Document:

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                                                                    EXHIBIT 10.6

                                                                 January 1, 2003

Mr. Ian Strachan
30 Bloomfield Terrace
London SW1W 8PQ
England

      Re:   Non-Executive Chairman

Dear Ian:

      On behalf of Instinet Group Incorporated ("Instinet"), we are pleased that
you accepted the role of Non-Executive Chairman of the Board. Set forth below
are the agreed upon terms and conditions relating to this position:
<TABLE>

<S>                                       <C>

TERM:                                     Commences January 1, 2003 and expires upon Spring 2005 annual
                                          shareholders meeting, absent earlier resignation, removal, death
                                          or disqualification

AMOUNT OF TIME ANTICIPATED TO BE          Seven days per month (including two travel days).
DEVOTED TO ROLE:

RETAINER (INCLUSIVE OF ALL MEETING        $275,000 per annum, payable monthly.
FEES):

RESTRICTED STOCK AWARD:                   $75,000 value annually to be awarded as of the date of the annual
                                          shareholders meeting in 2003 and 2004, with one-year vesting; pro-rata
                                          award based upon $75,000 annualized value from January 1, 2005 through
                                          the date of the annual shareholders meeting in Spring 2005, with
                                          one-year vesting

ANNUAL INCENTIVE BONUS PLAN:              Non eligible.

INSTINET 2000 STOCK OPTION PLAN:          Non eligible.

EXPENSES:                                 Instinet shall reimburse you for all reasonable travel, lodging,
                                          meal and other reasonable expenses incurred in connection with the
                                          performance of your duties and responsibilities as Non-Executive
                                          Chairman

</TABLE>

<PAGE>
Ian Strachan
Non-Executive Chairman
- Page 2 -

      We are indeed pleased that you will assume responsibilities of this
position and we look forward to working closely with you to help Instinet
succeed.

      Best regards.

                                                   Very truly yours,

                                                   /s/ Paul A. Merolla

                                                   Paul A. Merolla
                                                   Executive Vice President,
                                                   General Counsel and Secretary

Accepted and Agreed
this 1st day of January, 2003

/s/ Ian Strachan
----------------------------------
Ian Strachan<PAGE>

                                                                    EXHIBIT 10.8

                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT

            This EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of
this 1st day of January, 2003 by and between Instinet Group Incorporated, a
Delaware corporation (the "Company"), and Mark D. Nienstedt ("Executive").

                                   WITNESSETH:

            WHEREAS, Executive entered into an Employment Agreement with Company
dated April 2, 2001, which Executive and Company have now agreed shall terminate
in all respects, effective December 31, 2002;

            WHEREAS, Executive is currently employed by the Company as its
President;

            WHEREAS, the Company desires to continue the employment of Executive
in such role as determined by the Chief Executive Officer ("CEO") of the
Company;

            WHEREAS, the Company and Executive desire to set forth the new terms
and conditions of Executive's continued employment with the Company and
Executive desires to accept such employment on the terms and conditions set
forth herein;

            WHEREAS, this new Executive Employment Agreement has been approved
by the Compensation Committee of the Company on December 4, 2002;

            WHEREAS, each of the Company and Executive agrees that Executive has
had and will continue to have a prominent role in the management of the
business, and the development of the goodwill, of the Company and its
Affiliates, and has established and developed and will continue to establish and
develop relations and contacts with the principal customers and suppliers of the
Company and its Affiliates in the United States (the "Restricted Territory"),
all of which constitute valuable goodwill of, and could be used by Executive to
compete unfairly with, the Company and its Affiliates; and

            WHEREAS, (i) in the course of his employment with the Company,
Executive has obtained and will continue to obtain confidential and proprietary
information and trade secrets concerning the business and operations of the
Company and its Affiliates in the Restricted Territory that could be used to
compete unfairly with the Company and its Affiliates; (ii) Executive has and
will continue to create and develop certain work products, inventions and other
intellectual property which constitute an essential portion of the property of
the Company and its Affiliates, (iii) the covenants and restrictions contained
in Sections 8 through 14, inclusive, are intended to protect the legitimate
interests of the Company and its Affiliates in their respective goodwill, trade
secrets and other confidential and proprietary information and intellectual
property; and (iv) Executive desires to be bound by such covenants and
restrictions.

