Document:

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                                                                    Exhibit 10.2

                          DATEK STOCKHOLDERS AGREEMENT

                  THIS DATEK STOCKHOLDERS AGREEMENT (the "Agreement") is entered
into as of June 9, 2002 by and between INSTINET GROUP INCORPORATED, a Delaware
corporation ("Instinet"), REUTERS LIMITED, a company organized under the laws of
England and Wales ("Reuters Limited"), and DATEK ONLINE HOLDINGS CORP., a
Delaware corporation ("Datek").

                                    RECITALS

                  WHEREAS, Instinet, Island Holding Corporation, Inc., a
Delaware corporation ("Island") and Instinet Merger Corporation, a Delaware
corporation and a wholly owned subsidiary of Instinet have entered into an
Agreement and Plan of Merger, dated as of the date hereof (as it may be amended,
supplemented or otherwise modified from time to time, the "Merger Agreement").

                  WHEREAS, the parties desire to enter into this Agreement to
set forth their agreement regarding certain matters with respect to the transfer
of shares of Instinet to be received by Datek pursuant to the Merger Agreement,
if any.

                                   AGREEMENTS

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
for themselves and their respective successors and permitted assigns, hereby
agree as follows:

                                   ARTICLE I
                                   DEFINITIONS

                  1.1. Definitions. As used in this Agreement, the following
terms will have the following meanings, applicable both to the singular and the
plural forms of the terms described.

                  "Affiliate" means, with respect to a given Person, any other
Person that, directly or indirectly, controls, is controlled by, or is under
common control with, such Person. For purposes of this definition and the
definition of "Permitted Transferee," "control" (including, with correlative
meanings, the terms "controlled by" and "under common control with"), as applied
to any Person, means the possession, directly or indirectly, of the power to
vote forty percent (40%) or more of the securities having voting power for the
election of directors (or other Persons acting in similar capacities) of such
Person or otherwise to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

                  "Agreement" has the meaning ascribed thereto in the preamble
hereto, as such agreement may be amended and supplemented from time to time in
accordance with its terms.

                  "Bain Group" has the meaning ascribed thereto in the Island
Stockholders Agreement.

                  "Cause" means (a) the commission by an individual of any act
or omission that would constitute a felony or other crime under applicable
federal, state or foreign law determined by the members of the Board of
Directors (excluding the applicable individual, if a director) to be material to
such individual's role at Instinet, (b) the commission by an individual of any
act of moral turpitude, (c) fraud, dishonesty or a breach of fiduciary duty to
Instinet, its Affiliates and/or its stockholders, (d) continued alcohol or other
substance abuse by an individual that renders him incapable of performing his
material duties to the satisfaction of the Board of Directors or (e) any act or
omission by an individual that is a material violation of any applicable federal
or state or other securities law, regulation or rule or of any applicable rule
or regulation of any self-regulatory organization.

                  "Common Stock" means the common stock, par value $0.01 per
share, of Instinet, and any other class of Instinet's capital stock representing
the right to vote generally for the election of directors.

                  "Corporate Agreement" means the Amended and Restated Corporate
Agreement, dated as of the date hereof, by and between Reuters Limited and
Instinet, as the same may be further amended, supplemented or otherwise modified
from time to time.

                  "Datek" has the meaning ascribed thereto in the preamble
hereto.

                  "Derivative Transaction" means any transaction involving a
security linked to the Common Stock, including any equity swap, put, put
equivalent, collar, sale of exchangeable security or similar transaction.

                  "Effective Time" has the meaning ascribed thereto in the
Merger Agreement.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute.
<PAGE>
                  "Initial Share Holding Period" has the meaning ascribed
thereto in Section 2.1(a).

                  "Instinet" has the meaning ascribed thereto in the preamble
hereto.

                  "Instinet Entities" means Instinet Parent, Instinet and their
respective Subsidiaries from time to time, and "Instinet Entity" shall mean any
of the Instinet Entities; provided, however, in each case, that any such
Instinet Entity shall cease to be a "Instinet Entity" under this Agreement at
such time as such Person no longer is a Subsidiary of Instinet Parent or
Instinet, as the case may be.

                  "Instinet Parent" means any Person who succeeds Instinet as
the parent corporation of the Instinet Entities as a result of a corporate
reorganization, merger or otherwise.

                  "Island Stockholders" has the meaning ascribed thereto in the
Island Stockholders Agreement.

                  "Island Stockholders Agreement" means the Stockholders
Agreement, dated as of the date hereof, by and among Instinet, the Reuters
Parties, the Bain Group, the Silver Lake Group, the TA Group and Edward Nicoll.

                  "Joinder Agreement" means a joinder agreement in the form
attached hereto as Exhibit A by which a Person agrees to be treated as Datek
hereunder.

                  "Legend" has the meaning ascribed thereto in Section 2.1(d).

                  "Market Transaction" means any transaction effected on an
exchange or in the over-the-counter market (as such terms are used in Section
4(4) of the Securities Act), on an "alternative trading system" (as defined in
Regulation ATS) or directly with a "market maker" (as defined in Section
3(a)(38) of the Exchange Act).

                  "Merger Agreement" has the meaning ascribed thereto in the
preamble hereto.

                  "Other Distribution" means a distribution (by dividend or
otherwise) of the Subject Shares by Datek in respect of its capital stock or
securities exerciseable therefor to its stockholders and optionholders that is
not a Pro Rata Securityholder Distribution.

                  "Person" means any individual, partnership, limited liability
company, joint venture, corporation, trust, unincorporated organization,
government (and any department or agency thereof) or other entity.

                  "Pro Rata Securityholder Distribution" means a distribution
(by dividend or otherwise) of the Subject Shares by Datek in respect of its
capital stock or securities exercisable therefor to its stockholders and
optionholders in which the Bain Group, the TA Group and the Silver Lake Group
receive at least their pro rata share of the Subject Shares (based on their
fully diluted interest in Datek as of the date hereof adjusted for the effects
of employee stock options or similar stock issuances occurring after the date
hereof) and the other Subject Shares are distributed substantially as widely as
set forth in Section 3.17(a) of the Company Disclosure Schedule attached to the
Merger Agreement, including with respect to approximate number of security
holders and approximate range of sizes of share holdings.

                  "Registration Rights Agreement" means that certain
Registration Rights Agreement to be entered into by and among Instinet, the
Reuters Parties, the Island Stockholders, Finanzas B.V. and those additional
stockholders of Instinet, if any, party thereto.

                  "Reuters Holders" has the meaning ascribed to the term
"Holders" in the Corporate Agreement.

                  "Reuters Limited" has the meaning ascribed thereto in the
preamble hereto.

                  "Reuters Parties" has the meaning ascribed thereto in the
Island Stockholders Agreement.

                  "Securities Act" means the Securities Act of 1933, as amended,
or any successor statute.

                  "Silver Lake Group" has the meaning ascribed thereto in the
Island Stockholders Agreement.

                  "Subject Shares" means all shares of Common Stock originally
acquired by Datek pursuant to the Merger Agreement (and any additional shares of
Common Stock issued in respect of such shares subsequent to the Effective Time
pursuant to a stock dividend, subdivision, reclassification, recapitalization,
split, combination or exchange of shares or any similar event) held by Datek or
any Person required by this Agreement to execute a Joinder Agreement with
respect to such shares.

                  "Subsidiary" means, as to any Person, any corporation,
association, partnership, joint venture or other business entity of which more
than 50% of the voting power of capital stock or other voting ownership
<PAGE>
interests entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is owned or
controlled, directly or indirectly, by such Person or by one or more of the
Subsidiaries of such Person or by a combination thereof.

                  "TA Group" has the meaning ascribed thereto in the Island
Stockholders Agreement.

                  "Transfer" means, with respect to securities, a transfer,
sale, assignment, pledge, hypothecation or other disposition, whether directly
or indirectly (pursuant to a Derivative Transaction, the creation of a
derivative security, by Transfer of other securities convertible into or
exchangeable or exercisable for, or any right to purchase or acquire, such
security or otherwise), the grant of an option or other right or the imposition
of a restriction on disposition or voting or by operation of law.

                  1.2. Internal References. Unless the context indicates
otherwise, references to Articles, Sections and Paragraphs shall refer to the
corresponding articles, sections and paragraphs in this Agreement and references
to the parties shall mean the parties to this Agreement.

                                   ARTICLE II
                            LIMITATIONS ON TRANSFER.

                  2.1. Limitations on Transfer.

                  (a) Notwithstanding any other provision of this Agreement,
prior to the earlier to occur of (i) the date which is one year following the
Effective Time and (ii) the date on which Edward Nicoll is terminated by
Instinet, other than in the case of a termination by Instinet for Cause or a
termination with the consent of at least two Island Stockholders then entitled
to designate directors under Section 2.2(a)(i) of the Island Stockholders
Agreement (the period from the Effective Time to the earlier to occur of (i) and
(ii), the "Initial Share Holding Period"), Datek shall not at any time effect
any Transfer of any Subject Shares, other than (x) an Other Distribution
(provided that in connection with any Other Distribution each transferee or
successive transferee of capital stock of Datek from the Bain Group, the Silver
Lake Group or the TA Group shall have entered into the agreement contemplated by
Section 4(l) of the Company Voting Agreement, dated as of the date hereof, by
and among Island, Instinet and those stockholders of Island set forth on Annex A
thereto) or (y) a Pro Rata Securityholder Distribution.

                  (b) Following the expiration of the Initial Share Holding
Period and until the date which is two years following the Effective Time, Datek
shall not Transfer any Subject Shares, except that the foregoing restrictions
shall not apply to (i) Transfers by Datek pursuant to an underwritten offering
conducted in accordance with the Registration Rights Agreement, (ii) Transfers
by Datek pursuant to which the transferee acquiring such Subject Shares has duly
executed a Joinder Agreement, (iii) an Other Distribution (provided that in
connection with any Other Distribution each transferee or successive transferee
of capital stock of Datek from the Bain Group, the Silver Lake Group or the TA
Group shall have entered into the agreement contemplated by Section 4(l) of the
Company Voting Agreement, dated as of the date hereof, by and among Island,
Instinet and those stockholders of Island set forth on Annex A thereto) or (iv)
a Pro Rata Securityholder Distribution.

                  (c) Datek hereby acknowledges and agrees that Instinet may
impose stop transfer instructions with respect to the Subject Shares subject to
the restrictions contained in this Article II in order to implement the
restrictions on Transfers contained herein.

                  (d) (i) Each certificate representing Subject Shares will bear
a legend on the face thereof substantially to the following effect (with such
additions thereto or changes therein as Instinet may be advised by counsel are
required by law or necessary to give full effect to this Agreement, the
"Legend"):

                  "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
                  STOCKHOLDERS AGREEMENT, DATED AS OF JUNE 9, 2002, BETWEEN
                  INSTINET GROUP INCORPORATED, REUTERS LIMITED AND DATEK ONLINE
                  HOLDINGS CORP., AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME
                  IN ACCORDANCE WITH THE TERMS THEREOF. THE STOCKHOLDERS
                  AGREEMENT CONTAINS, AMONG OTHER THINGS, CERTAIN PROVISIONS
                  RELATING TO THE VOTING AND TRANSFER OF THE SHARES SUBJECT TO
                  THE AGREEMENT. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE,
                  HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES
                  REPRESENTED BY THIS CERTIFICATE, DIRECTLY OR INDIRECTLY, MAY
                  BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH
                  STOCKHOLDERS AGREEMENT. THE HOLDER OF THIS CERTIFICATE, BY
                  ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF
                  THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT APPLICABLE TO
                  THE SHARES REPRESENTED BY THIS CERTIFICATE."

                  (ii) The Legend will be promptly removed by (or at the
         direction of) Instinet, with respect to any certificate representing
         shares of Common Stock, by the delivery of substitute certificates
         without such Legend with respect to the applicable Subject Shares, in
         the event of a Transfer permitted by this Agreement in which the
         Transferee is not required to enter into a Joinder Agreement pursuant
         to the terms of this Agreement.
<PAGE>
                  (e) At least five days prior to any Transfer of shares of
Common Stock prior to the date which is two years following the Effective Time,
the transferring party shall give written notice of such Transfer to Instinet.
Each such notice required by this paragraph shall describe the manner of the
proposed Transfer and the number and nature of the securities involved.

