constitute investment advice or a
         proposal to buy or sell securities. Instinet makes no representations
         about the accuracy or timeliness of the displayed information.

RTTS shall mean the Instinet real-time trading system which allows clients to
enter orders on-screen to trade with fund managers, brokers, market makers, and
exchange specialists around the world, to see live orders coming through
Instinet and to negotiate or execute any order electronically, and shall include
any successor system thereto.

2.       GRANT OF LICENSE

2.1 License to Data. Subject to the terms and conditions hereof, Instinet hereby
grants to Reuters on behalf of the Reuters Group, and Reuters on behalf of the
Reuters Group hereby accepts from Instinet for the term of this Agreement, a
limited exclusive (subject to Paragraph 2.8), non-transferable, worldwide
license during the term of this Agreement to:

         (a)      use, copy, compile, collect, input, store, distribute and
                  otherwise market the Data (i) in conjunction with or as part
                  of any Reuters Service for provision to Authorized
                  Subscribers, or (ii) on the Reuters Site; provided, however,
                  that Reuters may only distribute Data with all of the other
                  Data included in the relevant Data Set, except that (x) this
                  proviso shall not apply to stored Data and (y) in the case of
                  Full Book Data, Reuters shall be permitted to limit its
                  display to the top ten prices on the relevant security if
                  necessary due to capacity constraints.

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         (b)      adapt, translate and modify the format of the Data for the
                  sole purpose of distributing the Data as part of a Reuters
                  Service for provision to Authorized Subscribers or on the
                  Reuters Site; provided that such adaptation, translation or
                  modification does not alter, modify or materially delay the
                  content or meaning of the Data. Reuters shall at a minimum,
                  include the best price at any given time on all composite ECN
                  and broker-dealer data displays, where such best price at any
                  given time is applicable and relevant to such display, subject
                  to technical feasibility in the case of the Reuters Site; and

         (c)      create the following derivative works based on the Data or any
                  Data Set , provided that Instinet shall not have any liability
                  for such derivative works or calculations:

                  (i)      high, low, year high, year low, 52 week rolling high
                           and low, price earnings ratio and yield volume
                           calculations;

                  (ii)     any ECN index provided that (A) such index also
                           includes similar data from at least three (3) other
                           ECNs, at least two (2) of which are each ranked as
                           one of the top three (3) ECNs according to the most
                           recently published ranking in the Tower Group Report
                           at the time the index is created, or (B) four other
                           ECNs, each of which is ranked as one of the top seven
                           (7) ECNs according to the most recently published
                           ranking in the Tower Group Report at the time the
                           index is created;

                  (iii)    most actives by volume and most actives by number of
                           trades;

                  (iv)     money flow; and

                  (v)      Volume Weighted Average Price (VWAP).

         Reuters understands and agrees that, without Instinet's prior written
         consent (which consent shall not be unreasonably withheld or delayed),
         Reuters may not create any derivative work based on the Data or any
         Data Set, or include any Data or any Data Set in any derivative work,
         except as specifically provided in this Section 2.1(c), or refer to
         Instinet as a contributor to any derivative work except for a
         derivative work permitted by this Section 2.1(c).

2.2 License to Instinet Marks. Subject to the terms and conditions hereof,
Instinet hereby grants to Reuters on behalf of the Reuters Group a
non-exclusive, worldwide, royalty-free license to use, reproduce and display the
Instinet Marks (i) in connection with the presentation of the Data and (ii) in
connection with the marketing and promotion of the Data solely as part of any
Reuters Service or on the Reuters Site.

2.3 No Redistribution by Authorized Subscribers. The Parties understand that
Reuters permits Authorized Subscribers to certain Reuters Services (such as
Reuters Investor and certain media products) to redistribute the information and
data which is part of that Reuters Service to unrelated third parties. Reuters
agrees to obtain Instinet's prior written consent to include the Data in any
such Reuters Service. Should Instinet in its

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sole discretion, provide such consent to Reuters, Instinet may opt, in its sole
discretion, to require a separate agreement and/or direct relationship with such
Authorized Subscribers. Nothing contained in this Section 2.3 shall be deemed to
restrict the ability of any Authorized Subscriber to distribute information and
data included in any Reuters Service within its organization, including to its
majority-owned subsidiaries, in accordance with such Authorized Subscriber's
subscription agreement in effect at the time

2.4 Attribution to Instinet. Reuters shall use commercially reasonable efforts
to ensure that, where technically feasible, attribution to Instinet shall appear
in a prominent position on the first display of the non-archived Data on Reuters
privately operated telecommunications network, and that such attribution shall
include one or more of the following attribution ("Instinet Attribution") in
Reuters sole discretion: (i) the name "Instinet" in its entirety, (ii) the
Instinet Matador Logo or (iii) a three letter symbol approved in writing by
Instinet; provided, however, that in the case of elementized Data, such
attribution shall be deemed to be satisfied if the full quote display for the
Data, as presented by the Reuters Group to Authorized Subscribers, includes the
Instinet Attribution referred to in subclause (iii) above. In all cases,
Instinet Attribution shall be at least as favorable, with regard to placement,
ease of access by Authorized Subscribers and style of attribution, as
attribution to any Instinet Competitor. Instinet shall have the right to approve
in advance the language for any attribution made pursuant to this Section 2.4,
which approval shall not be unreasonably withheld.

2.5 Most Favoured Nations. During the term of this Agreement, within thirty (30)
days of execution of an agreement for Instinet to provide to a third party which
is not an Instinet Subscriber (acting in its capacity as an Instinet Subscriber
) (i) any Data on terms more favorable than contained herein (including with
respect to redistribution rights and frequency of updates), or (ii) any other
equity data, Instinet shall offer, by providing written notice to the Director
of Content of Reuters, the right to license the same content under the same
terms and conditions as agreed by Instinet and such third party. In the event
that Reuters becomes aware that an Instinet Subscriber not acting in its
capacity as an Instinet Subscriber has the right to license any Data on more
favorable terms and/or any other equity data, Reuters shall advise Instinet and
the Parties shall work together to determine whether such offering is subject to
this Section 2.5. This Section 2.5 shall not apply to any access to any third
party if and to the extent that such access is mandated by any regulatory
authority of competent jurisdiction.

2.6 Instinet Branding. Reuters shall comply with the applicable branding
requirements set forth in Exhibits C and D whenever the Data is displayed on the
Reuters Site.

2.7 Restricted Access. Reuters agrees that during the term of this Agreement,
the Reuters Group will not distribute any Data or Data Set to any Instinet
Competitor unless such Instinet Competitor has a signed agreement to receive
such Data or Data Set with Instinet, as confirmed by Instinet in its sole
discretion. The Parties agree that if an

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existing Authorized Subscriber becomes or is determined by Instinet to be an
Instinet Competitor, Reuters shall terminate distribution of the Data to that
Authorized Subscriber as soon as reasonably practicable after Reuters' receipt
of such notice from Instinet. Notwithstanding the foregoing, Instinet
understands and agrees that Reuters cannot prohibit access, on a technological
basis, to historically archived data to any Authorized Subscriber, where
"historically archived" means Data which has been stored for more than 12 hours
after receipt by Reuters. Should Reuters become able to prohibit access to
historically archived data to Authorized Subscribers, the restrictions in this
Section 2.7 shall apply. The restrictions set forth in this Section 2.7 shall
not apply to any Data or Data Set distributed or otherwise accessible on the
Reuters Site.

2.8 Limited Exclusive. For the term of this Agreement, Instinet shall not
provide the Data to any Market Data Vendor without the prior written consent of
Reuters or intentionally permit any Person to redistribute the Data to any
Market Data Vendor. For purposes of this Section 2.8, the term Market Data
Vendor specifically excludes any Instinet Subscriber acting in its capacity as
an Instinet Subscriber. This Section 2.8 shall not apply to any access to any
third party if and to the extent such access is mandated by any regulatory
authority of competent jurisdiction. Nothing contained in this Section 2.8 shall
restrict Instinet from permitting any Instinet Subscriber (acting in its
capacity as such) to access the Data through the order management, front end or
other trading system operated by any third party (including a Market Data
Vendor) provided that (i) the Data or Data Set is delivered directly to the
Instinet Subscriber (and not to the Market Data Vendor) for integration into
such Market Data Vendor's system, and (ii) the Market Data Vendor agrees with
Instinet in writing not to access or use the Instinet services which may contain
the Data for any other purpose.

2.9 Joint Marketing Policy Committee; Relationship Manager. Instinet and Reuters
agree to appoint at least one person each to a Joint Marketing Policy Committee.
Instinet shall notify the Joint Marketing Policy Committee of its intent to
provide the Data to any entity other than an Instinet Subscriber. Upon the
specific request of Instinet, the Joint Marketing Policy Committee shall provide
advice to Instinet regarding similar arrangements that Reuters may have entered
into. The Joint Marketing Policy Committee shall not in any way delay or
interfere with any data relationship in which Instinet chooses to enter into,
other than relationships with Market Data Vendors as provided herein. In
addition, the Parties shall each appoint a Relationship Manager, whose duties
shall include, among other things, acting as the single point of contact with
Reuters for, among other things, the various approvals required regarding
Reuters redistribution of the Data. The Relationship Manager shall be the person
listed in Section 14.2 (Notices) herein and may be changed from time to time by
the appointing Party upon notice to the other.

2.10 Consideration. In consideration of the license granted hereunder wherein
Instinet agrees to provide the Data set forth in Exhibit A, Reuters agrees to
provide branding, hypertext links and Click-throughs on the Reuters Site as
described in Exhibit C and elsewhere in this Agreement. The Parties agree that
if in the future (i) there is an Instinet retail brokerage website, then the
Reuters Site will provide hypertext links and Click-

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throughs to such Instinet retail brokerage website (A) as set forth on Exhibits
C and D, if such website first becomes operational within 18 months of the date
of this Agreement, or (B) as are substantially similar to the hypertext links
and click-throughs that the Reuters Site provides to other retail brokerage
sites, if such Instinet website first becomes operational more than 18 months
after the date of this Agreement, and (ii) the Reuters Site provides hypertext
links and/or click-throughs to the corporate websites of any ECNs or
broker-dealers, then the Reuters Site will provide substantially similar
hypertext links and/or click-throughs to Instinet's corporate website.

2.11 Compliance with Regulatory Agencies. In the event that either party is
advised, directed or instructed by the Securities and Exchange Commission, or
any other regulatory agency (foreign or domestic) having authority over either
party, that performance under this Agreement is in violation of any applicable
law, rule or regulation, either party shall have the unencumbered right to
immediately cease such performance which is allegedly resulting in the violation
(including, without limitation, immediately halting the display of certain
Data), and shall provide written notice to the other party promptly thereafter.
Any failure to perform under this Agreement by either party in accordance with
this Section 2.11 shall not be considered a breach of the Agreement.

2.12 Instinet Access to Data. The Parties understand and agree that Instinet
shall in all cases be entitled to access, redistribute, or use in any manner any
Data and/or Data Set contained in any Reuters Service to which Instinet is an
Authorized Subscriber.

2.13 Certification of Compliance. On the first business day of each May and
November during the term of this Agreement (or such other time upon Instinet's
reasonable request in order for Instinet to comply with any regulation, order or
other request of any regulatory authority of competent jurisdiction), Reuters
will provide a report to Instinet certifying as to its compliance with the
provisions of Section 2.7. The report shall be directed to the attention of the
Instinet Relationship Manager.

3.       UPDATES; DELIVERY SYSTEM; SUPPORT

3.1 Updates to Data, Frequency. Instinet shall provide the Data to Reuters in
the format and frequency described in Exhibit A. Instinet may amend, change,
modify and/or reformat the Data and/or change the frequency from time to time in
its sole discretion, upon not less than 90 days' prior notice to Reuters (unless
the giving of such notice is not possible due to regulatory reasons or system
problems, in which case Instinet will give Reuters as much notice as is
possible), provided that in the event of a substantial change in the Data and/or
frequency objected to in good faith by Reuters, if the Parties cannot come to
mutual agreement regarding such changes, Reuters shall have the right to
terminate the Agreement upon 30 days written notice to Instinet. Reuters and
Instinet will negotiate in good faith any additional equity data and/or a
different frequency that Reuters seeks to license from Instinet.

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3.2 Delivery System. Reuters shall be responsible for any and all costs and
expenses incurred in the development and testing of an interface to the Delivery
System, as defined in Exhibit B. Reuters shall test the Delivery System with
Instinet until Instinet, in its reasonable discretion, has certified Reuters for
connection to the Delivery System, provision, quality, accuracy and timeliness
of the Data and correctness. Reuters shall be responsible for all costs
associated with the delivery of the Data to Reuters including but not limited to
the set up and maintenance costs of any data lines (e.g. two T1 lines) and
routers. Reuters and Instinet may agree on an alternative delivery system for
provision of the Data to the Reuters Site.