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants and promises contained herein and for other good and valuable
consideration, the Company and Executive hereby agree as follows:

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                                                                  EXECUTION COPY

            l. Agreement to Continue Employment. Upon the terms and subject to
the conditions of this Agreement, the Company hereby continues the employment of
Executive, and Executive hereby accepts such continued employment with the
Company.

            2. Term; Position and Responsibilities.

            (a) Term of Employment. Unless Executive's employment shall sooner
terminate pursuant to Section 7, the Company shall employ Executive on the terms
and subject to the conditions of this Agreement for a term commencing on the
date hereof (the "Commencement Date") and ending on the twenty-six month
anniversary of the Commencement Date (the "Term"). The Term of the Agreement
will not be renewed. The period during which Executive is employed by the
Company pursuant to this Agreement shall be referred to as the "Employment
Period."

            (b) Position and Responsibilities. During the Employment Period,
Executive shall have such duties and responsibilities as are assigned to him by
the CEO and such other duties as the Board of Directors of the Company (the
"Board") specifies from time to time. Executive shall devote all of his skill,
knowledge, commercial efforts to the conscientious and faithful performance of
his duties and responsibilities for the Company. Executive and the Company agree
that Executive will devote no more than 40% of his time to his duties with the
Company in calendar year 2003 and no more than 20% of his time to his duties
with the Company thereafter.

            3. Base Salary. As compensation for the services to be performed by
Executive during the Employment Period, the Company shall pay Executive a base
salary at the following annualized rates, payable in installments on the
Company's regular payroll dates:

            Calendar Year 2003:       $200,000 per annum

            Thereafter:               $120,000 per annum

The annual base salary payable to Executive under this Section 3 shall
hereinafter be referred to as the "Base Salary".

            4. Incentive Compensation Arrangements.

            (a) Annual Incentive Bonus. During the Employment Period and subject
to the review and approval of the Compensation Committee, Executive shall be
eligible to participate in the annual bonus program maintained by the Company
for its senior executives. Provided that, except to the extent expressly
provided otherwise in Section 7(f), Executive's employment has not terminated
prior to the date upon which annual bonuses are actually paid by Company to its
senior executives in respect of the previous fiscal year, Executive shall
receive an annual bonus under such Annual Incentive Bonus program (the "Bonus"),
which may be in cash, restricted stock, options or other non-cash compensation,
on the following schedule:

            February 28, 2004         $200,000

            February 28, 2005         $120,000

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            (b) Option Grants. During the Employment Period, Executive shall be
eligible to participate in the Instinet 2000 Stock Option Plan (as the same may
be amended and in effect from time to time, the "2000 Option Plan") and any
subsequent stock option plan maintained by the Company for its senior
executives, subject to the review and approval of the Compensation Committee.
The terms and conditions of all options to purchase shares of common stock
granted to Executive under the 2000 Option Plan or under any prior or subsequent
stock option plan maintained by the Company or its Affiliates (including any
options granted to Executive prior to the Commencement Date) (collectively, the
"Options"), including the grant, vesting, exercise, payment and all other terms
of such Options, shall be governed by the terms of the stock option plan under
which such Options were granted, as such plan or plans may be amended and in
effect from time to time.

            5. Employee Benefits. During the Employment Period, Executive shall
be eligible to participate in the employee benefit plans and programs maintained
by the Company from time to time in which senior executives of the Company are
eligible to participate, including to the extent maintained by the Company
medical, dental, accidental, disability and life insurance plans and profit
sharing, pension, retirement, deferred compensation and savings plans, in
accordance with the terms and conditions thereof as in effect from time to time.
The benefits referred to in this Section 5 shall be provided to Executive on a
basis that is commensurate with Executive's position and duties with the
Company.

            6. Perquisites and Expenses.

            (a) General. During the Employment Period, Executive shall be
eligible to participate in all special benefit or perquisite programs of the
Company generally available from time to time to senior executives of the
Company, on the terms and conditions thereof as in effect from time to time.

            (b) Business Travel, Lodging, etc. During the Employment Period, the
Company shall reimburse Executive for reasonable travel, lodging, meal and other
reasonable expenses incurred by him in connection with the performance of his
duties and responsibilities hereunder upon submission of evidence, satisfactory
to the Company, of the incurrence and purpose of each such expense and otherwise
in accordance with terms and conditions of the Company's business expense
reimbursement policy applicable to its senior executives as in effect from time
to time.