                  2.2. Voting. Until the date which is two years following the
         Effective Time and thereafter for so long as the Island Stockholders
         (i) control (as such term is defined in the definition of Affiliate)
         Datek (or otherwise have an agreement or arrangement with Datek that
         requires Datek to vote its shares of Common Stock for the election of
         directors designated pursuant to Section 2.2(a)(i) of the Island
         Stockholders Agreement) and (ii) have the right to designate more than
         one director pursuant to Section 2.2(a)(i) of the Island Stockholders
         Agreement:

                  (a) Datek agrees to cause all shares of Common Stock
beneficially owned by it to be voted in favor of the election or removal, as the
case may be, of those individuals designated by Reuters Holders as directors of
Instinet in accordance with the terms of the Corporate Agreement.

                  (b) Datek may not Transfer shares of Common Stock to a
transferee that, alone or together with its Affiliates and Persons with whom it
and its Affiliates are acting in concert, acquires from Datek, in a transaction
or a series of related transactions, a number of shares of Common Stock
representing at least 10% of the aggregate number of shares of Common Stock then
outstanding, other than in a Market Transaction or pursuant to the exercise by
Datek of its registration rights under the Registration Rights Agreement
(excluding pre-arranged transactions in which the Subject Shares are "crossed",
"directed" or otherwise caused to be sold to the particular transferee), unless
in each case such transferee agrees in writing to be bound by Datek's
obligations under Section 2.2(a) above with respect to such transferred shares.

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

                  3.1. Instinet represents and warrants as follows:

                  (a) Status and Authority. Instinet is a company duly
organized, validly existing and in good standing under the laws of Delaware. The
execution and delivery by Instinet of this Agreement and the performance of its
obligations hereunder have been duly authorized by all necessary corporate
action on the part of Instinet (except as contemplated by the Merger Agreement),
and this Agreement has been duly executed and delivered by the duly authorized
officers of Instinet and constitutes the valid, legal and binding obligation of
Instinet.

                  (b) No Conflicts.

                  (i) The execution, delivery and performance of this Agreement
         by Instinet will not result in (A) any conflict with the charter
         documents of any Instinet Entity, (B) any material breach or violation
         of or default under any statute, law, rule, regulation, judgment,
         decree, order or any material mortgage, deed of trust, indenture,
         agreement or any other instrument to which any Instinet Entity is a
         party or by which any of their respective material properties or assets
         are bound, or (C) the creation or imposition of any lien, charge,
         pledge or encumbrance thereon, except for such breaches, violations or
         defaults and such liens, charges, pledges or encumbrances as would not,
         individually or in the aggregate, adversely affect the ability of
         Instinet to perform its obligations hereunder.

                  (ii) No consent, approval or authorization of or filing with
         any governmental authority is required with respect to Instinet in
         connection with the execution and delivery of this Agreement, and the
         performance by Instinet of its obligations hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or to the best knowledge of
Instinet, threatened, which question the validity of this Agreement or any
action taken or to be taken by Instinet in connection herewith.

                  3.2. Datek represents and warrants as follows:

                  (a) Status and Authority. Datek is a corporation, limited
partnership or limited liability company duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization. The execution
and delivery by Datek of this Agreement and the performance of its obligations
hereunder have been duly authorized by all necessary corporate, limited
partnership or limited liability company action on the part of Datek, as
applicable, and this Agreement has been duly executed and delivered by the duly
authorized officers or other representatives of Datek and constitutes the valid,
legal and binding obligation of Datek.

                  (b) No Conflicts; No Liens.

                  (i) The execution, delivery and performance of this Agreement
         by Datek will not result in (A) any conflict with the
<PAGE>
         charter documents of Datek (B) any material breach or violation of or
         default under any statute, law, rule, regulation, judgment, decree,
         order or any material mortgage, deed of trust, indenture, agreement or
         any other instrument to which Datek, as applicable, is a party or by
         which any of its material properties or assets are bound, or (C) the
         creation or imposition of any lien, charge, pledge or encumbrance
         thereon, except for such breaches, violations or defaults and such
         liens, charges, pledges or encumbrances as would not, individually or
         in the aggregate, adversely affect the ability of Datek, as applicable,
         to perform its obligations hereunder.

                  (ii) None of the Subject Shares are subject to any lien,
         charge, pledge or encumbrance thereon.

                  (iii) No consent, approval or authorization of or filing with
         any governmental authority is required with respect to Datek in
         connection with the execution and delivery of this Agreement, and the
         performance by Datek of its obligations hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or to the best knowledge of
Datek, threatened, which question the validity of this Agreement or any action
taken or to be taken by Datek in connection herewith.

                  3.3. Reuters Limited represents and warrants as follows:

                  (a) Status and Authority. Reuters Limited is a company duly
organized and validly existing under the laws of its jurisdiction of
organization. The execution and delivery by Reuters Limited of this Agreement
and the performance of its obligations hereunder have been duly authorized by
all necessary corporate action on the part of Reuters Limited, and this
Agreement has been duly executed and delivered by the duly authorized officers
of Reuters Limited and constitutes the valid, legal and binding obligation of
Reuters Limited.

                  (b) No Conflicts.

                  (i) The execution, delivery and performance of this Agreement
            by Reuters Limited will not result in (A) any conflict with the
            charter documents of Reuters Limited, (B) any material breach or
            violation of or default under any statute, law, rule, regulation,
            judgment, decree, order or any material mortgage, deed of trust,
            indenture, agreement or any other instrument to which Reuters
            Limited is a party or by which any of its material properties or
            assets are bound, or (C) the creation or imposition of any lien,
            charge, pledge or encumbrance thereon, except for such breaches,
            violations or defaults and such liens, charges, pledges or
            encumbrances as would not, individually or in the aggregate,
            adversely affect the ability of Reuters Limited to perform its
            obligations hereunder.

                 (ii) No consent, approval or authorization of or filing with
            any governmental authority is required with respect to Reuters
            Limited in connection with the execution and delivery of this
            Agreement, and the performance by Reuters Limited of its obligations
            hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or, to the best knowledge of
Reuters Limited, threatened, which question the validity of this Agreement or
any action taken or to be taken by Reuters Limited in connection herewith.

                                   ARTICLE IV
                                  MISCELLANEOUS

                  4.1. Amendments. This Agreement may be amended, supplemented
or otherwise modified only by a writing duly executed by or on behalf of
Instinet, Reuters Limited and Datek. No waiver by any party of any of the
provisions hereof shall be effective unless explicitly set forth in writing and
executed by (i) Instinet, in the case of a waiver of rights of Instinet, (ii)
Reuters Limited, in the case of a waiver of rights of Reuters Limited, and/or
(iii) Datek, in the case of a waiver of rights of Datek. Except as provided in
the preceding sentence, no action taken pursuant to this Agreement, including
without limitation, any investigation by or on behalf of any party, shall be
deemed to constitute a waiver by the party taking such action of compliance with
any representations, warranties, covenants or agreements contained herein. The
waiver by any party hereto of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any subsequent breach.

                  4.2. Severability. If any provision of this Agreement or the
application of any such provision to any party or circumstances shall be
determined by any court of competent jurisdiction to be invalid, illegal or
unenforceable to any extent, the remainder of this Agreement or such provision
of the application of such provision to such party or circumstances, other than
those to which it is so determined to be invalid, illegal or unenforceable,
shall remain in full force and effect to the fullest extent permitted by law and
shall not be affected thereby, unless such a construction would be unreasonable.

                  4.3. Notices. All notices and other communications required or
permitted hereunder shall be in writing, shall be deemed duly given upon actual
<PAGE>
receipt, and shall be delivered (a) in person, (b) by registered or certified
mail, postage prepaid, return receipt requested or (c) by facsimile or other
generally accepted means of electronic transmission (provided that a copy of any
notice delivered pursuant to this clause (c) shall also be sent pursuant to
clause (a) or (b)) above, addressed as follows:

                  (a) if to Instinet, to:

                      Instinet Group Incorporated
                      3 Times Square
                      10th Floor
                      New York, New York
                      Attention: General Counsel
                      Telecopy No.: 646-223-9017

                      with a copy to:

                      Cleary, Gottlieb, Steen & Hamilton
                      One Liberty Plaza
                      New York, New York 10006
                      Attention:  Yvette P. Teofan
                      Telecopy No.: 212-225-3999

                  (b) If to Reuters Limited, to:

                      Reuters Limited
                      85 Fleet Street
                      London, England
                      EC4B 4AJ
                      Attention: General Counsel
                      Telecopy No.:  011-44-207-542-5896

                      with a copy to:

                      Reuters America Inc.
                      The Reuters Building
                      3 Times Square
                      New York, New York 10036
                      Attention: General Counsel
                      Telecopy No: 646-223-4250

                      and to:

                      Simpson Thacher & Bartlett
                      425 Lexington Avenue
                      New York, New York 10017
                      Attention: Vince Pagano, Esq.
                      William E. Curbow, Esq.
                      Telecopy No.: 212-455-2502

                  (c) If to Datek, to:

                      Datek Online Holdings Corp.
                      70 Hudson Street
                      Jersey City, New Jersey 07302
                      Attention: Stuart Sindell
                      Telecopy No.: 201-761-8044

                      with a copy to:

                      Fried, Frank, Harris, Shriver & Jacobson
                      One New York Plaza
                      New York, New York 10004
                      Attention:  F. William Reindel, Esq.
                      Telecopy No.: 212-859-4000

                      and to:

                      Ropes & Gray
                      One International Place
                      Boston, Massachusetts 02110
                      Attention:  Alfred O. Rose, Esq.
                      Telecopy No.: 617-951-7050

or to such other addresses or telecopy numbers as may be specified by like
notice to the other parties.

                  4.4. Further Assurances. The parties hereto shall execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered,
such instruments and take such other action as may be reasonably necessary or
advisable to carry out their obligations under this Agreement and under any
exhibit, document or other instrument delivered pursuant hereto.

                  4.5. Governing Law. This Agreement shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

                  4.6. Entire Agreement. This Agreement constitutes the entire
understanding of the parties hereto with respect to the subject matter hereof.

                  4.7. Successors. This Agreement shall be binding upon, and
<PAGE>
shall inure to the benefit of, the parties hereto and their respective
successors and permitted assigns.

                  4.8. Jurisdiction; Specific Performance. The parties to this
Agreement agree that jurisdiction and venue in any action brought by any party
hereto pursuant to this Amendment shall properly lie and shall be brought in any
federal or state court located in the Borough of Manhattan, City and State of
New York. By execution and delivery of this Agreement, each party hereto
irrevocably submits to the jurisdiction of such courts for itself or herself and
in respect of its or her property with respect to such action. Each party hereto
hereby irrevocably agrees and consents to service of process for all purposes
under this Agreement at the address specified for such party in, or in
accordance with Section 4.3. Any service made on such party hereto shall be
effective when delivered regardless of whether notice thereof is given to the
affected party. The parties hereto irrevocably agree that venue would be proper
in such court, and hereby irrevocably waive any objection that such court is an
improper or inconvenient forum for the resolution of such action. The parties
hereto acknowledge and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. The parties to this
Agreement agree to waive any requirement for the posting of any bond in
connection with such remedy.

                  4.9. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original instrument,
but all of which together shall constitute but one and the same agreement.

                  4.10. Termination. Except as otherwise provided herein, this
Agreement shall terminate and be of no further effect on which is ten years
following the Effective Time.

                  4.11. Effectiveness of Agreement. Notwithstanding anything in
this Agreement to the contrary, this Agreement shall become effective only upon
the Effective Time.
<PAGE>
                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement the day and year first above written.