3.3 Upgrades to Delivery System. Instinet may upgrade and/or alter the Delivery
System, in its reasonable discretion, from time to time during the term of this
Agreement. As promptly as practicable, Instinet shall notify Reuters of such
upgrade and/or alteration, provide to Reuters revised specifications reflecting
such upgrade and/or alteration and consult with Reuters regarding the same, and
Reuters shall implement any such upgrade and/or alteration as promptly as
practicable or as otherwise mutually agreed, but in no event will Instinet be
delayed in providing such upgrade to Instinet Subscribers.

3.4 Support; Notice of Errors. Instinet shall make available a reasonable number
of support personnel to assist Reuters with questions or problems regarding the
Data and Delivery System during normal business hours. Reuters agrees to notify
Instinet promptly of any error, omission or delay in the Data or problem with
the Delivery System. Instinet shall use commercially reasonable efforts to
correct any error, omission or delay in the Data and any problem with the
Delivery System as soon as possible. Reuters agrees to display and transmit an
appropriate notice regarding errors, omissions or delays to the Data as promptly
as practicable after Instinet's reasonable request to do so.

3.5 Monitoring of Data. Reuters shall provide Instinet, at no charge, with one
access to those Reuters Services necessary to view the Data and Data Sets (but
not any other Reuters Services), for the exclusive purpose of and only to the
extent necessary to monitor the Data and Data Sets, including the accuracy and
timeliness of the Data and Data Sets. Instinet shall be responsible for all
telecommunications and network charges relating to the access provided pursuant
to this Section 3.5.

4.       INTELLECTUAL PROPERTY OWNERSHIP

4.1 Ownership of Intellectual Property Rights. As between Instinet and Reuters,

         (a) Instinet shall retain ownership of the Data and Data Sets,
         including all Intellectual Property rights subsisting in or relating to
         the Data and Data Sets (subject to Reuters rights under Section 2);

         (b) the Reuters Group shall own all Intellectual Property rights
         subsisting in or relating to the process of including the Data and/or
         the Data Sets in a Reuters

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         Service or on the Reuters Site (but not the Data or Data Sets
         themselves), including search, navigation and the form of presentation
         relating to the Data and/or Data Sets and to any collection or
         compilation in which the Data, Data Sets and/or any part thereof is
         included or any other work which is created by or on behalf of the
         Reuters Group;

         (c) all goodwill arising from the provision of any Reuters Service
         (whether or not containing any Data), including goodwill arising from
         the use of any words, logos or devices (other than the Instinet Marks),
         shall inure to the benefit of the Reuters Group; and

         (d) all goodwill arising from the use of the Instinet Marks shall inure
         to the benefit of Instinet.

4.2 Other Intellectual Property Provisions. Except for the licenses granted
pursuant to Sections 2.1 and 2.2, nothing herein shall be construed as an
assignment or grant to the Reuters Group of any Intellectual Property owned by
Instinet. Use of any Instinet Mark shall inure to the benefit of Instinet.
Reuters will not knowingly adopt any marks that are confusingly similar to the
Instinet Marks. If either Party becomes aware of any infringement of any
Intellectual Property rights relating to the Data or any Data Set, then such
Party will so notify the other Party in writing and the Parties will use their
reasonable commercial efforts to cooperate in addressing such infringement.

5.       PUBLIC ANNOUNCEMENTS, MARKETING AND ADVERTISING APPROVAL

5.1 Public Announcements. The Parties will cooperate to create any and all
appropriate public announcements relating to the relationship set forth in this
Agreement. Neither Party shall make any public announcement regarding the
existence or content of this Agreement without the other Party's prior written
approval and consent, which will not be unreasonably withheld or delayed.

5.2 Marketing and Advertising Approval. Reuters shall submit to Instinet, for
prior approval, all advertising, and other material on which the Instinet mark
or Data appears or is intended to be used in relation to the content. Such
advertising and other material shall be sent to the attention of Calvin
Mitchell, Senior Vice President of External Communications, Three Times Square,
New York, New York 10036 or other person so designated by Instinet from time to
time. Instinet agrees to examine such material as promptly as feasible. If
Reuters has not yet been notified of an adverse examination within ten (10)
business days after dispatch of the material to Instinet, such material shall be
deemed satisfactory (for purposes of this subparagraph "dispatch" shall mean
facsimile delivery, overnight courier delivery or mailed - air mail, postage
prepaid). Should Instinet notify Reuters that any of the material is
unacceptable, Reuters undertakes to amend to the satisfaction of Instinet such
material not approved by Instinet. Final approval will be granted based on
Instinet's receipt of final hard copy version of any marketing and advertising
material and subsequent review. Without detracting from

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the generality of the foregoing, the marketing legends for use in association
with the licensed content which Instinet considers appropriate in the
circumstances would read as follows:

                  This information is provided by Instinet, a subsidiary of
                  Reuters. For further information, please contact Instinet at
                  www.instinet.com.

                  INSTINET and the Instinet Logo are service marks of Instinet
                  Corporation, its affiliates and subsidiaries.

5.3. Notices. All notices for approval pursuant to this provision shall be in
accordance with Section 14.2 herein and shall be sent to the address listed in
Section 14.2 hereof.

6.       CONFIDENTIALITY

6.1 Provision of Confidential Matter. During the term of this Agreement, the
Parties may provide and/or disclose to each other certain information, which may
be written or oral, that the Parties, their respective affiliates or their
customers deem confidential and proprietary (including know how and trade
secrets), whether or not such information is labeled as confidential or
proprietary at the time it is provided or disclosed ("Confidential Matter").
Confidential Matter also shall include information relating to third party
vendors or information that is proprietary to the disclosing Party's customers
or Affiliates. (The Party providing Confidential Matter is referred to in this
Section 6 as the "Providing Party," and the Party receiving Confidential Matter
is referred to in this Section 6 as the "Receiving Party").

For purposes of this Agreement, Confidential Matter shall not include (a)
information that was in the Receiving Party's possession, without restriction,
prior to its disclosure to the Receiving Party by the Providing Party, (b)
information that lawfully enters the public domain without violation of this
Section 6 by the Receiving Party, (c) information that the Receiving Party
lawfully receives from a third party without restriction and without violation
of any duty of confidentiality owed to the Providing Party, and (d) information
that is independently developed by the Receiving Party without use of or
reference to the Confidential Matter.

6.2 Non-Disclosure. Except (i) as set forth in Section 6.4, and (ii) as may be
required by law or any regulatory body or court (but only after compliance with
Section 6.6), the Receiving Party shall maintain as confidential and shall not
disclose Confidential Matter in whole or in part, directly or indirectly, to any
other individual, firm, corporation or government authority.

6.3 Use of Confidential Matter. Following the receipt of Confidential Matter,
the Receiving Party shall (i) use at least the same degree of care, but in no
event less than reasonable care, to protect such Confidential Matter as the
Receiving Party uses with respect to its own confidential and proprietary
information; and (ii) use such Confidential Matter only to fulfill its
obligations under this Agreement and only in accordance with the terms and
conditions of this Agreement.

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6.4 Representatives of the Receiving Party. Notwithstanding the restrictions set
forth in Section 6.2, the Receiving Party may furnish the Confidential Matter to
any of its directors, officers and employees (collectively, "Representatives")
who need to know such information for the purposes set forth in Section 6.3;
provided, however, that such Representatives are instructed to keep such
information confidential in accordance with this Section 6. The Receiving Party
shall be responsible for any breach of this Section 6 by any of its
Representatives and agrees, at its sole expense, to take all reasonable measures
(including but not limited to court proceedings) to restrain its Representatives
from prohibited or unauthorized disclosure or use of any Confidential Matter.

6.5 No Other Rights. Nothing contained in this Section 6 shall be construed as
granting or conferring any rights by license or otherwise to the Receiving Party
in any Providing Party's Confidential Matter.

6.6 Required Disclosure. 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 Matter, such Receiving Party shall (i) use its
reasonable efforts to give the Providing Party prompt notice of such request so
that it may seek an appropriate protective order or other remedy and (ii)
consult with the Providing 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 Providing 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 Matter, the Receiving Party may make such disclosure without
liability hereunder; provided, however, that the Receiving Party shall use its
reasonable efforts to give the Providing Party written notice of the information
to be disclosed as far in advance of its disclosure as is practicable and, upon
the Providing Party's request and at its expense, use its reasonable efforts to
obtain reasonable assurances that confidential treatment will be accorded to
such Confidential Matter.

7.       REPRESENTATIONS AND WARRANTIES BY INSTINET.

Instinet hereby represents, warrants and covenants to Reuters that:

              (a) Instinet has full, exclusive and unencumbered right, title and
                  interest in and to the Data, the Data Sets and the Instinet
                  Marks, that it has the right, power and authority to enter
                  into this Agreement and to grant the licenses, rights and
                  privileges granted herein, and that there are no outstanding
                  assignments, grants, licenses, obligations or agreements by
                  Instinet which are inconsistent with the rights granted to
                  Reuters herein;

              (b) to the best of its knowledge, the use of the Data, the Data
                  Sets and the Instinet Marks by Reuters in accordance with this
                  Agreement shall not infringe any rights, trademarks, personal
                  or proprietary rights, Intellectual Property rights or any
                  other rights of any third party under United States statutory
                  or common laws;

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              (c) the execution and delivery by Instinet of this Agreement and
                  the performance of its obligations hereunder have been
                  authorized by all necessary action, corporate and otherwise,
                  and this Agreement constitutes a legal, valid and binding
                  obligation of Instinet enforceable in accordance with its
                  terms, except to the extent that such enforceability is
                  subject to or limited by bankruptcy, insolvency or similar
                  laws relating to the enforcement of creditor's rights;

              (d) the execution and delivery by Instinet of this Agreement and
                  the performance of its obligations hereunder do not breach any
                  laws, rules or regulations to which Instinet is subject or any
                  agreement, obligation or restriction by which Instinet is
                  bound and Instinet will not enter into or assume any
                  agreement, obligation or restriction that will interfere with
                  any of its obligations hereunder or the rights granted herein;
                  and

              (e) the content, quality and timeliness of the Data and the Data
                  Sets will at all times during the term of this Agreement be
                  substantially similar to that supplied by Instinet to any
                  third party, other than an Instinet Subscriber (in its
                  capacity as an Instinet Subscriber) or as required by
                  regulatory authority.

8.       REPRESENTATIONS AND WARRANTIES BY REUTERS

Reuters hereby represents, warrants and covenants to Instinet that:

              (a) Reuters has the right to offer the Reuters Services in the
                  manner in which they are currently offered, that it has the
                  right, power and authority to enter into this Agreement, and
                  to grant the rights and privileges granted herein, and that
                  there are no outstanding assignments, grants, licenses,
                  obligations or agreements by Reuters which are inconsistent
                  with the rights granted to Instinet herein;

              (b) the execution and delivery by Reuters of this Agreement and
                  the performance of its obligations hereunder have been
                  authorized by all necessary action, corporate and otherwise,
                  and that this Agreement constitutes a legal, valid and binding
                  obligation of Reuters enforceable in accordance with its
                  terms, except to the extent that such enforceability is
                  subject to or limited by bankruptcy, insolvency or similar
                  laws relating to the enforcement of creditor's rights;

              (c) the execution and delivery by Reuters of this Agreement and
                  the performance of its obligations hereunder do not breach any
                  laws, rules or regulations to which Reuters is subject or any
                  agreement, obligation or restriction by which Reuters is
                  bound, and Reuters will not enter into or assume any
                  agreement, obligation or restriction that will interfere with
                  any of its obligations hereunder or the rights granted herein;
                  and

              (d) Reuters will treat the Data and the Data Sets in a manner
                  substantially similar to the manner in which it treats
                  substantially similar data obtained from

                                                                              12
<PAGE>   13
                  exchanges and other ECNs. In addition, if Reuters receives
                  written notice from Instinet stating that Reuters is treating
                  data obtained from another US broker-dealer and that is
                  substantially similar to the Data in a manner more favorable
                  and not substantially similar to the manner in which Reuters
                  treats the Data and Data Sets hereunder, then Reuters will use
                  reasonable commercial efforts to treat the Data and Data Sets
                  in such more favorable manner.