            (c) Vacation. During the Employment Period, Executive shall be
entitled to paid vacation on an annualized basis in the amount provided by
Company policy, without carryover accumulation.

            7. Termination of Employment.

            (a) Termination Due to Death or Disability. Executive's employment
may be terminated by the Company due to Executive's Disability (as defined in
the Company's Human Resources policies). In the event that Executive's
employment hereunder terminates due to his death or is terminated by the Company
due to Executive's Disability, no termination benefits shall be payable to or in
respect of Executive except as provided in Section 7(f) (ii).

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            (b) Termination by the Company for Cause. Executive's employment may
be terminated by the Company for Cause (as defined in the 2000 Option Plan). In
the event of a termination of Executive's employment by the Company for Cause,
no termination benefits shall be payable to or in respect of Executive except as
provided in Section 7(f)(ii).

            (c) Termination Without Cause. Executive's employment may be
terminated by the Company Without Cause (as defined below). In the event of a
termination of Executive's employment by the Company Without Cause, no
termination benefits shall be payable to or in respect of Executive except as
provided in Section 7(f)(i). For purposes of this Agreement and the Options, a
termination "Without Cause" shall mean a termination of Executive's employment
by the Company other than due to Executive's death or Disability as described in
Section 7(a) and other than for Cause as described in Section 7(b).

            (d) Termination by Executive. Executive may terminate his employment
for any reason, including for Good Reason (as defined below). In the event of a
termination of Executive's employment by Executive other than for Good Reason,
no termination benefits shall be payable to or in respect of Executive except as
provided in Section 7(f)(ii) and in the event of a termination of Executive's
employment by Executive for Good Reason, no termination benefits shall be
payable to or in respect of Executive except as provided in Section 7(f)(i). For
purposes of this Agreement, a termination of employment by Executive for "Good
Reason" shall mean a termination by Executive of his employment with the Company
within 30 days following the occurrence, without Executive's consent, of any of
the following events: (i) a material diminution in the Executive duties,
authority, position or responsibilities; (ii) a material decrease in the
Executive's base pay, fees, incentive compensation opportunities, and/or
employee benefits and prerequisites; or (iii) a requirement that the Executive
relocate his or her primary place of employment or service by more that 30
miles; provided that the Executive shall have given the Company or the relevant
Affiliate of the Company notice of the event or events constituting Good Reason
and the Company or such Subsidiary shall have failed to cure such event or
events within 10 business days after receipt of such notice.

            (e) Notice of Termination; Date of Termination.

            (i) Notice of Termination. Any termination by the Company pursuant
to Section 7(a), 7(b) or 7(c), or by Executive pursuant to Section 7(d), shall
be communicated by a written Notice of Termination addressed to the other party
to this Agreement. A "Notice of Termination" shall mean a notice stating that
Executive or the Company, as the case may be, is electing to terminate
Executive's employment with the Company, stating the proposed effective date of
such termination, indicating the specific provision of this Section 7 under
which such termination is being effected and, if applicable, setting forth in
reasonable detail the circumstances claimed to provide the basis for such
termination.

            (ii) Date of Termination. The term "Date of Termination" shall mean
(i) if Executive's employment is terminated by his death, the date of his death,
(ii) if Executive's employment is terminated by the Company for Cause, the date
on which Notice of Termination is given or, if later, the effective date of
termination specified in such Notice of Termination, and (iii) if Executive's
employment is terminated by the Company Without Cause, due to Executive's
Disability or by Executive for any reason, the date specified in the applicable
Notice

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                                                                  EXECUTION COPY

of Termination provided that such date shall not be less than 30 days nor more
than 60 days after the date on which Notice of Termination is given.

            (f) Payments Upon Certain Terminations.