                                     INSTINET GROUP INCORPORATED

                                       By: /s/ Mark Nienstedt
                                           ---------------------------------
                                           Name: Mark Nienstedt
                                           Title: Chief Executive Officer

                                     REUTERS LIMITED

                                       By: /s/ Devin Wenig
                                           ---------------------------------
                                           Name:  Devin Wenig
                                           Title: Attorney in Fact

                                     DATEK ONLINE HOLDINGS  CORPORATION

                                       By: /s/ Edward Nicoll
                                           ---------------------------------
                                           Name: Edward Nicoll
                                           Title: Chairman and Chief Executive
                                                  Officer
<PAGE>
                                                                       EXHIBIT A
                                     JOINDER

                  By execution of this Joinder, the undersigned agrees to become
a party to that certain Stockholders Agreement, dated as of June 9, 2002 (the
"Agreement"), between Instinet Group Incorporated, Reuters Limited and Datek
Online Holdings Corporation. By execution of this Joinder, the undersigned shall
observe all the obligations of Datek with respect to the Subject Shares acquired
by the undersigned, in each case as specified in the Agreement and to have made
on the date hereof all representations and warranties set forth in Section 3.2
of the Agreement, modified, if necessary, to reflect the nature of the
undersigned as a trust, estate or other entity.

Name:
       -----------------------

Address for Notices:                                 With Copies to:

-----------------------------                      -----------------------------

-----------------------------                      -----------------------------

-----------------------------                      -----------------------------

-----------------------------                      -----------------------------

-----------------------------                      -----------------------------

Signature:
           -----------------------

Date:
           -----------------------<PAGE>

                                                                    Exhibit 10.3

                             STOCKHOLDERS AGREEMENT

                  THIS STOCKHOLDERS AGREEMENT (the "Agreement") is entered into
as of June 9, 2002 by and among INSTINET GROUP INCORPORATED, a Delaware
corporation ("Instinet"), REUTERS LIMITED, a company organized under the laws of
England and Wales ("Reuters Limited", REUTERS C CORP., a Delaware corporation
("Reuters C Corp"), REUTERS HOLDINGS SWITZERLAND SA, a company organized under
the laws of Switzerland ("Reuters Holdings"), those entities listed on Exhibit B
hereto under the heading "Bain Entities" (collectively, the "Bain Group"), those
entities listed on Exhibit B hereto under the heading "Silver Lake Entities"
(collectively, the "Silver Lake Group"), those entities listed on Exhibit B
hereto under the heading "TA Entities" (collectively, the "TA Group" and,
together with the Bain Group and the Silver Lake Group, the "Island
Stockholders"), and, solely for purposes of paragraphs (a), (d), (e) and (f) of
Section 2.1, Section 3.4 and Article IV hereof, Edward Nicoll ("Nicoll").

                                    RECITALS

                  WHEREAS, Instinet, Island Holding Company, Inc., a Delaware
corporation ("Island") and Instinet Merger Corporation, a Delaware corporation
and a wholly owned subsidiary of Instinet have entered into an Agreement and
Plan of Merger, dated as of the date hereof (as it may be amended, supplemented
or otherwise modified from time to time, the "Merger Agreement").

                  WHEREAS, the parties desire to enter into this Agreement to
set forth their agreement regarding certain corporate governance matters and
certain other matters with respect to the on-going relationship by and among the
parties hereto.

                                   AGREEMENTS

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
for themselves and their respective successors and permitted assigns, hereby
agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

                  1.1. Definitions. As used in this Agreement, the following
terms will have the following meanings, applicable both to the singular and the
plural forms of the terms described.

                  "Additional Island Director" means any director designated by
any Island Stockholder in connection with an increase in the total number of
directors of Instinet pursuant to the rights provided in Section 2.2(a)(ii).

                  "Affiliate" means, with respect to a given Person, any other
Person that, directly or indirectly, controls, is controlled by, or is under
common control with, such Person. For purposes of this definition and the
definition of "Permitted Transferee," "control" (including, with correlative
meanings, the terms "controlled by" and "under common control with"), as applied
to any Person, means the possession, directly or indirectly, of the power to
vote forty percent (40%) or more of the securities having voting power for the
election of directors (or other Persons acting in similar capacities) of such
Person or otherwise to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

                  "Affiliated Reuters Directors" means those members of the
Board of Directors who have ever been officers or employees of a Reuters Entity
or who otherwise fail to qualify as Nasdaq Independent Directors due to their
relationship with Reuters Parent or any other Reuters Entity, substituting a
ten-year time limit for the time limits in Marketplace Rule 4200(a)(14) of the
Nasdaq Stock Market (or any successor provision of similar effect).

                  "Agreement" has the meaning ascribed thereto in the preamble
hereto, as such agreement may be amended and supplemented from time to time in
accordance with its terms.

                  "Approved Equity Issuance" means any issuance of equity
securities (or any securities convertible into or exchangeable or exercisable
for equity securities) by Instinet that has been approved by a majority of the
members of the Board of Directors.

                  "Bain Group" has the meaning ascribed thereto in the preamble
hereto.

                  "Board of Directors" means the board of directors of Instinet.

                  "Business Day" means any day other than a Saturday, Sunday or
any day on which banking institutions are authorized or obligated by law or
executive order to be closed in London or New York.

                  "Cause" means (a) the commission by an individual of any act
or omission that would constitute a felony or other crime under applicable
federal, state or foreign law determined by the members of the Board of
Directors (excluding the applicable individual, if a director) to be material to
such individual's role at Instinet, (b) the commission by an individual of any
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act of moral turpitude, (c) fraud, dishonesty or a breach of fiduciary duty to
Instinet, its Affiliates and/or its stockholders, (d) continued alcohol or other
substance abuse by an individual that renders him incapable of performing his
material duties to the satisfaction of the Board of Directors or (e) any act or
omission by an individual that is a material violation of any applicable federal
or state or other securities law, regulation or rule or of any applicable rule
or regulation of any self-regulatory organization.

                  "Common Stock" means the common stock, par value $0.01 per
share, of Instinet, and any other class of Instinet's capital stock representing
the right to vote generally for the election of directors.

                  "Company Voting Agreement" means the Company Voting Agreement,
dated as of the date hereof, by and among Island, Instinet and those
stockholders of Island set forth on Annex A thereto.

                  "Conflicting Position" means a position as a director,
officer, partner, member or employee of any Person that is reasonably deemed by
the Nominating Committee of the Board of Directors to be a competitor of
Instinet, it being understood that the Nominating Committee may consider a
Person to be a "competitor" for this purpose if such Person designs, uses or
provides technology or intellectual property that serves similar purposes as or
could be used in place of any technology or intellectual property used in and
significant to the business of the Instinet Entities and the Nominating
Committee reasonably concludes that a nominee's ability to perform his or her
duties as a director, and otherwise act in the best interests of Instinet, could
be compromised by reason of his or her position as a director, officer, partner,
member or employee of such Person.

                  "Corporate Agreement" means the Amended and Restated Corporate
Agreement, dated as of the date hereof, by and between Reuters Limited and
Instinet, as the same may be further amended, supplemented or otherwise modified
from time to time in accordance with this Agreement.

                  "Datek" means Datek Online Holdings Corp., a Delaware
corporation.

                  "Datek Shares" means shares of the Class X Common Stock, par
value $.001 per share, of Datek, or any other security that is issued, directly
or indirectly, by Datek which represents only the right to receive capital stock
of Island directly or indirectly from Datek and that are held by a Holder that
has not withdrawn from this Agreement pursuant to Section 4.11.

                  "Datek Stockholders Agreement" means that certain Datek
Stockholders Agreement, dated as of the date hereof, by and among Instinet,
Reuters Limited and Datek, as the same may be amended, supplemented or otherwise
modified from time to time.

                  "Derivative Transaction" means any transaction involving a
security linked to the Common Stock, including any equity swap, put, put
equivalent, collar, sale of exchangeable security or similar transaction.

                  "Designated Independent Directors" has the meaning ascribed
thereto in Section 2.2(k).

                  "Effective Time" has the meaning ascribed thereto in the
Merger Agreement.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute.

                  "Holder" means each of the Island Stockholders, any Permitted
Transferee of such Island Stockholder who becomes an owner of Subject Shares, in
each case for so long as such Person owns Subject Shares and has not withdrawn
from the Agreement pursuant to Section 4.11.

                  "Initial Share Holding Period" has the meaning ascribed
thereto in Section 2.1(a).

                  "Instinet" has the meaning ascribed thereto in the preamble
hereto.

                  "Instinet Entities" means Instinet Parent, Instinet and their
respective Subsidiaries from time to time, and "Instinet Entity" shall mean any
of the Instinet Entities; provided, however, in each case, that any such
Instinet Entity shall cease to be a "Instinet Entity" under this Agreement at
such time as such Person no longer is a Subsidiary of Instinet Parent or
Instinet, as the case may be.

                  "Instinet Parent" means any Person who succeeds Instinet as
the parent corporation of the Instinet Entities as a result of a corporate
reorganization, merger or otherwise.

                  "Island" has the meaning ascribed thereto in the preamble
hereto.

                  "Island Designees" means those individuals designated by the
Bain Group, the Silver Lake Group and/or the TA Group pursuant to Section 2.2
and nominated by Instinet as directors.

                  "Island Director" means any director of Instinet who has been
<PAGE>
designated by a Island Stockholder in accordance with the provisions of Section
2.2.

                  "Island Stockholders" has the meaning ascribed thereto in the
preamble hereto.

                  "Joinder Agreement" has the meaning ascribed thereto in the
definition of "Permitted Transferee."

                  "Legend" has the meaning ascribed thereto in Section 2.1(e).

                  "Market Transaction" means any transaction effected on an
exchange or in the over-the-counter market (as such terms are used in Section
4(4) of the Securities Act), on an "alternative trading system" (as defined in
Regulation ATS) or directly with a "market maker" (as defined in Section
3(a)(38) of the Exchange Act).

                  "Merger Agreement" has the meaning ascribed thereto in the
preamble hereto.

                  "Minimum Designee Amount" means 8,000,000 Subject Shares, as
adjusted at any time and from time to time following the date hereof to account
for any stock split, stock dividend, stock combination or similar event;
provided that for purposes of determining whether each Island Stockholder owns
Subject Shares representing at least the Minimum Designee Amount, shares of
Common Stock owned by Datek shall be deemed to be owned by a Island Stockholder
to the extent of such Island Stockholder's indirect ownership thereof, but only
for so long as the Datek Stockholders Agreement is in full force and effect,
through such Island Stockholder's ownership of capital stock of Datek (which,
for the purpose of calculating the Minimum Designee Amount, shall be that number
of shares of Common Stock that would be received by such Island Stockholder in
connection with a distribution of all shares of Common Stock in respect of the
capital stock of Datek).

                  "Nasdaq Independent Director" means a member of the Board of
Directors who qualifies as an "independent director" under Marketplace Rule
4200(a)(14) of the Nasdaq Stock Market (or any successor provision of similar
effect).

                  "Nicoll" has the meaning ascribed thereto in the preamble
hereto.

                  "Nominating Committee" means the Nominating Committee of the
Board of Directors.

                  "Permitted Transferee" means, in the case of any Holder, (i)
any other Holder or (ii) a corporation, partnership, limited liability company
or similar entity that is directly or indirectly owned and controlled (as such
term is used in the definition of "Affiliate" contained herein) by such Holder;
provided, however, that a transferee of a Holder that is not a Island
Stockholder shall be a Permitted Transferee only if such transferee is also a
Permitted Transferee of the Island Stockholder that originally held the
applicable Subject Shares, and provided, further that in each case (I) such
transferee assumes and agrees to perform and becomes a party to this Agreement
by duly executing an instrument substantially in the form provided as Exhibit A
attached hereto (a "Joinder Agreement") if not already a party hereto and (II)
the transferring Holder has complied with Section 4.10.

                  "Person" means any individual, partnership, limited liability
company, joint venture, corporation, trust, unincorporated organization,
government (and any department or agency thereof) or other entity.

                  "Public Shares" means the number of shares of Common Stock
equal to the aggregate number of shares of Common Stock outstanding, minus the
aggregate number of (i) shares of Common Stock held by Reuters Entities (ii)
Subject Shares and (iii) other shares of Common Stock (x) that were not
distributed in an offering registered under the Securities Act, for so long as
such shares are subject to the volume and manner of sale restrictions of Rule
144 promulgated under the Securities Act (or any successor provision of similar
effect), or (y) to which the restrictions of Rule 145 under the Securities Act
(or any successor provision of similar effect) then apply.

                  "Registration Rights Agreement" means that certain
Registration Rights Agreement to be entered into by and among Instinet, the
Reuters Parties, the Island Stockholders, Finanzas B.V. and those additional
stockholders of Instinet, if any, party thereto.