9.       LIMITATION OF LIABILITY

9.1 No Consequential Damages.

IN NO EVENT SHALL INSTINET, ANY INSTINET AFFILIATE OR ANY MEMBER OF THE REUTERS
GROUP BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL
DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, BUSINESS OR
PROFITS) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT WHETHER BASED ON
CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF INSTINET, THE INSTINET
AFFILIATES OR THE REUTERS GROUP MEMBERS HAVE BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES, AND NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY
REMEDY. THE FOREGOING LIMITATIONS SHALL NOT APPLY TO ANY THIRD PARTY CLAIM FOR
WHICH THE PARTY SUFFERING THE LOSS IS ENTITLED TO BE INDEMNIFIED BY THE OTHER
PARTY UNDER THIS AGREEMENT.

9.2 Liability Cap. The aggregate amount of liability of one Party to the other
pursuant to this Agreement (excluding such Party's liability, if any, for any
third party claim) shall be limited to Fifty Thousand ($50,000.00) Dollars.

9.3 Limits on Indemnification. Neither Party shall be responsible for or
indemnify (or defend) the other Party for losses to the extent they are caused
by (i) a material breach by the other Party of its obligations under this
Agreement, or (ii) any errors by the other Party in transmission of the Data.

10.      DISCLAIMER OF WARRANTIES

There are no warranties, conditions, guarantees, or representations as to
merchantability, fitness for a particular purpose, or other warranties,
conditions, guarantees, or representations, whether express or implied, in law
or in fact, oral or in writing, except as expressly stated in this Agreement.

11.      INSTINET INDEMNIFICATION

11.1 Intellectual Property Matters. Instinet will (a) defend and/or handle at
its own expense, any third-party claim, action, suit or proceeding against any
member of the

                                                                              13
<PAGE>   14
Reuters Group and its officers, directors, partners, employees, agents and
representatives, for actual or alleged infringement by the Data or any Data Set
of any copyright, trademark or other Intellectual Property right; and (b) pay
any final judgment entered or settlement against Reuters.

11.2 Other Matters. Instinet agrees to indemnify and hold harmless Reuters and
its Affiliates, from and against all expenses and costs and damages (including
any legal fees and expenses), claims, demands, proceedings, suits, and actions,
and all liabilities (collectively, "Damages") resulting from, in connection
with, or arising out of (i) any failure by Instinet, for any reason, fraudulent,
negligent, or otherwise, to comply with its obligations under this Agreement;
and/or (ii) any errors or omissions by Instinet for any reason, fraudulent,
negligent, or otherwise, in connection with distributing and/or transmitting the
Data and/or any Data Set to Reuters.

11.3 Procedures. Instinet will have no obligation to the Reuters Group pursuant
to this Article 11 unless (i) Reuters provides Instinet with prompt written
notice of the relevant claim, action, suit or proceeding; (ii) Instinet is given
the sole right, if it elects, to control and direct the investigation,
preparation, defense and settlement of the claim, action, suit or proceeding;
and (iii) Reuters gives Instinet reasonable assistance and information.

12.      REUTERS INDEMNIFICATION

12.1 Reuters Indemnification. Reuters agrees to indemnify and hold harmless
Instinet and its Affiliates, from and against all Damages resulting from, in
connection with, or arising out of (i) the display by Reuters of any inaccurate
Data or Data Set due to the unauthorized modification of Data or any Data Set by
Reuters; (ii) any failure by Reuters, for any reason, fraudulent, negligent, or
otherwise, to comply with its obligations under this Agreement; (iii) any errors
or omissions by Reuters for any reason, fraudulent, negligent, or otherwise, in
connection with distributing and/or transmitting the Data and/or any Data Set;
and/or (iv) any actual or alleged infringement of any copyright, trademark or
other Intellectual Property right by a Reuters Service that includes any Data,
except to the extent that such Damages relate to such Data.

12.2 Procedures. Reuters will have no obligation to Instinet pursuant to this
Article 12 unless (i) Instinet provides Reuters with prompt written notice of
the relevant claim, action, suit or proceeding; (ii) Reuters is given the sole
right, if it elects, to control and direct the investigation, preparation,
defense and settlement of the claim, action, suit or proceeding; and (iii)
Instinet gives Reuters reasonable assistance and information.

13.      TERM; TERMINATION; RIGHTS UPON TERMINATION; SURVIVAL.

13.1 Term. The term of this Agreement shall be for an initial period of three
(3) years (the "Initial Term") and shall automatically renew for subsequent
additional one (1) year terms (each a "Renewal Term"), unless notice of
non-renewal is served upon the other Party no less than ninety (90) days prior
to the end of the Initial Term or any Renewal Term.

                                                                              14
<PAGE>   15
13.2 Termination by Instinet for Cause. Instinet may terminate this Agreement at
any time, without prior notice and without any liability to Instinet as a
consequence thereof, in the event that:

         (a)      Reuters has breached any material obligation under this
                  Agreement and such breach has not been cured within fifteen
                  (15) days of receipt of written notice of such breach;

         (b)      Reuters is in violation of any applicable law or regulation in
                  connection with its use of the Data except for any violation
                  that would not have a material adverse effect on the ability
                  of Reuters to perform its obligations under this Agreement; or

         (c)      a proceeding seeking liquidation, reorganization or other
                  relief is commenced by or against Reuters or Reuters is
                  adjudged as bankrupt or insolvent under any bankruptcy,
                  insolvency or other similar law, or Reuters executes and
                  delivers a general assignment for the benefit of its
                  creditors.

13.3 Termination by Reuters For Cause. Reuters may terminate this Agreement at
any time, without prior notice and without any liability to Reuters as a
consequence thereof, in the event that:

         (a)      Instinet has breached any material obligation under this
                  Agreement and such breach has not been cured within fifteen
                  (15) days of receipt of written notice of such breach;

         (b)      Instinet is in violation of any applicable law or regulation
                  in connection with its provision of the Data, except for any
                  violation that would not have a material adverse effect on the
                  ability of Instinet to perform its obligations under this
                  Agreement; or

         (c)      A proceeding seeking liquidation, reorganization or other
                  relief is commenced by or against Instinet or Instinet is
                  adjudged as bankrupt or insolvent under any bankruptcy,
                  insolvency or other similar law, or Instinet executes and
                  delivers a general assignment for the benefit of its
                  creditors.

13.4 Rights upon Termination. Upon termination of the Agreement, Reuters shall
discontinue inputting any further Data or Data Set into any Reuters Service,
shall cease advertising availability of the Data and/or Data Sets and shall
discontinue using, displaying, storing and distributing the Data and Data Sets,
provided, however, that Reuters shall not be required to delete or erase any
Data or Data Set from any historical database that is part of a Reuters Service
and is allowed to continue to distribute Data and Data Sets already stored in
any historical database after termination of this Agreement.

                                                                              15
<PAGE>   16
In addition, Reuters will promptly deliver to Instinet (or at the request of
Instinet destroy) all copies of confidential information provided to Reuters
under this Agreement. Upon termination of this Agreement, Instinet shall permit
Reuters to remove from Instinet's premises any Reuters equipment and software
furnished pursuant to Sections 3.2 and 3.5.

13.5 Survival. The provisions Sections 4, 6, 9, 10, 11 and 12 shall survive the
termination of this Agreement.

13.6 Becoming an Exchange. The Parties acknowledge and agree that, if and when
Instinet becomes an exchange registered under the Securities Exchange Act of
1934, as amended, they may need to renegotiate certain of the terms of this
Agreement.

14       MISCELLANEOUS.

14.1 Equitable Relief. The Parties agree that the remedy at law for any breach
by either Party of the terms of Section 6 hereof will be inadequate and that,
accordingly, in addition to any remedies either Party may have at law, both
Parties will be entitled to seek equitable relief in any court of competent
jurisdiction to restrain the breach or threatened breach of, or otherwise to
specifically enforce such terms.

14.2 Notices. All notices which are required to be given pursuant to this
Agreement shall be in writing and shall be hand delivered, sent by overnight
courier (such as Federal Express), or sent by facsimile transmission, with a
confirming copy sent by registered or certified mail, return receipt requested,
to the following address or to such other address as a Party may from time to
time designate by notice. Such notices shall be deemed given upon receipt if
hand delivered, on the next business day if sent by overnight courier, upon
receipt of a confirmation of transmission if sent via facsimile or three (3)
business days after mailing if sent via registered or certified mail:

         If to Instinet:

         Instinet Global Holdings, Inc.
         3 Times Square
         New York, NY  10036
         Attention: Francis Corcoran
         Fax: 212-302-7761
         With a copy to:

         Office of the General Counsel
         3 Times Square - 10th Floor
         New York, NY  10036
           Fax:  (646) 223-9016

                                                                              16
<PAGE>   17
     If to Reuters:

     Reuters America Inc.
     3 Times Square
     New York, NY  10036
     Attention: Andrew McLean
     Fax:  (646) 223-4251

     With a copy to:

     Office of the General Counsel
     3 Times Square- 20th Floor
     New York, NY  10036
     Fax:  (646) 223-4237

Relationship Manager
From Instinet:  Francis Corcoran
From Reuters: Andrew McLean

14.3 Entire Agreement and Amendment. This Agreement, including the Exhibits
contains the entire agreement between the parties with respect to the subject
matter hereof and supersedes all other prior or contemporaneous oral or written
communications, proposals, agreements and representations with respect to the
subject matter hereof. No amendment or modification to this Agreement shall be
binding, unless it is in writing and executed by each Party.

14.4 Assignment. This Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors and assigns. Without limiting the
generality of the foregoing sentence, any Person that acquires all or a
substantial part of a business that generates the Data and/or Data Sets shall be
obligated to comply with the requirements of this Agreement with respect to such
Data and Data Sets. This Agreement and the rights granted and obligations
undertaken hereunder may not be transferred, assigned or delegated, by operation
of law or otherwise, in any manner, except that this Agreement may be assigned
by either of the Parties to an Affiliate of that Party. In the event of such
assignment, the assigning Party shall provide the other Party with written
notice within 10 days of such assignment.

14.5 Waiver of Compliance and Severability. Any waiver of any provision of this
Agreement, or any delay by either party in the enforcement of any right
hereunder, shall neither be construed as a continuing waiver nor create an
expectation of non-enforcement of that or any other provision or right. In the
event any one or more of the provisions of this Agreement shall for any reason
be held to be invalid, illegal or unenforceable, the remaining provisions of
this Agreement shall be unimpaired, and the Parties shall negotiate in good
faith to substitute a provision of like economic intent and effect.

14.6 Governing Law and Choice of Forum. This Agreement is made under and shall
be governed by and construed in accordance with the laws of the State of New
York, excluding its choice of law provisions. Both parties consent to the
jurisdiction of the

                                                                              17
<PAGE>   18
state or federal courts located in the Borough of Manhattan, City of New York,
and agree to institute any and all actions relating to this Agreement in such
courts.

14.7 Interpretation. The section headings contained in this Agreement are solely
for the purpose of reference, are not part of the agreement between the parties
and shall not in any way affect the meaning or interpretation of this Agreement.

14.8 Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, and both of which together shall
constitute one and the same instrument.

         IN WITNESS WHEREOF, the authorized officers of the Parties have
executed this Data Distribution Agreement as of the date first written above.

REUTERS AMERICA INC.                        INSTINET GLOBAL HOLDINGS, INC.

By:                                         By:
   -------------------------------             --------------------------------
   Name:                                       Name:
   Title:                                      Title:

                                                                              18<PAGE>   1
                                                                   EXHIBIT 10.21

                             TAX SHARING AGREEMENT,

                           DATED AS OF _________, 2001

                                  BY AND AMONG

                         REUTERS AMERICA HOLDINGS, INC.