            (i) In the event of a termination of Executive's employment by the
Company Without Cause or a termination by Executive of his employment for Good
Reason during the Employment Period, the Company shall pay to Executive (or,
following his death, to Executive's estate) within 30 days of the Date of
Termination his (x) full Base Salary through the Date of Termination, (y)
reimbursement for any unreimbursed business expenses incurred by Executive prior
to the Date of Termination that are subject to reimbursement pursuant to Section
6(b) and (such amounts under clauses (x) and (y), collectively the "Accrued
Obligations"). In addition, in the event of any such termination of Executive's
employment, provided Executive executes and delivers to the Company a Release
and Discharge of Claims in a form acceptable to the Company, Executive (or,
following his death, Executive's estate) shall be entitled to the following
payments and benefits, as liquidated damages:

            (A) continued payments of the Base Salary, payable in installments
      in accordance with the Company's regular payroll policies, for the period
      beginning on the Date of Termination and ending on February 28, 2005 (the
      "Severance Period");

            (B) payment of an amount equal to the aggregate of the unpaid
      Bonuses provided in Section 4(a), such amount to be paid within five
      business days following the Bonus Payment Date for the fiscal year of the
      Company that includes the Date of Termination; and

            (C) continued coverage during the Severance Period under the
      Company's medical and dental insurance plans referred to in Section 5 (the
      "Continued Benefits") for Executive and his eligible dependents
      participating in such plans immediately prior to the Date of Termination,
      subject to timely payment by Executive of all premiums, contributions and
      other co-payments required to be paid by senior executives of the Company
      under the terms of such plans as in effect from time to time.

            Executive shall not have a duty to mitigate the costs to the Company
under this Section 7 (f) (i), nor shall any payments from Company to Executive
be reduced, offset or canceled by any compensation or fees earned by (whether or
not paid currently) or offered to Executive during the Severance Period by a
subsequent employer or other Person (as defined below) for which Executive
performs services, including but not limited to consulting services. The
foregoing notwithstanding, should Executive receive benefits coverage by a
subsequent employer during the Severance Period, all health and medical benefits
coverage provided by the Company to Executive shall immediately terminate.

            (ii) If Executive's employment shall terminate upon his death or
Disability or if the Company shall terminate Executive's employment for Cause or
Executive shall terminate his employment without Good Reason in any such case
during the Employment Period, the Company shall pay to Executive (or, in the
event of Executive's death, to his estate) the Accrued Obligations within 30
days following the Date of Termination.

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            (iii) Except as specifically set forth in this Section 7(f), no
benefits payable to Executive under any otherwise applicable plan, policy,
program or practice of the Company or its Affiliates in which Executive was a
participant during his employment with the Company or its Affiliates shall be
limited by this Section 7(f), provided that Executive shall not be entitled to
receive any payments or benefits under any such plan, policy, program or
practice providing any bonus or incentive compensation or severance compensation
or benefits (and the provisions of this Section 7(f) shall supersede the
provisions of any such plan, policy, program or practice).

            (g) Resignation upon Termination. Effective as of any Date of
Termination under this Section 7 or otherwise as of the date of Executive's
termination of employment with the Company, Executive shall resign, in writing,
from all Board memberships and other positions then held by him with the Company
and its Affiliates.

            8. Unauthorized Disclosure. During the period of Executive's
employment with the Company and following any termination of such employment,
without the prior written consent of the Board or its authorized representative,
except to the extent required by an order of a court having jurisdiction or
under subpoena from an appropriate government agency, in which event, Executive
shall use his best efforts to consult with the Board prior to responding to any
such order or subpoena, and except as required in the appropriate performance of
his duties hereunder, Executive shall not disclose any confidential or
proprietary trade secrets, customer lists, drawings, designs, programs,
software, protocols, information regarding product development, marketing plans,
sales plans, manufacturing plans, management organization information (including
but not limited to data and other information relating to members of the Board
of Directors of the Company or any of its Affiliates or to management of the
Company or any of its Affiliates), operating policies or manuals, business
plans, financial records, packaging design or other financial, commercial,
business or technical information (a) relating to the Company or any of its
Affiliates or (b) that the Company or any of its Affiliates may receive
belonging to suppliers, customers or others who do business with the Company or
any of its Affiliates (collectively, "Confidential Information") to any third
person unless such Confidential Information has been previously disclosed to the
public or is in the public domain (other than by reason of Executive's breach of
this Section 8).