                  "Reuters C Corp" has the meaning ascribed thereto in the
preamble hereto.

                  "Reuters Entities" means the Reuters Parent and Subsidiaries
of the Reuters Parent (other than Subsidiaries that constitute Instinet
Entities) from time to time, and "Reuters Entity" shall mean any of the Reuters
Entities; provided, however, in each case, that any Reuters Entity shall cease
to be a "Reuters Entity" under this Agreement at such time as such Person no
longer is a Subsidiary of the Reuters Parent.

                  "Reuters Holders" has the meaning ascribed to the term
"Holders" in the Corporate Agreement.

                  "Reuters Holdings" has the meaning ascribed thereto in the
preamble hereto.
<PAGE>
                  "Reuters Limited" has the meaning ascribed thereto in the
preamble hereto.

                  "Reuters Parent" means the ultimate parent entity from time to
time, of Reuters Limited, which is currently Reuters Group PLC.

                  "Reuters Party" means each of Reuters Limited, Reuters C Corp,
Reuters Holdings, or any other Reuters Entity to which a Reuters Party transfers
shares of Common Stock or which acquires shares of Common Stock (other than any
Reuters Entity not wholly owned, directly or indirectly, by Reuters Parent that
pursuant to Section 2.2(c)(ii) is not required to execute a Joinder Agreement in
which it agrees to be treated as a Reuters Party hereunder, upon such
acquisition), in each case for so long as such Person owns shares of Common
Stock.

                  "Rule 13e-3 Transaction" has the meaning ascribed to such term
in Rule 13e-3 promulgated under the Exchange Act.

                  "SEC" means the United States Securities and Exchange
Commission.

                  "Securities Act" means the Securities Act of 1933, as amended,
or any successor statute.

                  "Silver Lake Group" has the meaning ascribed thereto in the
preamble hereto.

                  "Standstill Agreement" has the meaning ascribed thereto in
Section 2.4(b).

                  "Subject Shares" means all shares of Common Stock originally
acquired by a Island Stockholder or Nicoll pursuant to the Merger Agreement or
in respect of such Island Stockholder's or Nicoll's interest in Datek (and any
additional shares of Common Stock issued in respect of such shares subsequent to
the Effective Time pursuant to a stock dividend, subdivision, reclassification,
recapitalization, split, combination or exchange of shares or any similar event)
that are held by a Holder that has not withdrawn from this Agreement pursuant to
Section 4.11.

                  "Subsidiary" means, as to any Person, any corporation,
association, partnership, joint venture or other business entity of which more
than 50% of the voting power of capital stock or other voting ownership
interests entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is owned or
controlled, directly or indirectly, by such Person or by one or more of the
Subsidiaries of such Person or by a combination thereof.

                  "TA Group" has the meaning ascribed thereto in the preamble
hereto.

                  "Total Voting Power of Instinet" means the total number of
votes which may be cast in the election of members of the Board of Directors by
all holders of Common Stock.

                  "Transfer" means, with respect to securities, a transfer,
sale, assignment, pledge, hypothecation or other disposition, whether directly
or indirectly (pursuant to a Derivative Transaction, the creation of a
derivative security, by Transfer of other securities convertible into or
exchangeable or exercisable for, or any right to purchase or acquire, such
security or otherwise), the grant of an option or other right or the imposition
of a restriction on disposition or voting or by operation of law, provided that
a transfer, sale, assignment, pledge, hypothecation or other disposition of
shares of capital stock of Datek, other than Datek Shares, shall not constitute
a Transfer.

                  "Trigger Date" has the meaning ascribed thereto in the
certificate of incorporation of Instinet.

                  1.2. Internal References. Unless the context indicates
otherwise, references to Articles, Sections and paragraphs shall refer to the
corresponding articles, sections and paragraphs in this Agreement and references
to the parties shall mean the parties to this Agreement.

                                   ARTICLE II
                           CERTAIN GOVERNANCE MATTERS

                  2.1. Limitations on Transfer.

                  (a) Notwithstanding any other provision of this Agreement,
prior to the earlier to occur of (i) the date which is one year following the
Effective Time and (ii) the date on which Nicoll is terminated by Instinet,
other than in the case of a termination by Instinet for Cause or a termination
with the consent of at least two Island Stockholders then entitled to designate
directors under Section 2.2(a)(i) (the period from the Effective Time to the
earlier to occur of (i) and (ii), the "Initial Share Holding Period"), none of
any Holder or Nicoll shall Transfer any Subject Shares or Datek Shares, and no
Reuters Party shall Transfer any shares of Common Stock, other than (v) in the
case of Nicoll, in connection with estate and family planning so long as the
transferee has executed a Joinder Agreement in which it agrees to be treated as
Nicoll hereunder or by will or other instrument taking effect at death or by
<PAGE>
applicable laws of descent and distribution, (w) to any Reuters Party, any other
Reuters Entity that has executed a Joinder Agreement in which it agrees to be
treated as a Reuters Party hereunder, or Instinet, (x) in the case of a transfer
by a Holder or any Reuters Party, to any Island Stockholder or (y) in the case
of a Transfer by a Holder, to a Permitted Transferee of such Holder or (z) in
the case of a Reuters Party, any pledge of any such securities or rights in
connection with bona fide debt financings (other than Derivative Transactions)
with a financial institution, provided that, in each case set forth in clauses
(w), (x) or (y), no such Transfer shall be effected unless and until (I) in the
case of a Transfer by a Island Stockholder, such Island Stockholder has complied
with Section 2.2(h) to the extent such Transfer would affect such Island
Stockholder's rights pursuant to Section 2.2 and (II) Instinet shall have been
furnished with information reasonably satisfactory to it demonstrating that such
Transfer is in compliance with the provisions hereof and any applicable
securities laws and shall have acknowledged such compliance and, in each case
set forth in clause (z), the interest of any such financial institution in such
shares shall be subject to all of the restrictions set forth in this Agreement.

                  (b) Following the expiration of the Initial Share Holding
Period and until the date which is three years following the Effective Time, the
Holders shall not Transfer any Subject Shares in a Market Transaction except in
accordance with and subject to the volume limitations specified in Rule 144(e)
promulgated under the Securities Act (or any successor paragraph or rule of
similar effect), without regard to any time limitations contained in Rule 144(k)
(or any successor paragraph or rule of similar effect), provided that for
purposes of determining compliance with paragraph (e) of Rule 144, all Holders
of Subject Shares shall be deemed to be acting in concert, for the purpose of
selling shares of Common Stock, with all other Holders of Subject Shares.
Notwithstanding the foregoing, the restrictions set forth in this Section 2.1(b)
shall not apply to Transfers by Holders pursuant to an underwritten offering
conducted in accordance with the Registration Rights Agreement.

                  (c) (i) No Holder may Transfer Subject Shares to a Permitted
Transferee of such Holder unless such Permitted Transferee has duly executed a
Joinder Agreement in which it agrees to be treated as a Holder (if not already a
Holder party to this Agreement) and such transferring Holder has complied with
Section 4.10. No Reuters Party may Transfer shares of Common Stock to another
Reuters Entity unless such Reuters Entity has duly executed a Joinder Agreement
in which it agrees to be treated as a Reuters Party (if not already a Reuters
Party party to this Agreement) and such transferring Reuters Party has complied
with Section 4.10.

                  (ii) No Reuters Entity (in the case of Reuters Entities not
             wholly owned, directly or indirectly, by Reuters Parent, to the
             extent that Reuters Limited or Reuters Parent has the power to
             direct such Reuters Entity and such direction is consistent with
             any fiduciary obligations such Reuters Entity might have to third
             parties, it being understood that no Reuters Party shall act
             through or in concert with any such non-wholly owned Reuters Entity
             in any manner inconsistent with such Reuters Party's obligations
             hereunder) may acquire shares of Common Stock from any Person
             unless such Reuters Entity has duly executed a Joinder Agreement in
             which it agrees to be treated as a Reuters Party.

                  (iii) No Reuters Party may Transfer shares of Common Stock to
             a transferee that, alone or together with its Affiliates and any
             "group" (as defined in the Exchange Act) of which such transferee
             or Affiliates is or are a member, acquires from Reuters Parties, in
             a transaction or a series of related transactions, a number of
             shares of Common Stock representing at least 10% of the aggregate
             number of shares of Common Stock then outstanding, other than in a
             Market Transaction or pursuant to the exercise by such Party of its
             registration rights under the Corporate Agreement or the
             Registration Rights Agreement, as applicable (excluding
             pre-arranged transactions in which the shares are "crossed",
             "directed" or otherwise caused to be sold to the particular
             transferee), unless in each case such transferee and any such
             Affiliates and members of such "group" agree in writing to be bound
             by such Reuters Party's obligations under Section 2.3(a) with
             respect to such transferred shares, to the same extent applicable
             to such Reuters Party.

                  (iv) At any time when Reuters Entities own shares of
             Instinet's stock representing 20% or more of the Total Voting Power
             of Instinet, no Reuters Party may Transfer shares of Common Stock,
             in a transaction or a series of related transactions, to a
             transferee that, immediately after giving effect to such Transfer
             would, together with such transferees' Affiliates and any "group"
             (as defined in the Exchange Act) of which such transferee or
             Affiliates is or are a member, have beneficial ownership of
             Instinet's stock representing 35% or more of the Total Voting Power
             of Instinet, other than in a Market Transaction or pursuant to the
             exercise by such Party of its registration rights under the
             Corporate Agreement or the Registration Rights Agreement, as
             applicable (excluding pre-arranged transactions in which the shares
             are "crossed", "directed" or otherwise caused to be sold to the
             particular transferee), unless in each case such transferee and any
             such Affiliates and members of such "group" agree in writing to be
             bound by Section 2.4 to the same extent applicable to Reuters
             Limited (except that (A) the percentage of additional shares of
             Common Stock that may be acquired in
<PAGE>
             reliance on clause (w) of Section 2.4(a) following the Transfer
             from such Reuters Party shall be equal to the greater of (i) 40%
             and (ii) that percentage of the Total Voting Power of Instinet
             beneficially owned by such transferee, its Affiliates and any such
             "group" immediately after giving effect to the Transfer from such
             Reuters Party and (B) references in Section 2.4 to Reuters Entities
             and Reuters Parent shall be deemed to refer to Persons having an
             analogous relationship with such transferee and members of any such
             group). Any such agreement by a transferee to be bound by Section
             2.4 shall not affect the obligations of any other Person that
             otherwise remains subject to Section 2.4 in accordance with its
             terms.

                  (d) The parties hereto hereby acknowledge and agree that
Instinet may impose stop transfer instructions with respect to the shares of
Common Stock subject to the restrictions contained in this Article II in order
to implement the restrictions on Transfers contained herein.

                  (e) (i) Each certificate representing Subject Shares, Datek
Shares and any shares of Common Stock held by any Reuters Party or by a Person
who is required, pursuant to Section 2.1(c)(iii) or Section 2.1(c)(iv), to agree
to be bound by the portions of this Agreement specified in such Sections, will
bear a legend on the face thereof substantially to the following effect (with
such additions thereto or changes therein as Instinet may be advised by counsel
are required by law or necessary to give full effect to this Agreement, the
"Legend"):

                  "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
                  STOCKHOLDERS AGREEMENT, DATED AS OF JUNE 9, 2002, AMONG
                  INSTINET GROUP INCORPORATED, REUTERS LIMITED, REUTERS C CORP.,
                  REUTERS HOLDINGS SWITZERLAND SA AND THE OTHER STOCKHOLDERS
                  PARTY THERETO, AS AMENDED AND SUPPLEMENTED FROM TIME TO TIME
                  IN ACCORDANCE WITH THE TERMS THEREOF. THE STOCKHOLDERS
                  AGREEMENT CONTAINS, AMONG OTHER THINGS, CERTAIN PROVISIONS
                  RELATING TO THE VOTING AND TRANSFER OF THE SHARES SUBJECT TO
                  THE AGREEMENT. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE,
                  HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES
                  REPRESENTED BY THIS CERTIFICATE, DIRECTLY OR INDIRECTLY, MAY
                  BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH
                  STOCKHOLDERS AGREEMENT. THE HOLDER OF THIS CERTIFICATE, BY
                  ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF
                  THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT APPLICABLE TO
                  THE SHARES REPRESENTED BY THIS CERTIFICATE."