                              INSTINET GROUP, LLC,

                          INSTINET GROUP INCORPORATED,

                                       AND

                         INSTINET GLOBAL HOLDINGS, INC.
<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          PAGE

<S>                                                                                       <C>
Section 1.  DEFINITIONS...............................................................      2

Section 2.  PREPARATION AND FILING OF TAX RETURNS.....................................      8

     2.1    IN GENERAL................................................................      8

     2.2    MANNER OF PREPARING AND FILING TAX RETURNS................................      8

Section 3.  PAYMENT OF TAXES TO TAX AUTHORITIES.......................................     10

     3.1    FEDERAL INCOME TAXES......................................................     10

     3.2    NON-FEDERAL COMBINED TAXES................................................     10

     3.3    NON-FEDERAL SEPARATE TAXES................................................     10

     3.4    OTHER FEDERAL TAXES.......................................................     10

Section 4.  ALLOCATION OF TAXES.......................................................     10

     4.1    INSTINET LIABILITY FOR FEDERAL INCOME TAXES AND NON-FEDERAL COMBINED TAXES     10

     4.2    INSTINET GROUP FEDERAL INCOME TAX LIABILITY...............................     10

     4.3    INSTINET GROUP COMBINED TAX LIABILITY.....................................     11

     4.4    COOPERATION...............................................................     11

     4.5    TAX SHARING INSTALLMENT PAYMENTS..........................................     12

     4.6    TAX SHARING TRUE-UP PAYMENTS..............................................     12

     4.7    REDETERMINATION AMOUNTS...................................................     13

     4.8    PAYMENT OF TAXES FOR POST-DECONSOLIDATION PERIODS.........................     13

Section 5.  TAX ATTRIBUTES............................................................     13

     5.1    ALLOCATION OF TAX ITEMS...................................................     13

     5.2    POST DECONSOLIDATION......................................................     14

Section 6.  ADDITIONAL OBLIGATIONS....................................................     14

     6.1    PROVISION OF INFORMATION AND MUTUAL COOPERATION...........................     14

     6.2    INDEMNIFICATION...........................................................     15

     6.3    TAX CONSEQUENCES OF PAYMENTS..............................................     15

     6.4    INTEREST..................................................................     17

Section 7.  AUDITS....................................................................     17

     7.1    IN GENERAL................................................................     17
</TABLE>
<PAGE>   3
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                          PAGE

<S>                                                                                       <C>
     7.2    NOTICE....................................................................     17

     7.3    PARTICIPATION RIGHTS......................................................     18

     7.4    SETTLEMENT................................................................     19

     7.5    AFFIRMATIVE CLAIMS........................................................     19

Section 8.  LIABILITY FOR RESTRUCTURING TAXES AND DECONSOLIDATION TAXES...............     20

Section 9.  MISCELLANEOUS.............................................................     21

     9.1    EFFECTIVENESS.............................................................     21

     9.2    NOTICES...................................................................     21

     9.3    CHANGES IN LAW............................................................     21

     9.4    SUCCESSORS AND ASSIGNS....................................................     21

     9.5    AUTHORIZATION, ETC........................................................     22

     9.6    COMPLETE AGREEMENT........................................................     22

     9.7    INTERPRETATION............................................................     22

     9.8    GOVERNING LAW.............................................................     22

     9.9    COUNTERPARTS..............................................................     22

     9.10   LEGAL ENFORCEABILITY......................................................     22

     9.11   NO THIRD PARTY BENEFICIARIES..............................................     22

     9.12   JURISDICTION; FORUM.......................................................     22

     9.13   AMENDMENT AND MODIFICATION................................................     23
</TABLE>

                                       ii
<PAGE>   4
                             TAX SHARING AGREEMENT

                  TAX SHARING AGREEMENT (this "Agreement"), dated as of
February__, 2001, by and among Reuters America Holdings, Inc. ("Reuters"), a
Delaware corporation, Instinet Group, LLC, a Delaware limited liability company,
the successor entity to be formed by the conversion of Instinet Group LLC to a
Delaware corporation("Instinet Group Incorporated") and Instinet Global
Holdings, Inc., a Delaware corporation (Instinet Group, LLC, Instinet Group
Incorporated and Instinet Global Holdings, Inc., collectively, "Instinet").

                                    RECITALS

                  WHEREAS, Reuters is the common parent corporation of an
affiliated group of corporations within the meaning of Section 1504(a) of the
Code (as defined herein) and of consolidated, combined, unitary and other
similar groups as defined under similar laws of other jurisdictions;

                  WHEREAS, prior to the Restructuring (as defined herein),
certain Instinet Affiliates (as defined herein) were members of such affiliated,
consolidated, combined, unitary or other similar groups, and joined in filing
Reuters Consolidated Returns and Reuters Combined Returns (as defined herein);

                  WHEREAS, Reuters, Instinet Group LLC, a Delaware limited
liability company and their respective affiliates effected the Restructuring (as
defined herein) through a series of transactions;

                  WHEREAS, upon the conversion of Instinet Group LLC to a
corporation, Instinet Group Incorporated, Instinet Group Incorporated will
succeed to the rights and obligations of Instinet Group LLC with respect to this
Agreement;

                  WHEREAS, with respect to tax periods beginning on or after the
date of the Restructuring, Instinet and the Instinet Affiliates have not and
will not join in filing Reuters Consolidated Returns;

                  WHEREAS, with respect to tax periods beginning on or after the
date of the Restructuring, Instinet and the Instinet Affiliates have not and
will not join in filing Reuters Combined Returns in most jurisdictions, but may
continue to join in the filing of Reuters Combined Returns in some
jurisdictions;

                  WHEREAS, upon the conversion of Instinet Group LLC, Instinet
Group, Incorporated will become the new common parent of an affiliated group of
corporations within the meaning of Section 1504(a) of the Code consisting of
Instinet Group Incorporated and its includible affiliates;

                  WHEREAS, it is appropriate and desirable to set forth the
principles and responsibilities of the parties to this Agreement regarding the
allocation of Taxes (as
<PAGE>   5
defined herein) and other related liabilities and adjustments with respect to
Taxes, Audits (as defined herein) and other related Tax matters.

                  NOW THEREFORE, in consideration of the promises and the mutual
covenants contained herein and intending to be legally bound hereby, the parties
hereto hereby agree as follows:

SECTION 1. DEFINITIONS - Capitalized terms not otherwise defined herein shall
have the meanings ascribed to such terms in the Restructuring Agreement (as
defined herein). As used in this Agreement, capitalized terms shall have the
following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined).

                  "AUDIT" includes any audit, assessment of Taxes, other
examination by any Tax Authority, proceeding, or appeal of such a proceeding
relating to Taxes, whether administrative or judicial.

                  "CODE" means the Internal Revenue Code of 1986, as amended, or
any successor statute.

                  "COMBINED GROUP" means a group of corporations or other
entities that files (i) a Reuters Combined Return or (ii) an Instinet Combined
Return.

                  "CONSOLIDATED GROUP" means an affiliated group of corporations
within the meaning of Section 1504(a) of the Code.

                  "CONTROLLING PARTY" means with respect to a particular Tax
Return, the party entitled to control, contest, and represent the interests of
the parties in any Audit relating to a particular Tax Return under Section 7.1
of the Agreement.

                  "DECONSOLIDATION" means with respect to each Tax Return (i)
the event pursuant to which Instinet Global Holdings, Inc. and any Instinet
Affiliate ceased to be a subsidiary corporation includable in the Reuters
Consolidated Return, (ii) the event pursuant to which Instinet Global Holdings
Inc. and any Instinet Affiliate ceased to be included in a Reuters Combined
Return, (iii) the event pursuant to which Reuters and any Reuters Affiliate
ceased to be included in an Instinet Combined Return, (iv) any event (including
as a result of transactions contemplated by the Restructuring) pursuant to which
Tax Items relating to, or arising from, both the Transferred Business and the
Retained Business are no longer included on a Reuters Combined Return or an
Instinet Combined Return or (v) any event pursuant to which a Reuters Combined
Return or an Instinet Combined Return no longer includes Tax Items or Tax Assets
of both Reuters (or any Reuters Affiliate) and Instinet (or any Instinet
Affiliate).

                  "DECONSOLIDATION DATE" means with respect to each Tax Return
the day on which the Deconsolidation occurred.

                  "DECONSOLIDATION TAX" means any Tax, resulting from the
Deconsolidation, taken into account under Section 1.1502-13 or Section 1.1502-19
or any

                                       2
<PAGE>   6
predecessor provision of the Treasury Regulations (or any similar provision
under Non-Federal Tax law).

                  "ESTIMATED TAX INSTALLMENT DATE" means the installments due
dates prescribed in Section 6655(c) of the Code (presently April 15, June 15,
September 15 and December 15).

                  "FEDERAL INCOME TAX" means any Tax imposed under Subtitle A of
the Code or any other provision of United States federal Income Tax law
(including the Taxes imposed by Sections 11, 55, 59A, and 1201(a) of the Code),
and any interest, additions to Tax or penalties applicable or related thereto.

                  "FEDERAL TAX" means any Tax imposed under the Code or
otherwise under United States federal Tax law.

                  "FINAL DETERMINATION" means the final resolution of any Tax
(or other matter) for a taxable period, including related interest or penalties,
that, under applicable law, is not subject to further appeal, review or
modification through proceedings or otherwise, including (1) by the expiration
of a statute of limitations or a period for the filing of claims for refunds,
amending Tax Returns, appealing from adverse determinations, or recovering any
refund (including by offset), (2) by a decision, judgment, decree, or other
order by a court of competent jurisdiction, which has become final and
unappealable, (3) by a closing agreement or an accepted offer in compromise
under Section 7121 or 7122 of the Code, or comparable agreements under laws of
other jurisdictions, (4) by execution of an Internal Revenue Service Form 870 or
870AD, or by a comparable form under the laws of other jurisdictions (excluding,
however, with respect to a particular Tax Item for a particular taxable period
any such form that reserves (whether by its terms or by operation of law) the
right of the taxpayer to file a claim for refund and/or the right of the Tax
Authority to assert a further deficiency with respect to such Tax Item for such
period), or (5) by any allowance of a refund or credit, but only after the
expiration of all periods during which such refund or credit may be recovered
(including by way of offset).

                  "INCOME TAX" means (a) any Tax based upon, measured by, or
calculated with respect to (1) net income or profits (including, without
limitation, any capital gains Tax, minimum Tax and any Tax on items of Tax
preference, but not including sales, use, real or personal property, gross or
net receipts, transfer or similar Taxes) or (2) multiple bases if one or more of
the bases upon which such Tax may be based, measured by, or calculated with
respect to, is described in clause (1) above, or (b) any United States state or
local franchise Tax.

                  "INDEMNIFIABLE LOSS DEDUCTION" has the meaning set forth in
Section 6.3(b) of this Agreement.

                  "INDEMNIFIED LOSS" has the meaning set forth in Section 6.3(b)
of this Agreement.

                                       3
<PAGE>   7
                  "INDEMNITEE" has the meaning set forth in Section 6.3(b) of
this Agreement.

                  "INDEMNITOR" has the meaning set forth in Section 6.3(b) of
this Agreement.

                  "INDEPENDENT FIRM" has the meaning set forth in Section 4.4(b)
of this Agreement.

                  "INTEREST ACCRUAL PERIOD" has the meaning set forth in Section
6.4 of this Agreement.

                  "INSTINET AFFILIATE" means with respect to Instinet, any
corporation or other entity that directly, or indirectly through one or more
intermediaries, is controlled by, Instinet or any successor thereto. For
purposes of this definition, "control" means ownership, directly or indirectly,
of more than a fifty percent (50%) interest in such corporation or entity by
vote or value.

                  "INSTINET COMBINED RETURN" means any Tax Return with respect
to Non-Federal Taxes of Instinet (or any Instinet Affiliate) pursuant to which
Tax Items or Tax Assets of Reuters (or any Reuters Affiliate) or Tax Items
relating to or arising from both the Transferred Business and the Retained
Business, are included on a Tax Return of Instinet (or any Instinet Affiliate).

                  "INSTINET GROUP" means the affiliated group of corporations as
defined in Section 1504(a) of the Code, or similar group of entities as defined
under corresponding provisions of the laws of other jurisdictions following the
completion of the Restructuring, of which Instinet Global Holdings, Inc., or
upon conversion of Instinet Group LLC to a corporation, Instinet Group
Incorporated, is or was the common parent. Instinet Fixed Income, Inc. shall be
treated as if it were a member of the Instinet Group at all times prior to the
date of this agreement. Similarly, Reuters C Corp will be treated as if it were
a member of the Instinet Group for all periods ending on or prior to July 31,
2001.

                  "INSTINET GROUP COMBINED TAX LIABILITY" means, with respect to
any taxable period, the Instinet Group's liability for Non-Federal Combined
Taxes as determined under Section 4.3 of this Agreement.

                  "INSTINET GROUP FEDERAL INCOME TAX LIABILITY" means, with
respect to any taxable period, the Instinet Group's liability for Federal Income
Taxes as determined under Section 4.2 of this Agreement.

                  "INSTINET NON-FEDERAL COMBINED TAX" means any Non-Federal Tax
with respect to which an Instinet Combined Return is filed.

                  "INSTINET SEPARATE RETURN" means any Separate Return filed by
Instinet or any Instinet Affiliate.

                                       4
<PAGE>   8
                  "NON-CONTROLLING PARTY" means with respect to a particular Tax
Return, the party not entitled to control, contest, and represent the interests
of the parties in any Audit relating to any Tax Return under Section 7.1 of the
Agreement.

                  "NON-FEDERAL COMBINED TAX" means any Non-Federal Tax with
respect to which a Reuters Combined Return or Instinet Combined Return is filed.