            9. Non-Competition. During the period of Executive's employment with
the Company and, following any termination thereof, the period ending on the
later of (a) six months after the Date of Termination and (b) the last day of
the Severance Period (such periods, collectively, the "Restriction Period"),
Executive shall not, directly or indirectly, become employed by, engage in
business with, serve as an agent or consultant to, or become a partner, member,
principal, stockholder or other owner (other than a holder of less than 1% of
the outstanding voting shares of any publicly held company) of, any Person that
competes or has a reasonable potential for competing, anywhere in the Restricted
Territory, with the Business (as defined below).

            10. Non-Solicitation of Employees. During the Restriction Period,
Executive shall not, directly or indirectly, for his own account or for the
account of any other Person, (i) solicit for employment, employ or otherwise
interfere with the relationship of the Company or any of its Affiliates with any
natural person throughout the world who is or was employed by or otherwise
engaged to perform services for the Company or any of its Affiliates at any time
during which Executive was employed by the Company or (in the case of any such
activity

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during the period of Executive's employment with the Company) or during the
six-month period preceding such solicitation, employment or interference (in the
case of any such activity after the date of Executive's termination of
employment), other than any such solicitation or employment on behalf of the
Company or its Affiliates during Executive's employment with the Company, or
(ii) induce any employee of the Company or its Affiliates who is a member of
management to engage in any activity which Executive is prohibited from engaging
in under any of Sections 8, 9, 10 or 11 or to terminate his employment with the
Company. For purposes of this Section 10 and Section 11, the terms "solicit" and
"solicitation" mean any communication of any kind whatsoever, regardless of by
whom initiated, inviting, encouraging or requesting any person or entity to take
or refrain from taking any action.

            11. Non-Solicitation of Customers. During the Restriction Period,
Executive shall not, directly or indirectly, for his own account or for the
account of any other Person, anywhere in the Restricted Territory, solicit or
otherwise attempt to establish any business relationship of a nature that is
competitive with the business or relationship of the Company or any of its
Affiliates with any Person which is or was a customer, client or distributor of
the Company or any of its Affiliates at any time during which Executive was
employed by the Company (in the case of any such activity during the period of
Executive's employment with the Company) or during the twelve-month period
preceding the Date of Termination (in the case of any such activity after the
date of Executive's termination of employment), other than any such solicitation
on behalf of the Company or any of its Affiliates during Executive's employment
with the Company.

            12. Return of Documents. In the event of the termination of
Executive's employment for any reason, Executive shall deliver to the Company
all of the property of the Company and its Affiliates and the non-personal
documents and data of any nature and in whatever medium of each of the Company
and its Affiliates, and he shall not take with him any such property, documents
or data or any reproduction thereof, or any documents containing or pertaining
to any Confidential Information.

            13. Work Product. Executive agrees to disclose in confidence to the
Company any and all inventions, improvements, designs, original works of
authorship, formulas, processes, computer software programs, databases and trade
secrets (including, but not limited to, market information and marketing
designs, proposals and concepts) (all taken together, the "Developments") that
Executive makes, conceives, first reduces to practice, or creates, either alone
or jointly with others while Executive is employed by the Company and that: (a)
result from any work performed by Executive for the Company, whether or not in
the normal course of Executive's duties or during normal business hours; (b)
reasonably relate to the actual or anticipated business, services, products,
research or development of Executive; or (c) are developed with the use of the
Company time, equipment, supplies or facilities. Executive must promptly
disclose Developments to the Company whether or not such Developments are
patentable, copyrightable or protectible as trade secrets. Executive understands
and agrees that all Developments shall be the sole and exclusive property of the
Company and shall constitute "work made for hire" (as that term is defined under
Section 101 of the U.S. Copyright Act, 17 U.S.C. Section 101) with the Company
being the person for whom the work was prepared and that all intellectual
property rights therein shall be the sole and exclusive property of the Company,
and that in the event that any such Development is deemed not to be a "work made
for hire," Executive hereby irrevocably assigns, transfers and conveys to the
Company, exclusively and

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perpetually, all right, title and interest which Executive may have or acquire
in and to such Development throughout the world, including without limitation
any copyrights and patents, and the right to secure registrations, renewals,
reissues, and extensions thereof. Executive agrees to sign any documents and to
do all things necessary, without additional compensation, whether during
Executive's employment or after, to assist the Company to register, perfect,
maintain and/or enforce the Company's rights in any Development, including
without limitation any patent, copyright, trade secret or other right or
interest.