                  (ii) Each Reuters Party and any Person who is required,
             pursuant to Section 2.1(c)(iii) or Section 2.1(c)(iv), to agree to
             be bound by the portions of this Agreement specified in such
             Sections will cause any applicable shares of Common Stock, and each
             Holder and Nicoll will cause any Datek Shares or shares of Common
             Stock received by such Holder or Nicoll in respect of such Holder's
             or Nicoll's interest in Datek, in each case held by such party at
             the Effective Time or acquired by such party at any time thereafter
             to be delivered to Instinet for the purpose of applying the Legend.
             Instinet shall return to the delivering party, as promptly as
             possible, any shares so delivered. The delivery of such shares by
             the delivering party shall not in any way affect such party's
             rights with respect to such shares.

                  (iii) The Legend will be promptly removed by (or at the
             direction of) Instinet, with respect to any certificate
             representing shares of Common Stock or Datek Shares, by the
             delivery of substitute certificates without such Legend (w) with
             respect to Subject Shares or any shares of Common Stock held by a
             Reuters Party or by a Person who is required, pursuant to Section
             2.1(c)(iii) or Section 2.1(c)(iv), to agree to be bound by the
             portions of this Agreement specified in such Sections, in the event
             of a Transfer permitted by this Agreement and in which the
             transferee is not required to enter into a Joinder Agreement
             pursuant to the terms of this Agreement or otherwise agree in
             writing to be bound by certain provisions of this Agreement, (x)
             with respect to Subject Shares held by any Holder, following
             termination of this Agreement with respect to such Holder, (y) with
             respect to any Datek Shares, following termination of this
             Agreement with respect to all Subject Shares to which such Datek
             Shares relate or (z) with respect to Subject Shares held by Nicoll,
             following the expiration of the Initial Share Holding Period.

                  (f) At least five days prior to any Transfer of shares of
Common Stock during the Initial Share Holding Period, the transferring party
shall give written notice of such Transfer to Instinet, the Holders and the
Reuters Parties. Each such notice required by this paragraph shall describe the
manner of the proposed Transfer and the number and nature of the securities
involved.

                  (g) Any Transfer or successive Transfer of capital stock of
Datek (other than Datek Shares) by an Island Stockholder shall be subject to the
provisions of Section 4(l) of the Company Voting Agreement, to the extent
provided therein.

                  2.2. Seats on Board of Directors.

<PAGE>
                  (a) (i) Subject to the other provisions of this Section 2.2,
each of the Bain Group, the Silver Lake Group and the TA Group (in each case,
together with its respective Permitted Transferees (within the meaning of clause
(ii) of the definition thereof) and in each case, for so long as it owns Subject
Shares representing at least the Minimum Designee Amount) shall have the right
to designate one director of Instinet, and Instinet shall cause the nomination
of each of such designees in connection with any election of that class of
directors of Instinet to which such Island Stockholder's initial designee is
elected. Instinet and the Reuters Parties shall take all necessary action to
elect Stephen Pagliuca, Glenn Hutchins and Kevin Landry (or such other
individuals as the Bain Group, the Silver Lake Group and the TA Group,
respectively, may designate prior to the Effective Time, subject to the
provisions of this Section 2.2) as the initial Island Directors effective as of
the Effective Time.

                  (ii) If at any time when the Island Stockholders are
             collectively entitled to designate at least one Island Designee
             pursuant to this Section 2.2, the total number of directors of
             Instinet is changed (excluding, for the purposes of such
             calculation, an increase in the total number of directors of
             Instinet effected in order to add Devin Wenig as a director for so
             long as Mr. Wenig is a director), the number of directors that the
             Island Stockholders shall collectively have the right to designate
             pursuant to this Section 2.2(a) shall as promptly as practicable be
             adjusted to equal the number (rounded up to the nearest whole
             number) equal to (x) the total number of directors of Instinet
             (taking into account any such increase or decrease in the total
             number of directors) multiplied by the number of Island Designees
             which the Island Stockholders are then entitled to designate
             pursuant to Section 2.2(a)(i), divided by (y) thirteen, provided,
             however, that if the total number of directors of Instinet after
             such change in the total number of directors is less than thirteen,
             each of the Island Stockholders shall have the right to designate
             the minimum number of Island Designees which such Island
             Stockholder is then entitled to designate pursuant to Section
             2.2(a)(i). In the event of any increase in the total number of
             directors that results in the right of the Island Stockholders to
             designate one or more Additional Island Directors pursuant to this
             Section 2.2(a)(ii), the Island Stockholders then entitled to
             designate directors pursuant to Section 2.2(a)(i) shall unanimously
             indicate in writing to Instinet which of them is entitled to
             designate such Additional Island Director(s), and the Reuters
             Parties, Instinet and the Island Stockholders shall take all
             available steps consistent with the provisions of this Section 2.2
             to effectuate the increase in the number of Island Directors as
             rapidly as reasonably possible following the designation of such
             Additional Island Directors in accordance with this Section 2.2.
             Instinet and the Reuters Parties shall use all reasonable efforts
             to provide at least two days' notice to the Island Stockholders
             prior to effecting any increase in the total number of directors of
             Instinet that would entitle the Island Stockholders to designate
             one or more Additional Island Directors pursuant to this Section
             2.2(a)(ii). The Island Stockholders may provide a list of
             individuals who do not hold Conflicting Positions to the Nominating
             Committee for its consideration as potential Additional Island
             Directors to be designated in the future. The Nominating Committee
             may at any time and from time to time consider or reconsider such
             individuals for approval as directors in the event the Island
             Stockholders have the right to designate one or more Additional
             Island Directors pursuant to this Section 2.2. Provided such
             nominee(s) do not have any Conflicting Positions, the Reuters
             Parties and Instinet shall take all available steps to elect such
             nominee(s) and, provided that the Island Stockholders notify
             Instinet and the Reuters Parties of their proposed nominee(s) for
             Additional Island Directors within one day following receipt of
             such notice of increase in total number of directors, to do so
             simultaneously with such increase.

                  (iii) The Island Directors shall be divided as equally as
             possible among the classes of directors provided for in Instinet's
             certificate of incorporation in such manner as the Island
             Stockholders that are then entitled to designate Island Designees
             pursuant to this Section 2.2 unanimously direct Instinet in writing
             or, if such direction is not provided to Instinet, in such manner
             as Instinet shall determine consistent with this sentence.

                  (b) No Island Designee may hold a Conflicting Position. In
connection with any election involving a proposed Island Designee, the
applicable Island Stockholder shall comply with the procedures of the Nominating
Committee with respect to such proposed Island Designee, including providing the
Nominating Committee with advance notice of the identity of such proposed Island
Designee and any additional information regarding such proposed Island Designee
as the Nominating Committee may reasonably request; provided that, in connection
with an increase in the total number of directors, no delay by the Nominating
Committee in reviewing and acting with respect to a proposed Island Designee
shall delay or prevent the proposed Island Designee from being added to the
Board of Directors prior to the next meeting of, or taking of action by
unanimous written consent by, the Board of Directors, provided that such Island
<PAGE>
Designee does not have a Conflicting Position. In the event that a majority of
the members of the Nominating Committee not affiliated with the applicable
Island Stockholder object to the nomination of a proposed Island Designee, the
applicable Island Stockholder will consider such objection in good faith but may
require the election of such Island Designee, unless such objection is due to
the fact that such Island Designee holds a Conflicting Position, in which case
the applicable Island Stockholder shall withdraw its designation of such
proposed Island Designee. If such Island Stockholder elects, following such
consideration, to withdraw the designation of such proposed Island Designee (or
is required to so withdraw its designation pursuant to the preceding sentence),
such Island Stockholder shall promptly designate a replacement therefor, which
replacement Island Designee shall also be subject to the requirements of this
Section 2.2(b).

                  (c) Except with respect to a vacancy resulting from a removal
or resignation of a Island Director pursuant to Section 2.2(h), if a vacancy of
a position held by a Island Director occurs or exists on the Board of Directors
at any time and for any reason, including but not limited to a vacancy because
of the death, disability, retirement, resignation or removal of any director for
cause or otherwise, then the applicable Island Stockholder shall have the sole
right to designate an individual to fill such vacancy, and, subject to the
requirements of this Section 2.2, Instinet (subject to applicable fiduciary
duties) and the Reuters Parties shall take all available steps to elect such
nominee to fill such vacancy.

                  (d) To the extent permitted by law, Instinet shall use all
reasonable efforts to solicit from the stockholders of Instinet eligible to vote
for the election of directors proxies in favor of the nominees designated by the
Island Stockholders in accordance with this Section 2.2 in each instance in
which the Island Stockholders are entitled to designate directors.

                  (e) At the request of any Island Stockholder, Instinet shall
(x) use all reasonable efforts to (i) seek action by written consent as promptly
as practicable following such request, and the Reuters Parties shall join in
executing any such consent as promptly as practicable following such request, or
(ii) if action by written consent of stockholders is not then permitted by the
certificate of incorporation and bylaws of Instinet, cause a special meeting of
stockholders to be held proposing the removal of any director designated by such
Island Stockholder pursuant to this Section 2.2, provided that if in the
reasonable good faith determination of the Board of Directors it is materially
detrimental to do so, then Instinet may delay calling such special meeting;
provided that Instinet will cause such meeting to be held within 135 days of
such request by such Island Stockholder (and will permit an observer selected by
such Island Stockholder to attend all meetings of the Board of Directors held
during such 135 day period) and (y) to the extent permitted by law, use all
reasonable efforts to solicit from stockholders of Instinet eligible to vote for
the election of directors proxies to remove such specified directors, and the
Reuters Parties shall vote for such removal.

                  (f) In the event of a decrease in the total number of
Additional Island Directors entitled to be designated by the Island Stockholders
in connection with a decrease in the total number of directors pursuant to
Section 2.2(a)(ii) or pursuant to Section 2.2(g), the Island Stockholders then
entitled to designate directors pursuant to Section 2.2(a)(i) shall promptly
determine and unanimously indicate in writing to Instinet which Additional
Island Directors are to be removed. If the Island Stockholders fail to so
indicate in writing within seven days of the event causing such decrease in the
total number of Additional Island Directors, a majority of the members of the
Board of Directors (other than Island Directors) shall determine those
Additional Island Directors to be removed from the Board of Directors (x) based
on the reverse chronological order of the addition of such Additional Island
Directors to the Board of Directors or (y) so as to eliminate Additional Island
Directors in the order in which they will next come up for re-election, at the
option of such majority of the members of the Board of Directors.

                  (g) In the event that any Island Stockholder ceases to own
Subject Shares representing at least the Minimum Designee Amount, (i) the Island
Directors designated by such Island Stockholder shall be subject to removal, and
such Island Stockholder shall take all actions specified in Section 2.2(h) with
respect to such Island Director and (ii) the number of Additional Island
Directors, if any, which the Island Stockholders are then entitled to appoint
shall be recalculated in accordance with Section 2.2(a)(ii) taking into account
the termination of such Island Stockholder's rights, and the applicable Island
Stockholder(s) shall take all appropriate actions pursuant to paragraphs (f) and
(h) of this Section 2.2.

                  (h) Each Island Stockholder entitled to designate any Island
Director who becomes subject to removal pursuant to paragraph (f) or (g) of this
Section 2.2 shall cause such Island Director to immediately offer to tender to
the Board of Directors his or her resignation from the Board of Directors and,
if such resignation is requested by vote of a majority of the members of the
Board of Directors (other than Island Directors), such Island Director shall
immediately tender such resignation as provided in the certificate of
incorporation and bylaws of Instinet. In the event that any Island Director
fails to deliver his or her resignation as required pursuant to this Section
2.2(h), Instinet and the Reuters Parties shall be entitled to take all necessary
and appropriate action to cause such Island Director to be removed. Any vacancy
resulting from a resignation or removal of any Island Director pursuant to this
Section 2.2(h) and not eliminated by a decrease in the total number of directors
shall be filled, if at all, as provided in the certificate of incorporation and
bylaws of Instinet.
<PAGE>
                  (i) If following his or her election to the Board of Directors
a Island Director accepts a Conflicting Position or a Conflicting Position held
by such Island Director not previously disclosed to the Board of Directors is
identified, the Island Stockholder entitled to designate such Island Director
shall cause such Island Director to immediately tender his or her resignation
from the Board of Directors as provided in the certificate of incorporation and
bylaws of Instinet. In the event that any Island Director fails to deliver his
or her resignation as required pursuant to this Section 2.2(i), Instinet and the
Reuters Parties shall be entitled to take all necessary and appropriate action
to cause such Island Director to be removed and in such case, the applicable
Island Stockholder shall have the rights set forth in Section 2.2(c).