                  "NON-FEDERAL SEPARATE TAX" means any Non-Federal Tax other
than a Reuters Non-Federal Combined Tax or an Instinet Non-Federal Combined Tax.

                  "NON-FEDERAL TAX" means any Tax other than a Federal Tax.

                   "PAYMENT PERIOD" has the meaning set forth in Section 6.4 of
this Agreement.

                  "POST-DECONSOLIDATION PERIOD" means any taxable period with
respect to a Reuters Consolidated Return, Reuters Combined Return, or Instinet
Combined Return as the case may be, beginning after the applicable
Deconsolidation Date.

                  "PRE-DECONSOLIDATION PERIOD" means any taxable period with
respect to a Reuters Consolidated Return, Reuters Combined Return, or Instinet
Combined Return as the case may be, beginning on or before the close of business
on the applicable Deconsolidation Date.

                  "PRIVILEGE" means any privilege that may be asserted under
applicable law including, any privilege arising under or relating to the
attorney-client relationship (including the attorney-client and work product
privileges), the accountant-client privilege, and any privilege relating to
internal evaluation processes.

                  "PRO FORMA INSTINET GROUP COMBINED RETURN" means a pro forma
Non-Federal Combined Tax return or other schedule prepared pursuant to Section
4.3 of this Agreement.

                  "PRO FORMA INSTINET GROUP CONSOLIDATED RETURN" means a pro
forma consolidated Federal Income Tax return or other schedule prepared pursuant
to Section 4.2 of this Agreement.

                  "RESTATED TAX SAVING AMOUNT" has the meaning set forth in
Section 6.3(c) of this Agreement.

                  "RESTRUCTURING" means the series of transactions carried out
under (i) the Contribution Agreement between Reuters C Corp and Instinet Group
LLC, dated September 29, 2000, (ii) the Contribution Agreement between Reuters
Holdings Switzerland SA and Instinet Group LLC dated September 29, 2000, (iii)
the Asset Contribution Agreement between Instinet Corporation and Instinet Group
LLC dated July 31, 2000, and (iv) the Contribution Agreement between Instinet
Corporation and Instinet Group LLC dated July 25, 2000.

                                       5
<PAGE>   9
                  "RESTRUCTURING TAX" means any Tax (net of any current benefit
arising from any Tax Asset) resulting from the Restructuring imposed upon
Reuters or any Reuters Affiliate or Instinet or any Instinet Affiliate; provided
that, such term shall not refer to the collateral Tax effects of the
Restructuring (including, without limitation, relating to the tax basis of
assets comprising the Transferred Business or the amount, if any, of Tax Assets
or earnings and profits of Instinet or any Instinet Affiliate following the
Restructuring).

                  "RETAINED BUSINESS" means all businesses retained by Reuters
or any Reuters Affiliate after the Restructuring.

                  "REUTERS AFFILIATE" means with respect to Reuters, any
corporation or other entity that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with
Reuters other than Instinet or any Instinet Affiliate. For purposes of this
definition, "control" means ownership, directly or indirectly, of more than a
fifty percent (50%) interest in such corporation or entity by vote or value.

                  "REUTERS COMBINED RETURN" means any Tax Return with respect to
Non-Federal Taxes (i) filed on a consolidated, combined (including nexus
combination, worldwide combination, domestic combination, line of business
combination or any other form of combination) or unitary basis wherein Instinet
or one or more Instinet Affiliates join in the filing of such Tax Return (for
any taxable period or portion thereof) with Reuters or one or more Reuters
Affiliates, or (ii) pursuant to which Tax Items or Tax Assets of Instinet (or
any Instinet Affiliate) or Tax Items relating to or arising from both the
Transferred Business and the Retained Business, are included on a Tax Return of
Reuters (or any Reuters Affiliate).

                  "REUTERS CONSOLIDATED GROUP" means an affiliated group of
corporations within the meaning of Section 1504(a) of the Code that files a
Reuters Consolidated Return.

                  "REUTERS CONSOLIDATED RETURN" means any Tax Return with
respect to Federal Income Taxes filed on a consolidated basis wherein Instinet
or one or more Instinet Affiliates join in the filing of such Tax Return (for
any taxable period or portion thereof) with Reuters or one or more Reuters
Affiliates.

                  "REUTERS GROUP" means the affiliated group of corporations as
defined in Section 1504(a) of the Code, or similar group of entities as defined
under corresponding provisions of the laws of other jurisdictions, of which
Reuters is the common parent, and any corporation or other entity which is a
member of such group for the relevant taxable period or portion thereof, but
excluding any member of the Instinet Group.

                  "REUTERS NON-FEDERAL COMBINED TAX" means any Non-Federal Tax
with respect to which a Reuters Combined Return is filed.

                                       6
<PAGE>   10
                  "REUTERS SEPARATE RETURN" means any Separate Return filed by
Reuters or any Reuters Affiliate.

                  "SEPARATE RETURN" means any Tax Return with respect to
Non-Federal Separate Taxes filed by Reuters, Instinet, or any of their
respective Affiliates.

                  "SERVICE" means the Internal Revenue Service or any successor
agency or authority.

                  "STRADDLE PERIOD" means any taxable period with respect to a
Reuters Consolidated Return, Reuters Combined Return, or Instinet Combined
Return as the case may be, beginning on or before the applicable Deconsolidation
Date and ending after the applicable Deconsolidation Date.

                  "TAX" means any charges, fees, levies, imposts, duties, or
other assessments of a similar nature, including income, alternative or add-on
minimum, gross receipts, profits, lease, service, service use, wage, wage
withholding, employment, workers compensation, business occupation, occupation,
premiums, environmental, estimated, excise, employment, sales, use, transfer,
license, payroll, franchise, severance, stamp, windfall profits, withholding,
social security, unemployment, disability, ad valorem, highway use, commercial
rent, capital stock, paid up capital, recording, registration, property, real
property gains, value added, business license, custom duties, or other tax or
governmental fee of any kind whatsoever, imposed or required to be withheld by
any Tax Authority including any interest, additions to tax, or penalties
applicable or related thereto.

                  "TAX ASSET" means any Tax Item that could reduce a Tax,
including a net operating loss, net capital loss, investment tax credit, foreign
tax credit, charitable deduction or credit related to alternative minimum tax or
any other Tax credit.

                  "TAX AUTHORITY" means a governmental authority in the United
States or any subdivision, agency, commission or authority thereof or any
quasi-governmental or private body in the United States having jurisdiction over
the assessment, determination, collection or imposition of any Tax (including,
without limitation, the Service).

                  "TAX DETRIMENT" means an increase in the Tax liability of a
taxpayer (or of the affiliated group of which it is a member) for any taxable
period. Except as otherwise provided in this Agreement, a Tax Detriment shall be
deemed to have been realized or received from a Tax Item in a taxable period
only if and to the extent that the Tax liability of the taxpayer (or of the
affiliated group of which it is a member) for such period, after taking into
account the effect of the Tax Item on the Tax liability of such taxpayer in all
prior periods, is more than it would have been if such Tax liability were
determined without regard to such tax item.

                  "TAX ITEM" means any item of income, gain, loss, deduction or
credit, or other attribute that may have the effect of increasing or decreasing
any Tax.

                                       7
<PAGE>   11
                  "TAX LAW" means any federal, state, local or foreign law with
respect to Taxes, including the Code and Treasury Regulations.

                  "TAX RETURN" means any return, report, certificate, form or
similar statement or document (including, any related or supporting information
or schedule attached thereto and any information return, amended tax return,
claim for refund or declaration of estimated tax) required to be supplied to, or
filed with, a Tax Authority in connection with the determination, assessment or
collection of any Tax or the administration of any laws, regulations or
administrative requirements relating to any Tax.

                  "TAX SAVING AMOUNT" has the meaning set forth in Section
6.3(b) of this Agreement.

                  "TRANSFERRED BUSINESS" means all assets, businesses, and
entities transferred under the control of the Instinet Group as a result of the
Restructuring.

                  "TRANSFER TAXES" means all Restructuring Taxes other than
Income Taxes that result from the transfer of any entities or assets under
Instinet or any Instinet Affiliate for purposes of effectuating the
Restructuring.

                  "TREASURY REGULATIONS" means the final, temporary and proposed
income tax regulations promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding
regulations).

SECTION 2. PREPARATION AND FILING OF TAX RETURNS.

         2.1 IN GENERAL. (a) Reuters shall have the sole and exclusive
responsibility for the preparation (except to the extent provided in Section 2.2
of this Agreement) and filing of: all Reuters Consolidated Returns, all Reuters
Combined Returns and all Reuters Separate Returns.

                  (b) Instinet shall, (subject to Section 2.2 of this Agreement)
be responsible for preparing and filing all Instinet Combined Returns and all
Instinet Separate Returns.

         2.2 MANNER OF PREPARING AND FILING TAX RETURNS. (a) All Tax Returns
filed after the date of this Agreement by Reuters, any Reuters Affiliate,
Instinet or any Instinet Affiliate shall be (1) prepared in a manner that is
consistent with Section 5 of this Agreement and the Code, and (2) filed on a
timely basis (taking into account applicable extensions) by the party
responsible for such filing under Section 2.1 of this Agreement.

                  (b) Reuters shall have the exclusive right, in its sole
discretion with respect to any Reuters Consolidated Return or Reuters Combined
Return to determine (1) the manner in which such Tax Return shall be prepared
and filed, including the elections, methods of accounting, positions,
conventions and principles of taxation to be used and the manner in which any
Tax Item shall be reported, (2) whether any extensions may be

                                       8
<PAGE>   12
requested, (3) the elections that will be made by Reuters, any Reuters
Affiliate, Instinet and any Instinet Affiliate on such Tax Return, (4) whether
any amended Tax Returns shall be filed, (5) whether any claims for refund shall
be made, (6) whether any refunds shall be paid by way of refund or credited
against any liability for the related Tax, and (7) whether to retain outside
firms to prepare or review such Tax Return. To the extent that any Tax Items of
Reuters are included on any Instinet Combined Return, Reuters shall also have
the right to determine the manner of reporting of such Tax Item.

                  (c) Instinet shall have the exclusive right with respect to
any Instinet Separate Returns or any Instinet Combined Return (subject to the
last sentence of Section 2.2(b) above) to determine (1) the manner in which such
Tax Return or Tax Items shall be prepared and filed, including the elections,
methods of accounting, positions, conventions and principles of taxation to be
used and the manner in which any Tax Item shall be reported, (2) whether any
extensions may be requested, (3) the elections that will be made by Instinet and
any Instinet Affiliate on such Tax Return or with respect to such Tax Items, (4)
whether any amended Tax Returns shall be filed, (5) whether any claims for
refund shall be made, (6) whether any refunds shall be paid by way of refund or
credited against any liability for the related Tax, and (7) whether to retain
outside firms to prepare or review such Tax Return or Tax Items; provided that,
if Reuters and any Reuters Affiliates together own directly or indirectly fifty
percent (50%) or more of the outstanding stock (by vote or value) of Instinet:
(i) Reuters shall, by the end of the relevant tax period, designate and notify
Instinet of the Instinet Separate Returns that it wishes to review and approve
and Instinet shall submit such Tax Returns to Reuters no later than fifteen (15)
business days prior to the due date for the filing of such Tax Returns (taking
into account applicable extensions) for Reuters review and approval, which
approval shall not be unreasonably withheld and (ii) Reuters shall have the
right to redetermine the manner of reporting of any Tax Item of Instinet
included in such Tax Returns including any of the matters listed in items 1
through 7 of this Section 2.2(c), if the proposed reporting of such Tax Item
would have a meaningful adverse effect with respect to the Taxes of Reuters or
any Reuters Affiliate, provided that the revised treatment of such Tax Item
could not result in the imposition of penalties on Instinet or any Instinet
Affiliate.

                  (d) In the event that a Tax Item on a Tax Return described in
Section 2.1(a) of this Agreement corresponds to a Tax Item on a Tax Return
described in Section 2.1(b) of this Agreement that is filed after the date of
this Agreement, Instinet or the Instinet Affiliate preparing, or causing the
preparation of, such Tax Return under Section 2.1(b) of this Agreement shall
conform the treatment of such Tax Item in such Tax Return described in Section
2.1(b) of this Agreement to the treatment of such Tax Item in the applicable Tax
Return described in Section 2.1(a) of this Agreement, provided that the revised
treatment of such Tax Item could not result in the imposition of penalties on
Instinet or any Instinet Affiliate and further provided that Reuters and any
Reuters Affiliate together own directly or indirectly fifty percent (50%) or
more of the outstanding stock (by vote or value) of Instinet.