            14. Injunctive Relief with Respect to Covenants; Forum, Venue and
Jurisdiction. Executive acknowledges and agrees that the covenants, obligations
and agreements of Executive contained in Sections 8, 9, 10, 11, 12, 13 and 14
relate to special, unique and extraordinary matters and that a violation of any
of the terms of such covenants, obligations or agreements will cause the Company
irreparable injury for which adequate remedies are not available at law.
Therefore, Executive agrees that the Company shall be entitled to an injunction,
restraining order or such other equitable relief (without the requirement to
post bond) as a court of competent jurisdiction may deem necessary or
appropriate to restrain Executive from committing any violation of such
covenants, obligations or agreements. These injunctive remedies are cumulative
and in addition to any other rights and remedies the Company may have. The
Company and Executive hereby irrevocably submit to the exclusive jurisdiction of
the courts of New York, and the Federal courts of the United States of America,
in each case located in New York City in respect of the injunctive remedies set
forth in this Section 14 and the interpretation and enforcement of Sections 8,
9, 10, 11, 12, 13 and 14 insofar as such interpretation and enforcement relate
to any request or application for injunctive relief in accordance with the
provisions of this Section 14, and the parties hereto hereby irrevocably agree
that (a) the sole and exclusive appropriate venue for any suit or proceeding
relating solely to such injunctive relief shall be in such a court, (b) all
claims with respect to any request or application for such injunctive relief
shall be heard and determined exclusively in such a court, (c) any such court
shall have exclusive jurisdiction over the person of such parties and over the
subject matter of any dispute relating to any request or application for such
injunctive relief, and (d) each hereby waives any and all objections and
defenses based on forum, venue or personal or subject matter jurisdiction as
they may relate to an application for such injunctive relief in a suit or
proceeding brought before such a court in accordance with the provisions of this
Section 14. All disputes not relating to any request or application for
injunctive relief in accordance with this Section 14 shall be resolved by
arbitration in accordance with Section 17 (b).

            Notwithstanding any other provision hereof, the Company's
obligations to pay Executive any amount or provide Executive with any benefit or
right pursuant to Section 7(f) is subject to Executive's compliance with his
obligations under Sections 8 through 14, inclusive.

            15. Assumption of Agreement. The Company shall require any Successor
thereto, by agreement in form and substance reasonably satisfactory to
Executive, to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. Failure of the Company to obtain such
agreement prior to the effectiveness of any such succession shall be a breach of
this Agreement and shall entitle Executive to compensation from the Company in
the same amount and on the same terms as Executive would be entitled hereunder
if the Company had terminated Executive's employment Without Cause as described
in Section 7, except that for

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purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the Date of Termination.

            16. Entire Agreement. This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof.
All prior correspondence and proposals (including but not limited to summaries
of proposed terms) and all prior promises, representations, understandings,
arrangements and agreements relating to such subject matter (including but not
limited to those made to or with Executive by any other Person and those
contained in any prior employment, consulting or similar agreement entered into
by Executive and the Company or any predecessor thereto or Affiliate thereof)
are merged herein and superseded hereby.

            17. Miscellaneous.

            (a) Binding Effect; Assignment. This Agreement shall be binding on
and inure to the benefit of the Company and its successors and permitted
assigns. This Agreement shall also be binding on and inure to the benefit of
Executive and his heirs, executors, administrators and legal representatives.
This Agreement shall not be assignable by any party hereto without the prior
written consent of the other parties hereto, except as provided pursuant to this
Section 17(a). The Company may effect such an assignment without prior written
approval of Executive upon the transfer of all or substantially all of its
business and/or assets (by whatever means), provided that the Successor to the
Company shall expressly assume and agree to perform this Agreement in accordance
with the provisions of Section 15.

            (b) Arbitration. Any dispute or controversy arising under or in
connection with this Agreement (except in connection with any request or
application for injunctive relief in accordance with Section 14) shall be
resolved by binding arbitration. The arbitration shall be held in New York City
and, except to the extent inconsistent with this Agreement, shall be conducted
in accordance with the Commercial Arbitration Rules of the American Arbitration
Association then in effect at the time of the arbitration, and otherwise in
accordance with principles which would be applied by a court of law or equity.
The arbitrator shall be acceptable to both the Company and Executive. If the
parties cannot agree on an acceptable arbitrator, the dispute shall be heard by
a panel of three arbitrators, one appointed by the Company, one appointed by
Executive, and the third appointed by the other two arbitrators. All expenses of
arbitration shall be borne by the party who incurs the expense, or, in the case
of joint expenses, by both parties in equal portions.