                  (j) For so long as the Island Stockholders are entitled to
designate at least two Island Designees pursuant to Section 2.2(a)(i), one
Island Director shall be entitled to be nominated to serve on each committee of
the Board of Directors (other than any committee required by law or requirement
of any applicable self-regulatory organization or any stock exchange or
inter-dealer quotation system on which the Common Stock is listed or quoted to
consist solely of independent directors but only to the extent no Island
Director qualifies as an independent director; provided that no Island Director
shall serve on a committee to the extent such individual would be prohibited
from so serving by any such applicable law or requirement). The Island
Stockholders shall designate the Island Director entitled to serve on each
committee by unanimous written agreement delivered to Instinet.

                  (k) Prior to the Effective Time, the Reuters Parties shall
designate in writing three Nasdaq Independent Directors (together with their
successors, the "Designated Independent Directors"). Prior to the earliest to
occur of (i) the date which is three years from the Effective Time, (ii) the
date on which Reuters Entities cease to own shares of Instinet's stock
representing at least 35% of the Total Voting Power of Instinet, and (iii) the
first date on which the Island Stockholders are entitled to designate less than
two Island Designees pursuant to Section 2.2(a)(i), the Reuters Parties shall
vote the shares of Common Stock held by them to re-elect each of, and shall not
vote such shares to remove, any of the Designated Independent Directors, other
than for Cause or if such Designated Independent Director holds a Conflicting
Position, without the consent of at least one of the Island Stockholders then
entitled to designate directors under Section 2.2(a)(i), which consent shall not
be unreasonably withheld or delayed; provided, however, that in the event the
Reuters Parties' obligations under this Section 2.2(k) terminate pursuant to
clause (i) above, the Reuters Parties shall not vote the shares of Common Stock
held by them to remove any Designated Independent Director then serving prior to
the end of his or her then-current term other than for Cause, without the
consent of at least one of the Island Stockholders then entitled to designate
directors under Section 2.2(a)(i), which consent shall not be unreasonably
withheld or delayed. If, during the period specified in the preceding sentence,
a vacancy of a position held by a Designated Independent Director occurs or
exists on the Board of Directors at any time and for any reason, including but
not limited to a vacancy because of the death, disability, retirement,
resignation or removal of such Designated Independent Director, the Reuters
Parties shall vote the shares of Common Stock held by them to elect to such
position a successor Nasdaq Independent Director, designated by the Reuters
Parties and approved by the Nominating Committee and at least one of the Island
Stockholders then entitled to designate directors under Section 2.2(a)(i), which
approval shall not be unreasonably withheld or delayed (without limiting the
foregoing, it shall be deemed reasonable to withhold approval with respect to a
designee that is an Affiliated Reuters Director).

                  (l) Instinet and the Reuters Parties shall take all necessary
action to elect Nicoll as a director of Instinet effective as of the Effective
Time. So long as (i) Reuters Entities own shares of Instinet's stock
representing at least 35% of the Total Voting Power of Instinet and (ii) the
Island Stockholders are entitled to designate at least two Island Designees
pursuant to Section 2.2(a)(i), the Reuters Parties shall vote the shares of
Common Stock held by them to re-elect the individual then serving as Chief
Executive Officer of Instinet and shall not vote such shares to remove such
individual other than for Cause or in connection with the termination of such
individual's status as Chief Executive Officer of Instinet, without the consent
of at least one of the Island Stockholders then entitled to designate directors
under Section 2.2(a)(i).

                  2.3. Voting.

                  (a) Each Reuters Party agrees to cause all shares of Common
Stock beneficially owned by it to be voted in favor of (or, if unanimously
requested by the Island Stockholders and then permitted by the certificate of
incorporation and bylaws of Instinet, shall execute a written consent, as
promptly as practicable following such request, in favor of):

                  (i) the election or removal of, as the case may be, of those
             individuals nominated as Island Directors in accordance with
             Section 2.2,

                  (ii) subject to the rights of Reuters Limited set forth in
             Section 2.4 of the Corporate Agreement, so long as (x) the Reuters
             Entities own shares of Instinet's stock representing a majority of
             the Total Voting Power of Instinet or the Reuters Entities have the
             right to appoint, through stock ownership, voting agreement or
             otherwise, a majority of the Board of Directors and (y) the Island
             Stockholders are entitled to
<PAGE>
             designate at least two Island Designees pursuant to Section
             2.2(a)(i), any Approved Equity Issuance, and

                  (iii) subject to the provisions set forth in Sections 2.2(k)
             and 2.2(l), the election as directors of the individuals nominated
             as directors pursuant to such Sections.

                  (b) Each Holder agrees to cause all shares of Common Stock
beneficially owned by such Holder to be voted in favor of:

                  (i) the election or removal, as the case may be, of those
             individuals designated by Reuters Holders as directors of Instinet
             in accordance with the terms of the Corporate Agreement,

                  (ii) prior to the date which is three years from the Effective
             Time but only so long as (x) Reuters Entities own shares of
             Instinet's stock representing at least 35% of the Total Voting
             Power of Instinet and (y) the Island Stockholders are entitled to
             designate at least two Island Designees pursuant to Section
             2.2(a)(i), the election of the Designated Independent Directors as
             directors of Instinet, and

                  (iii) so long as (x) the Reuters Entities own shares of
             Instinet's stock representing a majority of the Total Voting Power
             of Instinet and (y) the Island Stockholders are entitled to
             designate at least two Island Designees pursuant to Section
             2.2(a)(i), any Approved Equity Issuance.

                  (c) Each Holder agrees to use its reasonable efforts to cause
the Island Directors to act in accordance with the terms of the Corporate
Agreement.

                  (d) So long as the Reuters Entities own shares of Instinet's
stock representing a majority of the Total Voting Power of Instinet or the
Reuters Entities have the right to appoint, through stock ownership, voting
agreement or otherwise, a majority of the Board of Directors, the Reuters
Parties will take all stockholder action necessary to cause Instinet's Board of
Directors, and committees thereof, to fulfill any obligation of such Board or
committee or of Instinet specified herein.

                  2.4. Reuters Market Purchase Limitation. (a) Until the earlier
to occur of (i) the date which is three years from the Effective Time and (ii)
the date on which the Island Stockholders are entitled to designate no more than
one Island Designee pursuant to Section 2.2(a)(i), Reuters Limited shall not,
and shall not permit any Reuters Entity (in the case of Reuters Entities not
wholly owned, directly or indirectly, by Reuters Parent, to the extent that
Reuters Limited or Reuters Parent has the power to direct such Reuters Entity
and such direction is consistent with any fiduciary obligations such Reuters
Entity might have to third parties, it being understood that no Reuters Party
shall act through or in concert with any such non-wholly owned Reuters Entity in
any manner inconsistent with such Reuters Party's obligations hereunder) to,
without the written consent of Island Stockholders holding at least a majority
of the aggregate number of the Subject Shares, acquire any additional shares of
Common Stock, provided that the foregoing shall not apply (w) to the acquisition
by Reuters Entities of up to that number of shares of Common Stock that will
result in Reuters Entities owning, pro forma for such acquisition, that
percentage of the Total Voting Power of Instinet beneficially owned by Reuters
Entities at the Effective Time (taking into account all shares of Common Stock
to be issued in exchange for shares of capital stock of Island in accordance
with the Merger Agreement), (x) to any Rule 13e-3 Transaction that satisfies the
penultimate sentence of this Section 2.4(a) and Section 2.5(b), (y) to
acquisitions (that are not Market Transactions or by means of a tender or
exchange offer), provided that following the consummation of such acquisition
there shall remain at least 20 million Public Shares outstanding or (z) in the
event that any Person or "group" (as defined in the Exchange Act), without the
prior consent of the Board of Directors, has commenced or publicly announced its
intention to commence a tender or exchange offer for, or otherwise publicly
announced, without the prior consent of the Board of Directors, an intention to
seek to acquire (directly or indirectly), 40% or more of the outstanding voting
securities of Instinet or any securities convertible into voting securities of
Instinet, or any options, warrants or other rights to acquire voting securities
of Instinet; provided that any acquisition of additional shares of Common Stock
by Reuters Limited or any other Reuters Entity in reliance on this clause (z)
shall only be permitted until 10 days following such time as the Person or
"group" publicly withdraws such tender or exchange offer or public effort to
acquire securities of Instinet or permits such tender or exchange offer to
expire, except that Reuters Limited or any other Reuters Entity shall be
permitted to continue and consummate any tender or exchange offer or other
public effort to acquire securities of Instinet commenced or publicly announced
prior to the date of such withdrawal. For so long as the limitations on
acquisitions of shares of Common Stock pursuant to the other provisions of this
Section 2.4(a) apply, Reuters Limited shall not, and shall not permit any
Reuters Entity (in the case of Reuters Entities not wholly owned, directly or
indirectly, by Reuters Parent, to the extent that Reuters Limited or Reuters
Parent has the power to direct such Reuters Entity and such direction is
consistent with any fiduciary obligations such Reuters Entity might have to
third parties, it being understood that no Reuters Party shall act through or in
concert with any such non-wholly owned Reuters Entity in any manner inconsistent
with such Reuters Party's obligations hereunder) to, engage in a Rule 13e-3
Transaction, unless (I) such Entities have made a confidential offer to the
Board of Directors with respect to such Rule 13e-3 Transaction and (II) no offer
<PAGE>
or any willingness to make an offer has been directly or indirectly publicly
disclosed without the prior written approval of a majority of the Nasdaq
Independent Directors and the Island Directors, voting together. Notwithstanding
anything to the contrary contained in this Agreement, any failure of the
condition contained in clause (II) of the previous sentence may be waived by a
majority of the Nasdaq Independent Directors and the Island Directors, voting
together, provided that following any public disclosure referred to in clause
(II) above, Reuters Limited and any applicable Reuters Entities shall have
adopted and maintained a "no comment" position with respect to such matter
unless directed to do otherwise by any applicable self-regulatory organization
or any stock exchange or inter-dealer quotation system on which such Reuters
Entity's capital stock is listed or quoted.

                  (b) In the event that Instinet engages in discussions or
negotiations with any Person other than a Reuters Entity that could result in
such Person beneficially owning 40% or more of the outstanding voting securities
of Instinet or any securities convertible into voting securities of Instinet, or
any options, warrants or other rights to acquire voting securities of Instinet
(or a successor to Instinet in a merger or consolidation transaction) or all or
substantially all of its assets:

                  (i) Instinet shall (x) offer to and if requested by Reuters
             Parent, participate in, parallel discussions with Reuters Limited
             or its designated Reuters Entity (to the extent desired by Reuters
             Limited) with respect to a transaction of the same type and (y)
             entertain proposals from Reuters Limited or such Reuters Entity
             with respect to any transaction of the type described in this
             Section 2.4(b); provided that Reuters Limited enters into an
             agreement with Instinet related to the process under which such
             discussions or negotiations will be conducted (relating to such
             matters as confidentiality, "standstill" obligations and other
             customary provisions) (a "Standstill Agreement") that is no less
             restrictive to Reuters Limited than the least restrictive
             Standstill Agreement entered into between Instinet and the Person
             or Persons with whom Instinet is engaged in such discussions or
             negotiations; and

                  (ii) if any such Person (other than Reuters Limited or any
             Reuters Entity) engages in such negotiations or is provided
             confidential information in connection with a possible transaction
             regarding Instinet and is not required to enter into a Standstill
             Agreement in connection therewith or does enter into a Standstill
             Agreement that is less restrictive to such Person than the
             restrictions of Section 2.4(a) are to Reuters Entities and Reuters
             Limited enters into a comparable agreement, the provisions of
             Section 2.4(a) shall be deemed to be suspended (in the case where
             no standstill is required) until the date which is six months
             following the date on which negotiations or exchange of information
             with respect to such possible transaction ceases, or amended as
             necessary so as to conform to such less restrictive Standstill
             Agreement for the period covered by the standstill provisions of
             such Standstill Agreement.