                  (e) Instinet shall provide all reasonable and necessary
information to Reuters or its agents in order to facilitate the preparation of
the portions of the Reuters

                                       9
<PAGE>   13
Consolidated Returns and Reuters Combined Returns filed after the date of this
Agreement by Reuters (including making any related elections) that relate
exclusively to Instinet or any Instinet Affiliate or the Transferred Business.
Instinet shall submit this information to Reuters at least forty-five (45)
business days (or such shorter period as agreed to by Reuters) prior to the due
date for the filing of such Tax Returns (taking into account applicable
extensions). Instinet shall bear its pro rata share of the costs associated with
the preparation of such Tax Returns.

                  (f) Reuters shall provide all reasonable and necessary
information to Instinet or its agents in order to facilitate the preparation of
the portions of any Instinet Combined Returns (including making any related
elections) that relate exclusively to Reuters or any Reuters Affiliate. Reuters
shall submit this information to Instinet at least forty-five (45) business days
(or such shorter period as agreed to by Instinet) prior to the due date for the
filing of such Tax Returns (taking into account applicable extensions).

SECTION 3. PAYMENT OF TAXES TO TAX AUTHORITIES.

         3.1 FEDERAL INCOME TAXES. Reuters shall pay (or cause to be paid) to
the Service, all Federal Income Taxes with respect to any Reuters Consolidated
Return due and payable for all Pre-Deconsolidation Periods.

         3.2 NON-FEDERAL COMBINED TAXES. Reuters shall pay (or cause to be paid)
to the appropriate Tax Authorities all Reuters Non-Federal Combined Taxes due
and payable for all Pre-Deconsolidation Periods. Instinet shall pay (or cause to
be paid) to the appropriate Tax Authorities all Instinet Non-Federal Combined
Taxes due and payable for all Pre-Deconsolidation Periods.

         3.3 NON-FEDERAL SEPARATE TAXES. The parties shall each pay (or cause to
be paid) to the appropriate Tax Authorities all of their respective Non-Federal
Separate Taxes.

         3.4 OTHER FEDERAL TAXES. The parties shall each pay (or cause to be
paid) to the appropriate Tax Authorities all of their respective Federal Taxes
(excluding Federal Income Taxes for Pre-Deconsolidation Periods which are
governed by Section 3.1 of this Agreement).

SECTION 4. ALLOCATION OF TAXES.

         4.1 INSTINET LIABILITY FOR FEDERAL INCOME TAXES AND NON-FEDERAL
COMBINED TAXES. For each Pre-Deconsolidation Period, Instinet shall be liable
for and shall pay to Reuters an amount equal to the sum of the Instinet Group
Federal Income Tax Liability and the Instinet Group Combined Tax Liability for
such taxable period.

         4.2 INSTINET GROUP FEDERAL INCOME TAX LIABILITY. With respect to each
Pre-Deconsolidation Period, the Instinet Group Federal Income Tax Liability for
such taxable period shall be the Instinet Group's liability for Federal Income

                                       10
<PAGE>   14
Taxes and any interest, penalties and other additions to such taxes, for such
taxable period, as determined on a Pro Forma Instinet Group Consolidated Return
prepared:

                  (a) on a basis consistent with the preparation of the Reuters
Consolidated Return for such period (including whether regular Tax or federal
alternative minimum Tax applies with respect to the Reuters Consolidated
Return), determined by including only Tax Items of members of the Instinet Group
which are included in the Reuters Consolidated Return and by allocating Tax
Assets to the Instinet Group to the extent that the Tax Asset was created by a
member of the Instinet Group and such Tax Asset was actually utilized on the
relevant Reuters Consolidated Return; and

                  (b) applying the highest statutory marginal corporate income
Tax rate in effect for such taxable period (or portion thereof); provided that,
in the event that the federal alternative minimum Tax applies to the Reuters
Consolidated Return, the Instinet Group Federal Income Tax Liability shall equal
the lesser of (i) the alternative minimum Tax liability with respect to the
Reuters Consolidated Return that would result by including only Tax Items and
Tax Assets of members of the Instinet Group included in the Reuters Consolidated
Return or (ii) the aggregate Tax liability payable with respect to such Reuters
Consolidated Return.

                  (c) The Instinet Group Federal Income Tax Liability for a
Straddle Period shall be calculated based solely on the portion of such Straddle
Period during which Instinet was included in the Reuters Consolidated Group.

         4.3 INSTINET GROUP COMBINED TAX LIABILITY. With respect to any
Pre-Deconsolidation Period, the Instinet Group Combined Tax Liability shall be
the sum for such taxable period of the Instinet Group's liability for each
Non-Federal Combined Tax, as determined on Pro Forma Instinet Group Combined
Returns prepared in a manner consistent with the principles and procedures set
forth in Section 4.2 hereof.

         4.4 COOPERATION.

                  (a) Reuters and Instinet shall prepare jointly any Pro Forma
Instinet Group Consolidated Returns and Pro Forma Instinet Group Combined
Returns. Reuters and Instinet agree to cooperate in good faith in connection
with the preparation of such pro forma tax returns and agree to make reasonably
available any documents, information or employees in connection therewith.

                  (b) The Pro Forma Instinet Group Consolidated Returns and Pro
Forma Instinet Group Combined Returns shall be completed no later than sixty
(60) business days following the date on which the related Reuters Consolidated
Return, Reuters Combined Return or Instinet Combined Return, as the case may be,
is filed with the appropriate Tax Authority. In the event there are any disputes
relating to the reporting of any Tax Item on the pro forma tax returns, Reuters
and Instinet shall in good faith attempt to resolve their disagreement. If such
dispute is not resolved within sixty (60) business days following the
commencement of the dispute, Reuters and Instinet shall jointly retain a tax
attorney that is a member of a nationally recognized law firm or "big

                                       11
<PAGE>   15
five" accounting firm, which firm is independent of both parties (the
"Independent Firm"), to resolve the dispute. The Independent Firm shall act as
an arbitrator to resolve all points of disagreement and its decision shall be
final and binding upon all parties involved. Following the decision of the
Independent Firm, Reuters and Instinet shall each take or cause to be taken any
action necessary to implement the decision of the Independent Firm. The fees and
expenses relating to the Independent Firm shall be borne equally by Reuters and
Instinet.

         4.5 TAX SHARING INSTALLMENT PAYMENTS. (a) FEDERAL INCOME TAXES. Not
later than 2 business days prior to each Estimated Tax Installment Date with
respect to any Pre-Deconsolidation Period, the parties shall, consistent with
past practice, determine under the principles of Section 6655 of the Code the
estimated amount of the related installment of the Instinet Group Federal Income
Tax Liability. Instinet shall pay to Reuters no later than five (5) business
days after such Estimated Tax Installment Date the amount thus determined.

                  (b) NON-FEDERAL COMBINED TAXES. (1) REUTERS TAX RETURNS.
Reuters shall, in connection with any installment payment (payable with respect
to any Reuters Combined Return) with respect to Non-Federal Combined Taxes for
any Pre-Deconsolidation Period, consistent with past practice, determine the
estimated amount of the related installment of the Instinet Group Combined Tax
Liability. Within the first ten (10) business days of any month, Reuters may
provide Instinet with a written statement setting forth amounts owed by Instinet
in connection with any installment payments with respect to Non-Federal Combined
Taxes made by Reuters for the immediately preceding month and any other month
for which a statement has not previously been provided by Reuters. Instinet
shall pay the amounts set forth on any statement within seven (7) business days
following the receipt of such statement.

                  (2) INSTINET TAX RETURNS. Instinet shall, in connection with
any installment payment (payable with respect to any Instinet Combined Return)
with respect to Non-Federal Combined Taxes for any Pre-Deconsolidation Period,
consistent with past practice, determine the estimated amount of the related
installment of the Instinet Group Combined Tax Liability. Within the first ten
(10) business days of any month, Instinet may provide Reuters with a written
statement setting forth amounts owed by Reuters in connection with any
installment payments with respect to Non-Federal Combined Taxes made by Instinet
for the immediately preceding month and any other month for which a statement
has not previously been provided by Instinet. The amount payable by Reuters
pursuant to the immediately preceding sentence shall equal the aggregate amount
of the installment payment made by Instinet less the estimated amount of the
Instinet Group Combined Tax Liability related to such installment as determined
in the first sentence of this Section 4.5(b). Reuters shall pay the amounts set
forth on any statement within seven (7) business days following the receipt of
such statement.

         4.6 TAX SHARING TRUE-UP PAYMENTS. (a) FEDERAL INCOME TAXES. Not later
than fifteen (15) business days following the completion of any Pro Forma
Instinet Group Consolidated Return, Instinet shall pay to Reuters, or Reuters
shall pay to Instinet, as appropriate, an amount equal to the difference, if
any, between the

                                       12
<PAGE>   16
Instinet Group Federal Income Tax Liability for the Pre-Deconsolidation Period
and the aggregate amount paid by Instinet with respect to such period under
Section 4.5(a) of this Agreement.

                  (b) NON-FEDERAL COMBINED TAXES. Not later than fifteen (15)
business days following the completion of any Pro Forma Instinet Group Combined
Return, Instinet shall pay to Reuters, or Reuters shall pay to Instinet, as
appropriate, an amount equal to the difference, if any, between the Instinet
Group Combined Tax Liability for the Pre-Deconsolidation Period and the amounts
paid by Instinet with respect to such period under Sections 4.5(b)(1) and (b)(2)
of this Agreement. For purposes of this Section 4.6(b), the amounts paid by
Instinet under (i) Section 4.5(b)(1) shall be the amounts paid to Reuters and
(ii) Section 4.5(b)(2) shall be the amounts paid to the relevant Tax Authority
less any amounts received from Reuters.

         4.7 REDETERMINATION AMOUNTS. For any Pre-Deconsolidation Period, in the
event of (i) a redetermination of any Tax Item as a result of a Final
Determination, (ii) the filing of a Tax refund claim, or (iii) the filing of an
amended Tax Return pursuant to which Taxes are paid to a Tax Authority or a
refund of Taxes is received from a Tax Authority, Reuters and Instinet shall
prepare jointly, in accordance with the principles and procedures set forth in
this Section 4, Pro Forma Instinet Group Consolidated Returns and Pro Forma
Instinet Group Combined Returns, as appropriate, both without regard to the
redetermined Tax Item and with regard to the redetermined Tax Item. Instinet
shall pay to Reuters the amount by which the Tax liability reflected on the pro
forma tax return with regard to the redetermined Tax Item exceeds the Tax
liability reflected on the pro forma tax return without regard to the
redetermined Tax Item, and Reuters shall pay to Instinet the amount by which the
Tax liability reflected on the pro forma tax return without regard to the
redetermined Tax Item exceeds the Tax liability reflected on the pro forma tax
return with regard to the redetermined Tax Item.

         4.8 PAYMENT OF TAXES FOR POST-DECONSOLIDATION PERIODS. Except as
otherwise provided in this Agreement, Reuters shall pay or cause to be paid all
Taxes and shall be entitled to receive and retain all refunds of Taxes with
respect to Tax Returns relating to Post-Deconsolidation Periods for which
Reuters has filing responsibility, including under this Agreement. Except as
otherwise provided in this Agreement, Instinet shall pay or cause to be paid all
Taxes and shall be entitled to receive and retain all refunds of Taxes with
respect to Tax Returns relating to Post- Deconsolidation Periods for which
Instinet has filing responsibility, including under this Agreement. All refunds
of Taxes with respect to any Straddle Period shall be allocated to the party
generating such refund in accordance with the principles upon which the pro
forma amounts of Taxes are allocated to the parties under this Section 4.

SECTION 5. TAX ATTRIBUTES.

         5.1 ALLOCATION OF TAX ITEMS. All Tax computations for (i) any
Pre-Deconsolidation Period ending on the Deconsolidation Date, (ii) the
immediately following taxable period of Instinet or any Instinet Affiliate and
(iii) any Straddle Period, shall be made pursuant to the principles of Section
1.1502-76(b) of the Treasury

                                       13
<PAGE>   17
Regulations or of a corresponding provision under the laws of other
jurisdictions and, to the extent possible, in a manner consistent with the
principles set forth in Section 4.2(a) of this Agreement.

         5.2 POST DECONSOLIDATION. To the extent permitted by applicable law,
following the Deconsolidation, the relevant Tax Assets with respect to the
Reuters Consolidated Group or Reuters Combined Group, as the case may be, shall
be allocated to the corporation or entity that created or generated the Tax
Asset.

SECTION 6. ADDITIONAL OBLIGATIONS.