            (c) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without reference to
principles of conflicts of laws.

            (d) Taxes. The Company may withhold from any payments made under
this Agreement all applicable taxes, including but not limited to income,
employment and social insurance taxes, as shall be required by law.

            (e) Amendments. No provision of this Agreement may be modified,
waived or discharged unless such modification, waiver or discharge is approved
by the Board or a Person authorized thereby and is agreed to in writing by
Executive. No waiver by any party

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hereto at any time of any breach by any other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. No waiver of any provision of
this Agreement shall be implied from any course of dealing between or among the
parties hereto or from any failure by any party hereto to assert its rights
hereunder on any occasion or series of occasions.

            (f) Severability. In the event that any one or more of the
provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby.

            (g) Notices. Any notice or other communication required or permitted
to be delivered under this Agreement shall be (i) in writing, (ii) delivered
personally, by courier service or by certified or registered mail, first-class
postage prepaid and return receipt requested, (iii) deemed to have been received
on the date of delivery or, if so mailed, on the third business day after the
mailing thereof, and (iv) addressed as follows (or to such other address as the
party entitled to notice shall hereafter designate in accordance with the terms
hereof):

            (A) If to the Company, to it at:

                Office of the General Counsel
                Instinet Group Incorporated
                3 Times Square
                New York, New York 10036

            (B) if to Executive, to him at his residential address as currently
            on file with the Company.

            (h) Voluntary Agreement; No Conflicts. Executive represents that he
is entering into this Agreement voluntarily and that Executive's employment
hereunder and compliance with the terms and conditions of this Agreement will
not conflict with or result in the breach by Executive of any agreement to which
he is a party or by which he or his properties or assets may be bound.

            (i) Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original and all of which together shall
constitute one and the same instrument.

            (j) Headings. The section and other headings contained in this
Agreement are for the convenience of the parties only and are not intended to be
a part hereof or to affect the meaning or interpretation hereof.

            (k) Certain Definitions.

            "Affiliate": with respect to any Person, means any other Person
that, directly or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with the first Person, including but
not limited to a Subsidiary of the first Person, a Person of which the first
Person is a Subsidiary, or another Subsidiary of a Person of which the first
Person is also a Subsidiary.

                                       10
<PAGE>

                                                                  EXECUTION COPY

            "Business": means the provision of securities brokerage or financial
services through the Internet or any similar medium of electronic commerce
(including without limitation the business of an ECN, ATS or their equivalent)
from an operation base located anywhere within the United States, and any and
all other businesses that after the date hereof, and from time to time during
the Employment Period, are material with respect to the Company's and its
Affiliates' businesses.

            "Control": with respect to any Person, means the possession,
directly or indirectly, severally or jointly, of the power to direct or cause
the direction of the management policies of such Person, whether through the
ownership of voting securities, by contract or credit arrangement, as trustee or
executor, or otherwise.

            "Person": any natural person, firm, partnership, limited liability
company, association, corporation, company, trust, business trust, governmental
authority or other entity.

            "Subsidiary": with respect to any Person, each corporation or other
Person in which the first Person owns or Controls, directly or indirectly,
capital stock or other ownership interests representing 50% or more of the
combined voting power of the outstanding voting stock or other ownership
interests of such corporation or other Person.

            "Successor": of a Person means a Person that succeeds to the first
Person's assets and liabilities by merger, liquidation, dissolution or otherwise
by operation of law, or a Person to which all or substantially all the assets
and/or business of the first Person are transferred.

            IN WITNESS WHEREOF, the Company has duly executed this Agreement by
its authorized representatives, and Executive has hereunto set his hand, in each
case effective as of the date first above written.

                                             INSTINET GROUP INCORPORATED

                                             By: /s/ Edward J. Nicoll
                                                 -------------------------------
                                                 Edward J. Nicoll
                                                 Chief Executive Officer

                                             Executive:
                                                 /s/ Mark D. Nienstedt
                                                 -------------------------------
                                                 Name:  Mark D. Nienstedt

                                       11

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