                  (c) The parties agree that the ability of Reuters Limited to
direct the actions of Reuters Entities not wholly owned by Reuters Parent is or
may be limited to the extent contemplated in Section 2.4(a) above, it being
understood that no Reuters Party shall act through or in concert with any such
non-wholly owned Reuters Entity in any manner inconsistent with such Reuters
Party's obligations hereunder. Reuters Limited shall not directly or indirectly
intentionally engage in any transaction that has the effect of causing a wholly
owned Reuters Entity to become not wholly owned solely for the purpose of
evading the restrictions contained in this Section 2.4.

                  (d) The provisions of this Section 2.4 shall cease to apply to
Reuters Entities 90 days after the first date on which the Reuters Entities
cease to own shares of Instinet's stock representing 35% or more of the Total
Voting Power of Instinet. Any such release of Reuters Entities from the
provisions of this Section 2.4 shall not affect the obligations of any other
Person that otherwise remains subject to this Section 2.4 in accordance with its
terms by reason of Section 2.1(c)(iv) or otherwise.

                  2.5. Certain Actions. So long as (i) (x) the Reuters Entities
own shares of Instinet's stock representing a majority of the Total Voting Power
of Instinet or (y) directors that at such time fail to qualify as Nasdaq
Independent Directors due to their relationship with a Reuters Entity constitute
a majority of the Board of Directors and (ii) the Island Stockholders are
entitled to designate at least two Island Designees pursuant to Section
2.2(a)(i), in addition to any action that the Board of Directors or any other
committee or subset thereof may elect or be required to take:

                  (a) the Board of Directors shall maintain a committee,
consisting solely of one director designated by the Reuters Parties, one Island
Director and the Chief Executive Officer of Instinet, which committee shall
determine the process by which Instinet will approve transactions and
relationships entered into following the Effective Time between Instinet
Entities, on the one hand, and the Reuters Entities, on the other hand. Such
committee shall determine the types of such transactions or relationships that
(i) may be approved by management, (ii) must be approved by such committee,
(iii) must be approved by the Board of Directors, and/or (iv) must be approved
by a majority of all Nasdaq Independent Directors and Island Directors, voting
together.

<PAGE>
                  (b) Notwithstanding the foregoing, each of the following shall
require the prior approval of a majority of all Nasdaq Independent Directors and
Island Directors, voting together:

                  (i) entering into, modifying, amending or terminating any
             agreement, understanding or arrangement between any Instinet Entity
             and any Reuters Entity, which would be reasonably likely to result,
             in the reasonable opinion of the committee referred to in Section
             2.5(a), in a transfer of value from Instinet Entities to Reuters
             Entities (or vice versa) in excess of $35,000,000 (such as
             providing for payments, receipts or expenditures, or, in the case
             of a modification or amendment, additional payments, receipts or
             expenditures);

                  (ii) any Rule 13e-3 Transaction that requires the action of
             the Board of Directors and any standstill agreement related to a
             possible Rule 13e-3 Transaction; or

                  (iii) any amendment to the Corporate Agreement or the entering
             into by Instinet of any new agreement between Instinet and any
             Reuters Entity, in each case that materially improves the corporate
             governance, veto or similar rights of any Reuters Entity provided
             under the Corporate Agreement or prevents the Reuters Parties from
             honoring their obligations under this Agreement in the manner and
             within the time periods contemplated by this Agreement.

                  (c) The provisions of this Section 2.5 shall not apply to
those agreements, understandings and relationships set forth on Section 3.24 or
4.2(vi) of the Parent Disclosure Schedule attached to the Merger Agreement or to
any implementation thereof consistent with the material terms thereof, except to
the extent the same are proposed to be materially modified or terminated after
the Effective Time.

                  2.6. Certain Charter and Bylaw Amendments. During the term of
this Agreement, Instinet shall not amend or modify any provision of the
certificate of incorporation or bylaws of Instinet in any way that prevents the
Holders from exercising their rights under this Agreement or prevents the
Reuters Parties from honoring their obligations under this Agreement in the
manner and within the time periods contemplated by this Agreement.

                  2.7. Actions Taken in Absence of Direction from Holders.
Whenever any Island Stockholder is required under this Agreement to provide
direction to Instinet in connection with the rights granted to such Island
Stockholder hereunder and fails to do so, none of Instinet, the Reuters Parties
and the Board of Directors shall be liable to such Island Stockholder or any
other Person for any failure to honor such rights.

                  2.8. Registration Rights. Each party hereto agrees to take all
requisite action in its power so that, at the Effective Time, the Registration
Rights Agreement is entered into on the terms of the term sheet described in
Section 4.17 of the Merger Agreement. In the event that the Registration Rights
Agreement is not entered into at the Effective Time, each party hereto shall
take all requisite action in its power so that it is entered into on such terms
as soon as possible following the Effective Time. Subject to compliance by the
Island Stockholders with their obligations pursuant to this Section 2.8, the
Reuters Entities shall not exercise any rights pursuant to Article III of the
Corporate Agreement until such time as the Registration Rights Agreement is
entered into and during such time as the Registration Rights Agreement is in
effect.

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

                  3.1. Each Reuters Party represents and warrants, with respect
to such Reuters Party as follows:

                  (a) Status and Authority. Such Reuters Party is a company duly
organized and validly existing under the laws of its jurisdiction of
organization. The execution and delivery by such Reuters Party of this Agreement
and the performance of its obligations hereunder have been duly authorized by
all necessary corporate action on the part of such Reuters Party, and this
Agreement has been duly executed and delivered by the duly authorized officers
of such Reuters Party and constitutes the valid, legal and binding obligation of
such Reuters Party.

                  (b) No Conflicts.

                  (i) The execution, delivery and performance of this Agreement
             by such Reuters Party will not result in (A) any conflict with the
             charter documents of any such Reuters Party, (B) any material
             breach or violation of or default under any statute, law, rule,
             regulation, judgment, decree, order or any material mortgage, deed
             of trust, indenture, agreement or any other instrument to which
             such Reuters Party is a party or by which any of their respective
             material properties or assets are bound, or (C) the creation or
             imposition of any lien, charge, pledge or encumbrance thereon,
             except for such breaches, violations or defaults and such liens,
             charges, pledges or

<PAGE>
             encumbrances as would not, individually or in the aggregate,
             adversely affect the ability of such Reuters Party to perform its
             obligations hereunder.

                  (ii) No consent, approval or authorization of or filing with
             any governmental authority is required with respect to such Reuters
             Party in connection with the execution and delivery of this
             Agreement, and the performance by such Reuters Party of its
             obligations hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or, to the best knowledge of such
Reuters Party, threatened, which question the validity of this Agreement or any
action taken or to be taken by such Reuters Party in connection herewith.

                  3.2. Instinet represents and warrants as follows:

                  (a) Status and Authority. Instinet is a company duly
organized, validly existing and in good standing under the laws of Delaware. The
execution and delivery by Instinet of this Agreement and the performance of its
obligations hereunder have been duly authorized by all necessary corporate
action on the part of Instinet (except as contemplated by the Merger Agreement),
and this Agreement has been duly executed and delivered by the duly authorized
officers of Instinet and constitutes the valid, legal and binding obligation of
Instinet.

                  (b) No Conflicts.

                  (i) The execution, delivery and performance of this Agreement
             by Instinet will not result in (A) any conflict with the charter
             documents of any Instinet Entity, (B) any material breach or
             violation of or default under any statute, law, rule, regulation,
             judgment, decree, order or any material mortgage, deed of trust,
             indenture, agreement or any other instrument to which any Instinet
             Entity is a party or by which any of their respective material
             properties or assets are bound, or (C) the creation or imposition
             of any lien, charge, pledge or encumbrance thereon, except for such
             breaches, violations or defaults and such liens, charges, pledges
             or encumbrances as would not, individually or in the aggregate,
             adversely affect the ability of Instinet to perform its obligations
             hereunder.

                  (ii) No consent, approval or authorization of or filing with
             any governmental authority is required with respect to Instinet in
             connection with the execution and delivery of this Agreement, and
             the performance by Instinet of its obligations hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or to the best knowledge of
Instinet, threatened, which question the validity of this Agreement or any
action taken or to be taken by Instinet in connection herewith.

                  3.3. Each Island Stockholder, with respect to such Island
Stockholder, represents and warrants as follows:

                  (a) Status and Authority. Such Island Stockholder, is a
corporation, limited partnership or limited liability company duly organized,
validly existing and in good standing under the laws of its jurisdiction of
organization. The execution and delivery by such Island Stockholder, of this
Agreement and the performance of its obligations hereunder have been duly
authorized by all necessary corporate, limited partnership or limited liability
company action on the part of such Island Stockholder, and this Agreement has
been duly executed and delivered by the duly authorized officers or other
representatives of such Island Stockholder and constitutes the valid, legal and
binding obligation of such Island Stockholder.

                  (b) No Conflicts; No Liens.

                  (i) The execution, delivery and performance of this Agreement
             by such Island Stockholder, will not result in (A) any conflict
             with the charter documents of such Island Stockholder, (B) any
             material breach or violation of or default under any statute, law,
             rule, regulation, judgment, decree, order or any material mortgage,
             deed of trust, indenture, agreement or any other instrument to
             which any such Island Stockholder, is a party or by which any of
             its respective material properties or assets are bound, or (C) the
             creation or imposition of any lien, charge, pledge or encumbrance
             thereon, except for such breaches, violations or defaults and such
             liens, charges, pledges or encumbrances as would not, individually
             or in the aggregate, adversely affect the ability of such Island
             Stockholder, to perform its obligations hereunder.

                  (ii) None of such Island Stockholder's Subject Shares or Datek
             Shares are subject to any lien, charge, pledge or encumbrance
             thereon.

                  (iii) No consent, approval or authorization of or filing with
             any governmental authority is required with respect to such Island
             Stockholder in connection with the execution and delivery of this
             Agreement, and the performance by such Island Stockholder

<PAGE>
             of its obligations hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or to the best knowledge of such
Island Stockholder, threatened, which question the validity of this Agreement or
any action taken or to be taken by such Island Stockholder in connection
herewith.

                  3.4. Nicoll represents and warrants as follows:

                  (a) Authority. Nicoll has the legal capacity and all requisite
power and authority to enter into this Agreement and to perform his obligations
hereunder. This Agreement constitutes the valid, legal and binding obligation of
Nicoll.

                  (b) No Conflicts; No Liens.

                  (i) The execution, delivery and performance of this Agreement
             by Nicoll will not result in (A) any material breach or violation
             of or default under any statute, law, rule, regulation, judgment,
             decree, order or any material mortgage, deed of trust, indenture,
             agreement or any other instrument to which Nicoll is a party or by
             which any of his Subject Shares are bound, or (C) the creation or
             imposition of any lien, charge, pledge or encumbrance on Nicoll's
             Subject Shares.

                  (ii) None of Nicoll's Subject Shares or Datek Shares are
             subject to any lien, charge, pledge or encumbrance thereon.

                  (ii) No consent, approval or authorization of or filing with
             any governmental authority is required with respect to Nicoll in
             connection with the execution and delivery of this Agreement, and
             the performance by him of his obligations hereunder.

                  (c) No Litigation. There are no judicial or administrative
actions, proceedings or investigations pending or to the best knowledge of
Nicoll, threatened, which question the validity of this Agreement or any action
taken or to be taken by him in connection herewith.