         6.1 PROVISION OF INFORMATION AND MUTUAL COOPERATION. (a) Reuters and
Instinet shall, and shall cause their respective affiliates to, (1) furnish to
the other in a timely manner such information, documents and other materials as
the other may reasonably request for purposes of (i) preparing any Tax Return
(or pro forma tax return prepared in accordance with Section 4 hereof) or
portion thereof for which the other has responsibility for preparing under this
Agreement, (ii) contesting or defending any Audit, and (iii) making any
determination or computation necessary or appropriate under this Agreement, (2)
make its employees reasonably available to the other to provide explanations of
documents and materials and such other information as the other may reasonably
request in connection with any of the matters described in subclauses (i), (ii)
and (iii) of clause (1) above, (3) reasonably cooperate in connection with any
Audit. With respect to any taxable period in which Reuters and any Reuters
Affiliates together own directly or indirectly, 50% or more of the outstanding
stock (by vote or value) of Instinet, Instinet shall, at Reuters request,
provide Reuters with copies of any Instinet Separate Returns and Instinet
Combined Returns.

                  (b) Reuters and Instinet shall, and shall cause their
respective affiliates to, retain books, records, documentation or other
information relating to any Tax Return or Audit, with respect to any taxable
period in which Reuters and any Reuters Affiliates together own, directly or
indirectly, 50% or more of the outstanding stock (by vote or value) of Instinet,
until the later of (i) the expiration of the applicable statute of limitations
(after giving effect to any extension, waiver, or mitigation thereof) and (ii)
in the event any claim is made under this Agreement or by any Tax Authority for
which such information is relevant, until a Final Determination is reached with
respect to such claim. Notwithstanding anything to the contrary included in this
Agreement, the parties will comply in all respects with the requirements of any
applicable record retention agreement with the Service or other Tax Authority.

                  (c) Notwithstanding any other provision of this Agreement, no
member of the Reuters Group shall be required to provide Instinet or any
Instinet Affiliate access to or copies of (1) any Tax information that relates
exclusively to any member of the Reuters Group, (2) any Tax information as to
which any member of the Reuters Group is entitled to assert the protection of
any Privilege, or (3) any Tax information as to which any member of the Reuters
Group is subject to an obligation to maintain the confidentiality of such
information. Reuters shall use reasonable efforts to separate any such
information from any other information to which Instinet is entitled to

                                       14
<PAGE>   18
access or to which Instinet is entitled to copy under this Agreement, to the
extent consistent with preserving its rights under this Section 6.1(c).

                  (d) Notwithstanding any other provision of this Agreement,
with respect to Tax information that relates to any taxable period in which
Instinet is no longer included in the Reuters Consolidated Group and no Reuters
Combined Return or Instinet Combined Return is filed, and during which period
Reuters and any Reuters Affiliate together do not own directly or indirectly,
50% or more of the outstanding stock (by vote or value) of Instinet, no member
of the Instinet Group shall be required to provide Reuters or any Reuters
Affiliate access to or copies of (1) any Tax information that relates
exclusively to any member of the Instinet Group (2) any Tax information as to
which any member of the Instinet Group is entitled to assert the protection of
any Privilege or (3) any Tax information as to which any member of the Instinet
Group is subject to an obligation to maintain the confidentiality of such
information. Instinet shall use reasonable efforts to separate any such
information from any other information to which Reuters is entitled to access or
to which Reuters is entitled to copy under this Agreement, to the extent
consistent with preserving its rights under this Section 6.1(d).

         6.2 INDEMNIFICATION. FAILURE TO PAY. Reuters and each Reuters Affiliate
shall jointly and severally indemnify Instinet, each Instinet Affiliate and
their respective directors, officers and employees, and hold them harmless from
and against any Tax or any loss, liability, claim, damage or expense
(collectively, a "Loss") that is attributable to, or results from the failure of
Reuters or any Reuters Affiliate to make any payment required to be made under
this Agreement. Instinet and each Instinet Affiliate shall jointly and severally
indemnify Reuters, each Reuters Affiliate and their respective directors,
officers and employees, and hold them harmless from and against any Tax or Loss
that is attributable to, or results from, the failure of Instinet or any
Instinet Affiliate to make any payment required to be made under this Agreement.

                  (a) INACCURATE OR INCOMPLETE INFORMATION. Reuters and each
Reuters Affiliate shall jointly and severally indemnify Instinet, each Instinet
Affiliate and their respective directors, officers and employees, and hold them
harmless from and against any Tax or Loss attributable to the negligence of
Reuters or any Reuters Affiliate in supplying Instinet or any Instinet Affiliate
with inaccurate or incomplete information, in connection with the preparation of
any Tax Return or any Audit. Instinet and each Instinet Affiliate shall jointly
and severally indemnify Reuters, each Reuters Affiliate and their respective
directors, officers and employees, and hold them harmless from and against any
Tax or Loss attributable to the negligence of Instinet or any Instinet Affiliate
in supplying Reuters or any Reuters Affiliate with inaccurate or incomplete
information, in connection with the preparation of any Tax Return or any Audit.

         6.3 TAX CONSEQUENCES OF PAYMENTS. TAX CHARACTERIZATION OF PAYMENTS. For
all Tax purposes and notwithstanding any other provision of this Agreement, to
the extent permitted by applicable law, the parties hereto shall treat any
payment made pursuant to this Agreement (other than any payment made in
satisfaction of an intercompany obligation) as a capital contribution or
dividend distribution, as the case may be, immediately prior to the applicable

                                       15
<PAGE>   19
Deconsolidation Date and, accordingly, as not includible in the taxable income
of the recipient. If, as a result of a Final Determination, it is determined
that the receipt or accrual of any payment made under this Agreement is taxable
to the Indemnitee (as defined in Section 6.3(b) of this Agreement), the
Indemnitor (as defined in Section 6.3(b) of this Agreement) shall pay to the
Indemnitee an amount equal to any increase in the Income Taxes of the Indemnitee
as a result of receiving the payment from the Indemnitor (grossed up to take
into account such payment, if applicable).

                  (a) ADJUSTMENTS TO PAYMENTS. Any party that has received a
payment ("Indemnitee") under this Agreement from another party ("Indemnitor")
with respect to any Losses or Taxes suffered or incurred by the Indemnitee
("Indemnified Loss") shall pay to such Indemnitor an amount equal to any "Tax
Saving Amount" realized by the Indemnitee promptly upon its receipt. For
purposes of this Section 6.3(b), the Tax Saving Amount shall equal the amount by
which the Income Taxes of the Indemnitee or any of its affiliates are reduced
(including, without limitation, through the receipt of a refund, credit or
otherwise), plus any related interest received from a Tax Authority, as a result
of claiming as a deduction or offset on any relevant Tax Return amounts
attributable to an Indemnified Loss (the "Indemnifiable Loss Deduction").

                  (b) REPORTING OF INDEMNIFIABLE LOSS. In the event that an
Indemnitee incurs an Indemnified Loss, such Indemnitee shall claim as a
deduction or offset on any relevant Tax Return (including, without limitation,
any claim for refund) such Indemnified Loss to the extent such position is
supported by "substantial authority" (within the meaning of Section 1.6662-4(d)
of the Treasury Regulations) with respect to United States federal, state and
local Tax Returns or has similar appropriate authoritative support with respect
to any Tax Return other than United States federal, state and local Tax Returns.
The Indemnitee shall have primary responsibility for the preparation of its Tax
Returns and reporting thereon such Indemnifiable Loss Deduction; provided, that
the Indemnitee shall consult with, and provide the Indemnitor with a reasonable
opportunity to review and comment on the portion of the Indemnitee's Tax Return
relating to the Indemnified Loss. If a dispute arises between the Indemnitee and
the Indemnitor as to whether there is "substantial authority" (with respect to
United States federal, state and local Tax Returns) or similar appropriate
authoritative support (with respect to any Tax Return other than United States
federal, state and local Tax Returns) for the claiming of an Indemnifiable Loss
Deduction, such dispute shall be resolved in accordance with the principles and
procedures set forth in Section 4.4(b) of this Agreement. Both Reuters and
Instinet shall act in good faith to coordinate their Tax Return filing positions
with respect to the taxable periods that include an Indemnifiable Loss
Deduction. There shall be an adjustment to any Tax Saving Amount calculated
under Section 6.3(b) hereof in the event of an Audit which results in a Final
Determination that increases or decreases the amount of the Indemnifiable Loss
Deduction reported on any relevant Tax Return of the Indemnitee. The Indemnitee
shall promptly inform the Indemnifying Party of any such Audit and shall attempt
in good faith to sustain the Indemnifiable Loss Deduction at issue in the Audit.
Upon receiving a written notice of a Final Determination in respect of an
Indemnifiable Loss Deduction, the Indemnitee shall redetermine the Tax Saving
Amount attributable to the Indemnifiable Loss Deduction under Section 6.3(b)
hereof, taking into account the Final Determination (the "Restated Tax Saving
Amount"). If the Restated

                                       16
<PAGE>   20
Tax Saving Amount is greater than the Tax Saving Amount, the Indemnitee shall
promptly pay the Indemnitor an amount equal to the difference between such
amounts. If the Restated Tax Saving Amount is less than the Tax Saving Amount,
then the Indemnitor shall promptly pay the Indemnitee an amount equal to the
difference between such amounts.

         6.4 INTEREST. Payments pursuant to this Agreement that are not made
within the period prescribed in this Agreement or, if no period is prescribed,
within fifteen (15) business days after demand for payment is made (the "Payment
Period") shall bear interest for the period from and including the date
immediately following the last date of the Payment Period through and including
the date of payment (the "Interest Accrual Period") at a per annum rate equal to
the long-term applicable federal rate ("AFR") in effect on the last day of such
Payment Period, plus 200 basis points. Such interest will be payable at the same
time as the payment to which it relates and shall be calculated on the basis of
a year of 365 days and the actual number of days for which due.

SECTION 7. AUDITS.

         7.1 IN GENERAL. (a) Reuters shall have the exclusive right, in its sole
discretion, to control, contest, and represent the interests of Reuters, any
Reuters Affiliate, Instinet or any Instinet Affiliate in any Audit relating to
any Reuters Consolidated Return, any Reuters Combined Return, or any Reuters
Separate Return and to resolve, settle or agree to any deficiency, claim or
adjustment proposed, asserted or assessed in connection with or as a result of
any such Audit.

                  (b) Instinet shall have the exclusive right, in its sole
discretion, to control, contest, and represent the interests of Instinet or any
Instinet Affiliate in any Audit relating to any Instinet Separate Return or any
Instinet Combined Return and to resolve, settle, or agree to any deficiency,
claim or adjustment proposed, asserted or assessed in connection with or as a
result of any such Audit; provided that, so long as Reuters and any Reuters
Affiliates together own fifty percent (50%) or more of the outstanding stock (by
vote or value) of Instinet, Instinet or the relevant Instinet Affiliate shall
keep Reuters apprised of any significant contact with the relevant Tax Authority
and, at the request of Reuters, provide copies of any notices, correspondence or
documents provided to or received from the relevant Tax Authority. All positions
taken by Instinet in such Audit shall be consistent with the position reported
on the relevant Instinet Tax Return; provided that, if Instinet wishes to take
any position contrary to the position previously taken on such Tax Return,
Instinet shall immediately notify Reuters of such change in position and if such
position would have a meaningful adverse effect on Reuters, then Reuters shall
have the right to require Instinet to follow its prior reporting position or any
other position in connection with such Audit.

                  (c) Reuters' and Instinet's rights shall extend to any matter
pertaining to the management and control of an Audit, including, without
limitation, execution of waivers, choice of forum, scheduling of conferences and
the resolution of any Tax Item.

                                       17
<PAGE>   21
         7.2 NOTICE. If after the date of this Agreement, Reuters (or any
Reuters Affiliate) or Instinet (or any Instinet Affiliate) receives written
notice of, or relating to, an Audit from a Tax Authority that asserts, proposes
or recommends a deficiency, claim or adjustment that, if sustained, could result
in Taxes for which the other party is responsible under this Agreement, then the
party receiving such notice shall provide a copy of such notice to such other
party within ten (10) days of receipt thereof.

         7.3 PARTICIPATION RIGHTS. (a) If a Tax Authority asserts, proposes or
recommends a deficiency, claim or adjustment that, if sustained, would result in
Taxes for which the Non-Controlling Party is responsible under this Agreement,
then the Controlling Party shall keep the Non-Controlling Party informed in a
timely manner of all material actions taken or proposed to be taken by the
Controlling Party in connection with such deficiency, claim or adjustment.

                  (b) in the case of an Audit with respect to a Tax Item for
which the Non-Controlling Party would be primarily responsible under this
Agreement, the Controlling Party shall, if it is reasonably satisfied that it
will not adversely affect the Controlling Party:

                           (i) in the case of any material correspondence or
filing submitted to the Tax Authority or any judicial authority that relates to
the merits of such deficiency, claim or adjustment (1) reasonably in advance of
such submission, but subject to applicable time constraints imposed by such Tax
Authority or judicial authority, provide the Non-Controlling Party with a draft
copy of the portion of such correspondence or filing that relates to such
deficiency, claim or adjustment, (2) incorporate, subject to applicable time
constraints imposed by such Tax Authority or judicial authority, the
Non-Controlling Party's acceptable comments and changes on such draft copy of
such correspondence or filing, and (3) provide the Non-Controlling Party with a
final copy of the portion of such correspondence or filing that relates to such
deficiency, claim or adjustment; and

                           (ii) provide the Non-Controlling Party with notice
reasonably in advance of, and the Non-Controlling Party shall have the right to
attend, any meetings with the Tax Authority (including meetings with examiners)
or hearings or proceedings before any judicial authority to the extent they
relate to such deficiency, claim or adjustment.

                  (c) If the Controlling Party is reasonably satisfied that it
will not adversely affect the Controlling Party:

                           (i) the Controlling Party shall accept any reasonable
suggestions made by the Non-Controlling Party with respect to the resolution or
settlement of, or agreement to, any deficiency, claim or adjustment proposed,
asserted or assessed in connection with or as a result of any Audit with respect
to a Tax Item for which the Non-Controlling Party would be primarily responsible
under this Agreement; and

                                       18
<PAGE>   22
                           (ii) the Controlling Party shall accept any
reasonable request of the Non-Controlling Party to contest or continue to
contest any deficiency, claim or adjustment proposed, asserted or assessed in
connection with or as a result of any Audit with respect to any Tax Item for
which the Non-Controlling Party would be primarily responsible under this
Agreement provided that (A) the Non-Controlling Party shall have agreed to pay,
and shall be currently paying, all reasonable out of pockets costs and expenses
incurred by the Controlling Party to contest such deficiency, claim or
assessment including reasonable outside attorney's, accountant's and
investigatory fees and disbursements, (B) the Non-Controlling Party agrees to
make provision satisfactory to the Controlling Party for the proposed
deficiency, and (C) the Non-Controlling Party agrees to indemnify the
Controlling Party for any increased Tax liability that may result from the
continued contest of such Tax Item.

                  (d) At the Controlling Party's reasonable request (or upon the
Controlling Party's consent to a request by the Non-Controlling Party, which
consent shall not be unreasonably withheld), the Non-Controlling Party shall
assume responsibility for (1) presenting the merits with respect to (A) any
deficiency, claim or adjustment that, if sustained, would result in Taxes for
which the Non-Controlling Party is responsible under this Agreement, or (B)
subject to Section 7.5 of this Agreement, any affirmative claim relating to a
Tax Item of the Non-Controlling Party, or (2) resolving, settling or agreeing to
any such deficiency, claim or adjustment with the express consent of the
Controlling Party. Any such request (or consent) by the Controlling Party shall
be subject to the Non-Controlling Party's continued compliance with the
conditions of Section 7.4 of this Agreement and to such other conditions as the
Controlling Party reasonably determines to be appropriate to preserve the
Controlling Party's rights described in Section 7.1(a) or (b) of this Agreement.

         7.4 SETTLEMENT. The Controlling Party may resolve, settle or agree to
any deficiency, claim or adjustment proposed, asserted or assessed in connection
with any Audit of any Tax Return that it controls under Section 7.1 of this
Agreement without the Non-Controlling Party's consent unless:

                           (i) such resolution, settlement or agreement relates
to (A) Tax Items that in the aggregate exceed two hundred and fifty thousand
dollars ($250,000) for which the Non-Controlling Party could be liable, and,

                           (iii) the Non-Controlling Party delivers to the
Controlling Party, within thirty (30) days of a reasonable request by the
Controlling Party, a written opinion of nationally recognized tax counsel, to
the effect that the Non-Controlling Party's position with respect to such
deficiency, claim or adjustment would more likely than not prevail upon appeal
in a manner favorable to the Non-Controlling Party.

         7.5 AFFIRMATIVE CLAIMS. (a) IN GENERAL. Subject to the principles of
Sections 7.3 and 7.4 of this Agreement, Reuters shall assert any affirmative
claim (including, without limitation, by filing an amended return or claim for
refund) relating to a Tax Item of a member of the Instinet Group to the relevant
Tax Authority

                                       19
<PAGE>   23
provided that (1) Instinet agrees in advance to provide full compensation to
Reuters for any cost or detriment, including any additional Tax liability
resulting from the filing of such amended return or claim for refund, to Reuters
or a Reuters Affiliate that would result from successfully asserting such claim,
and (2) Instinet reasonably requests that such claim be asserted within the
applicable time period set forth in Section 7.5(b) or 7.5(c) of this Agreement.
Reuters may, in its sole discretion, assert any affirmative claim that does not
satisfy the foregoing conditions or that it is not described in Section 7.5(b)
or 7.5(c) of this Agreement. Subject to the principles of Sections 7.3 and 7.4
of this Agreement, Instinet shall assert any affirmative claim (including,
without limitation, by filing an amended return or claim for refund) relating to
a Tax Item of a member of the Reuters Group to the relevant Tax Authority
provided that (1) Reuters agrees in advance to provide full compensation to
Instinet for any cost or detriment, including any additional Tax liability
resulting from the filing of such amended return or claim for refund, to
Instinet or an Instinet Affiliate that would result from successfully asserting
such claim, and (2) Reuters reasonably requests that such claim be asserted
within the applicable time period set forth in Section 7.5(d) of this Agreement.
Instinet may, in its sole discretion, assert any affirmative claim that does not
satisfy the foregoing conditions or that it is not described in Section 7.5(d)
of this Agreement.

                  (b) REUTERS CONSOLIDATED RETURNS. Instinet shall request that
Reuters assert any affirmative claims relating to a Tax Item of a member of the
Instinet Group for a Reuters Consolidated Return no later than the date that is
one hundred eighty (180) days after the date on which Reuters delivers written
notice to Instinet that an examination of the Reuters Consolidated Return for
the applicable year is to begin.

                  (c) REUTERS COMBINED RETURNS. Instinet shall request that
Reuters assert any affirmative claims relating to a Tax Item of a member of the
Instinet Group for a Pre-Deconsolidation Period for which a Reuters Combined
Return has been filed no later than the date that is one hundred eighty (180)
days (but subject to applicable time constraints imposed by the Tax Authority)
after the date on which Reuters delivers written notice to Instinet that an
examination of the Reuters Combined Return for the applicable
Pre-Deconsolidation Period has begun or is to begin.

                  (d) INSTINET COMBINED RETURNS. Reuters shall request that
Instinet assert any affirmative claims relating to a Tax Item of a member of the
Reuters Group for a Pre-Deconsolidation Period for which an Instinet Combined
Return has been filed no later than the date that is one hundred eighty (180)
days (but subject to applicable time constraints imposed by the Tax Authority)
after the date on which Instinet delivers written notice to Reuters that an
examination of the Instinet Combined Return for the applicable
Pre-Deconsolidation Period has begun or is to begin.

SECTION 8. LIABILITY FOR RESTRUCTURING TAXES AND DECONSOLIDATION TAXES.
Notwithstanding any other provision of this Agreement Instinet shall be
responsible for the payment of and shall indemnify and hold Reuters harmless
from and against any Restructuring Taxes or Deconsolidation Taxes in the nature
of Transfer Taxes, and Reuters shall be responsible for the payment of, and
shall

                                       20
<PAGE>   24
indemnify and hold Instinet harmless from and against, any Restructuring Taxes
or Deconsolidation Taxes in the nature of Income Taxes imposed upon Reuters.

SECTION 9. MISCELLANEOUS.

         9.1 EFFECTIVENESS. This Agreement shall become effective upon execution
by both parties hereto.

         9.2 NOTICES. All notices, requests, demands and other communications
under this Agreement shall be in writing and, unless otherwise provided herein,
shall be deemed to have been duly given (i) on the date of service if served
personally on the party to whom notice is given, (ii) on the day of transmission
if sent via facsimile transmission to the facsimile number given below;
provided, telephonic confirmation of receipt is obtained promptly after
completion of transmission, (iii) on the business day after delivery to an
overnight courier service or the Express mail service maintained by the United
States Postal Service; provided, receipt of delivery has been confirmed, or (iv)
on the fifth day after mailing; provided, receipt of delivery is confirmed, if
mailed to the party to whom notice is to be given, by first class mail,
registered or certified, postage prepaid, properly addressed and return-receipt
requested, to the party as follows:

                  If to Reuters or any Reuters Affiliate, to:

                  Vice President, Tax
                  Reuters America Holdings LLC
                  3 Times Square
                  New York, NY 10036

                  If to Instinet or any Instinet Affiliate to:

                  Vice President, Taxes
                  Instinet Group, LLC
                  850 Third Avenue
                  New York, New York 10022

                  Any party may change its address or fax number by giving the
other party written notice of its new address or fax number in the manner set
forth above.

         9.3 CHANGES IN LAW. Any reference to a provision of the Code or a law
of another jurisdiction shall include a reference to any applicable successor
provision or law.

         9.4 SUCCESSORS AND ASSIGNS. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns, but neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned by either
party without the prior written consent of the other party.

                                       21
<PAGE>   25
         9.5 AUTHORIZATION, ETC. Each of the parties hereto hereby represents
and warrants that it has the power and authority to execute, deliver and perform
this Agreement, that this Agreement has been duly authorized by all necessary
corporate action on the part of such party, that this Agreement constitutes a
legal, valid and binding obligation of each such party and that the execution,
delivery and performance of this Agreement by such party does not contravene or
conflict with any provision of law or of its charter or bylaws or any agreement,
instrument or order binding on such party.

         9.6 COMPLETE AGREEMENT. This Agreement shall constitute the entire
agreement between Reuters or any Reuters Affiliate and Instinet or any Instinet
Affiliate with respect to the subject matter hereof and shall supersede all
previous negotiations, commitments and writings with respect to such subject
matter. Unless the context indicates otherwise, any reference to Instinet in
this Agreement shall refer to Instinet and the Instinet Affiliates and any
reference to Reuters in this Agreement shall refer to Reuters and the Reuters
Affiliates.

         9.7 INTERPRETATION. The Section headings contained in this Agreement
are solely for the purpose of reference, are not part of the agreement of the
parties and shall not in any way affect the meaning or interpretation of this
Agreement. Whenever any words are used herein in the masculine gender, they
shall be construed as though they were also used in the feminine gender in all
cases where they would so apply.

         9.8 GOVERNING LAW. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York (regardless of
the laws that might otherwise govern under applicable principles of conflicts
law) as to all matters, including, without limitation, matters of validity,
construction, effect, performance and remedies.

         9.9 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         9.10 LEGAL ENFORCEABILITY. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof. Any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         9.11 NO THIRD PARTY BENEFICIARIES. This Agreement is solely for the
benefit of Reuters, the Reuters Affiliates, Instinet and the Instinet
Affiliates, and is not intended to confer upon any other person any rights or
remedies hereunder.

         9.12 JURISDICTION; FORUM.

                  (a) By the execution and delivery of this Agreement, Reuters
and Instinet submit and agree to cause the Reuters Affiliates and Instinet
Affiliates, respectively, to

                                       22
<PAGE>   26
submit to the personal jurisdiction of any state or federal court in the State
of New York in any suit or proceeding arising out of or relating to this
Agreement.

                  (b) To the extent that Reuters, Instinet, any Reuters
Affiliate or any Instinet Affiliate has or hereafter may acquire any immunity
from jurisdiction of any New York court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property,
Reuters or Instinet, as the case may be, hereby irrevocably waives, and agrees
to cause the Reuters Affiliates and the Instinet Affiliates, respectively, to
waive such immunity in respect of its obligations with respect to this
Agreement.

                  (c) The parties hereto agree that an appropriate and
convenient, non-exclusive forum for any disputes between any of the parties
hereto or the Reuters Affiliates and the Instinet Affiliates arising out of this
Agreement shall be in any state or federal court in the State of New York.

         9.13 AMENDMENT AND MODIFICATION. This Agreement may be amended,
modified or supplemented only by written agreement of the parties.

                  IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed by a duly authorized officer as of the date first above
written.

                                    REUTERS AMERICA HOLDINGS, INC.

                                    By:
                                       ------------------------------------
                                    Name:
                                    Title:

                                    INSTINET GROUP, LLC

                                    By:
                                       ------------------------------------
                                    Name:
                                    Title:

                                    INSTINET GLOBAL HOLDINGS, INC.

                                    By:
                                       ------------------------------------
                                    Name:
                                    Title:

                                       23

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