                                   ARTICLE IV
                                  MISCELLANEOUS

                  4.1. Amendments. This Agreement may be amended, supplemented
or otherwise modified only by a writing duly executed by or on behalf of
Instinet, each Reuters Party and Holders of at least a majority of the Subject
Shares, provided, however, that no amendment to paragraphs (a), (d), (e) or (f)
of Section 2.1 or to Article IV that would adversely affect Nicoll shall be
effective unless duly executed by Nicoll and provided, further, however, that an
amendment that adversely affects any Holder disproportionately to other Holders
shall not be effective unless duly executed by or on behalf of such Holder. No
waiver by any party of any of the provisions hereof shall be effective unless
explicitly set forth in writing and executed by (i) Instinet, in the case of a
waiver of rights of Instinet, (ii) the Reuters Parties, in the case of a waiver
of rights of the Reuters Parties, and/or (iii) Holders of at least a majority of
the Subject Shares, in the case of a waiver of rights of Holders, provided,
however, that no waiver with respect to paragraphs (a), (d), (e) or (f) of
Section 2.1 or to Article IV that would adversely affect Nicoll shall be
effective unless duly executed by Nicoll and provided, further, however, that a
waiver that adversely affects any Holder disproportionately to other Holders
shall not be effective unless duly executed by or on behalf of such Holder.
Except as provided in the preceding sentence, no action taken pursuant to this
Agreement, including without limitation, any investigation by or on behalf of
any party, shall be deemed to constitute a waiver by the party taking such
action of compliance with any representations, warranties, covenants or
agreements contained herein. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any
subsequent breach.

                  4.2. Severability. If any provision of this Agreement or the
application of any such provision to any party or circumstances shall be
determined by any court of competent jurisdiction to be invalid, illegal or
unenforceable to any extent, the remainder of this Agreement or such provision
of the application of such provision to such party or circumstances, other than
those to which it is so determined to be invalid, illegal or unenforceable,
shall remain in full force and effect to the fullest extent permitted by law and
shall not be affected thereby, unless such a construction would be unreasonable.

                  4.3. Notices. All notices and other communications required or
permitted hereunder shall be in writing, shall be deemed duly given upon actual
receipt, and shall be delivered (a) in person, (b) by registered or certified
mail, postage prepaid, return receipt requested or (c) by facsimile or other
generally accepted means of electronic transmission (provided that a copy of any
notice delivered pursuant to this clause (c) shall also be sent pursuant to
clause (a) or (b)) above, addressed as follows:

                  (a) if to Instinet, to:

                      Instinet Group Incorporated
                      Three Times Square
                      10th Floor
                      New York, New York 10036
<PAGE>
                      Attention:  General Counsel
                      Telecopy No.:  646-223-9017

                      with a copy to:

                      Cleary, Gottlieb, Steen & Hamilton
                      One Liberty Plaza
                      New York, New York  10006
                      Attention: Yvette P. Teofan
                      Telecopy No.: 212-225-3999

                  (b) If to any Reuters Party, to:

                      Reuters Limited
                      85 Fleet Street
                      London, England
                      EC4B 4AJ
                      Attention: General Counsel
                      Telecopy No.:  011-44-207-542-5896

                      with a copy to:

                      Reuters America Inc.
                      The Reuters Building
                      3 Times Square
                      New York, New York  10036
                      Attention:  General Counsel
                      Telecopy No:  646-223-4250

                      and to:

                      Simpson Thacher & Bartlett
                      425 Lexington Avenue
                      New York, New York  10017
                      Attention: Vince Pagano, Esq.
                                 William E. Curbow, Esq.
                      Telecopy No.: 212-455-2502

                  (c) If to any Holder or Nicoll, to such Holder or Nicoll at
             the address and telecopy number set forth beneath such Holder's or
             Nicoll's name on the signature pages hereto or on Exhibit B hereto
             (or, if applicable, such Holder's Joinder Agreement) with a copy
             to:

                      Ropes & Gray
                      One International Place
                      Boston, MA  02110
                      Attn: Alfred O. Rose, Esq.
                      Telecopy No.: (617) 951-7050;

or to such other addresses or telecopy numbers as may be specified by like
notice to the other parties.

                  4.4. Further Assurances. Each party hereto shall execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered,
such instruments and take such other action as may be reasonably necessary or
advisable to carry out their obligations under this Agreement and under any
exhibit, document or other instrument delivered pursuant hereto.

                  4.5. Governing Law. This Agreement shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

                  4.6. Entire Agreement. This Agreement constitutes the entire
understanding of the parties hereto with respect to the subject matter hereof.

                  4.7. Successors. This Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and permitted assigns. Except as set forth in Section 4.10, nothing
contained in this Agreement, express or implied, is intended to confer upon any
other Person or entity any benefits, rights or remedies.

                  4.8. Jurisdiction; Specific Performance. The parties to this
Agreement agree that jurisdiction and venue in any action brought by any party
hereto pursuant to this Amendment shall properly lie and shall be brought in any
federal or state court located in the Borough of Manhattan, City and State of
New York. By execution and delivery of this Agreement, each party hereto
irrevocably submits to the jurisdiction of such courts for itself or herself and
in respect of its or her property with respect to such action. Each party hereto
hereby irrevocably agrees and consents to service of process for all purposes
under this Agreement at the address specified for such party in, or in
accordance with Section 4.3. Any service made on such party hereto shall be
effective when delivered regardless of whether notice thereof is given to the
affected party. The parties hereto irrevocably agree that venue would be proper
in such court, and hereby irrevocably waive any objection that such court is an
improper or inconvenient forum for the resolution of such action. The parties
hereto acknowledge and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. The parties hereto agree
to waive any requirement for the posting of any bond in connection with such
remedy.
<PAGE>
                  4.9. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original instrument,
but all of which together shall constitute but one and the same agreement.

                  4.10. Assignment. Neither this Agreement nor any right or
obligation hereunder is assignable by any party except with the prior written
consent of Instinet, each Reuters Party and the Holders of at least a majority
of the Subject Shares. Notwithstanding the foregoing, the rights and obligations
of (i) any Holder under this Agreement may be transferred or assigned without
such prior written consent to any Person that qualifies as a Permitted
Transferee (pursuant to clause (ii) of the definition thereof) and that acquires
Subject Shares and (ii) of any Reuters Party under this Agreement may be
transferred or assigned without such prior written consent in accordance with
the provisions of Section 2.1(c)(i), Section 2.1(c)(iii) and Section 2.1(c)(iv)
applicable to such Transfer. Any assignment of rights of a Holder permitted
pursuant to this Section 4.10 may be made only if the assignee assumes all of
the assignor's obligations pursuant to this Agreement. Any assignment permitted
pursuant to the terms hereof shall be effective upon receipt by Instinet of (x)
written notice from the transferring Holder or Reuters Party stating the name
and address of any transferee and identifying the number of Subject Shares or
shares of Common Stock with respect to which the rights and obligations under
this Agreement are being transferred, (y) a Joinder Agreement from such
transferee to be bound by the terms of this Agreement, or, if applicable, a
written agreement agreeing to be bound by certain terms of this Agreement, and
(z) in the case of a Transfer by a Island Stockholder, to the extent required by
paragraphs (g) (taking into account the effect of such Transfer) and (h) of
Section 2.2, the resignations of any Island Director designated by such Island
Stockholder.

                  4.11. Termination. Except as otherwise provided herein, this
Agreement shall terminate and be of no further effect on the date which is ten
years from the Effective Time. Following the expiration of the Initial Share
Holding Period, upon five Business Days prior written notice to Instinet and the
Reuters Parties, any Holder may terminate this Agreement with respect to itself
and its Affiliates; provided that (x) in the case of termination by a Island
Stockholder, such Island Stockholder has complied with Section 2.2(h) and (y)
effective upon transmission of such notice, such Holder and its Affiliates shall
be deemed to have ceased to own Subject Shares representing at least the Minimum
Designee Amount. Upon such termination, such Holder shall no longer be
considered a Holder hereunder.

                  4.12. Effectiveness of Agreement. Notwithstanding anything in
this Agreement to the contrary, this Agreement shall become effective only upon
the Effective Time.

<PAGE>
                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement the day and year first above written.

                                     INSTINET GROUP INCORPORATED

                                     By: /s/ Mark Nienstedt
                                        ------------------------------
                                          Name: Mark Nienstedt
                                          Title: Chief Executive Officer

                                     REUTERS LIMITED

                                     By: /s/ Devin Wenig
                                        ------------------------------
                                          Name:  Devin Wenig
                                          Title: Attorney in Fact

                                     REUTERS C CORP.

                                     By: /s/ Devin Wenig
                                        ------------------------------
                                          Name:  Devin Wenig
                                          Title: Authorized Officer

                                     REUTERS HOLDINGS SWITZERLAND SA

                                     By: /s/ Devin Wenig
                                        ------------------------------
                                          Name:  Devin Wenig
                                          Title: Attorney in Fact

<PAGE>
TA/ADVENT VIII, L.P.                         ADVENT ATLANTIC & PACIFIC
                                             III, L.P.

By: TA Associates VIII, LLC,                 By: TA Associates AAP III
    its General Partner                          Partners, L.P.,
                                                 its General Partner

By: TA Associates, Inc.,                     By: TA Associates, Inc.,
    its Manager                                  its General Partner

By: /s/ Kenneth T. Schiciano                 By:/s/ Kenneth T. Schiciano
    --------------------------                  ---------------------------
    Name: Kenneth T. Schiciano                   Name: Kenneth T. Schiciano
    Title: Managing Director                    Title: Managing Director

TA ATLANTIC & PACIFIC IV, L.P.               TA EXECUTIVES FUND, LLC

By: TA Associates AP IV Partners, L.P.,      By: TA Associates, Inc.,
    its General Partner                          its Manager
                                             By: /s/ Kenneth T. Schiciano
By: TA Associates, Inc.,                        --------------------------
    its General Partner                         Name: Kenneth T. Schiciano
                                                Title: Managing Director
By: /s/ Kenneth T. Schiciano
    --------------------------
    Name: Kenneth T. Schiciano
    Title: Managing Director

TA INVESTORS, LLC                                 TA IX, L.P.

By: TA Associates, Inc., its Manager         By:  TA Associates IX, LLC,
                                                  its General Partner
By: /s/ Kenneth T. Schiciano
    --------------------------
    Name: Kenneth T. Schiciano               By:  TA Associates, Inc.,
    Title: Managing Director                      its Manager

                                             By:  /s/ Kenneth T. Schiciano
                                                  --------------------------
                                                  Name: Kenneth T. Schiciano
                                                  Title: Managing Director

<PAGE>
                                             1998 GPH FUND, LLC

                                             By: /s/ H. David Henken
                                                ------------------------
                                                Name: H. David Henken
                                                Title: Managing Member

                                             GPH DT PARTNERS

                                             By: /s/ H. David Henken
                                                ------------------------
                                                Name: H. David Henken
                                                Title: Partner

                                             2000 EXCHANGE PLACE FUND,
                                                  LLC

                                             By: /s/ H. David Henken
                                                ------------------------
                                                Name: H. David Henken
                                                Title: Managing Member
<PAGE>
                                             SILVER LAKE PARTNERS, L.P.

                                             By: Silver Lake Technology
                                                 Associates, L.L.C.,
                                                 its General Partner

                                             By: /s/ Mike Bingle
                                                 -----------------------
                                                 Name: Mike Bingle
                                                 Title: Vice President

                                             SILVER LAKE INVESTORS, L.P.

                                             By: Silver Lake Technology
                                                 Associates, L.L.C.,
                                                 its General Partner

                                             By: /s/ Mike Bingle
                                                 -----------------------
                                                 Name: Mike Bingle
                                                 Title: Vice President

                                             SILVER LAKE TECHNOLOGY
                                             INVESTORS, L.L.C.

                                             By: Silver Lake Technology
                                                 Management, L.L.C., its
                                                 Managing Member

                                             By: /s/ Mike Bingle
                                                 -----------------------
                                                 Name: Mike Bingle
                                                 Title: Vice President
<PAGE>
                                             BAIN CAPITAL FUND VII, LLC
                                             BAIN CAPITAL VII
                                             COINVESTMENT FUND, LLC

                                             By: Bain Capital Partners
                                                 VII, L.P., their
                                                 General Partner

                                             By: Bain Capital Investors,
                                                 LLC, its General
                                                 Partner

                                             By: /s/ Stephen G. Pagliuca
                                                 -----------------------
                                                 Name: Stephen G. Pagliuca
                                                 Title: Managing Director

                                             BCI DATEK INVESTORS, LLC

                                             By: /s/ Stephen G. Pagliuca
                                                 -----------------------
                                                 Name: Stephen G. Pagliuca
                                                 Title: Managing Director

                                             BCIP ASSOCIATES II
                                             BCIP ASSOCIATES II-B
                                             BCIP TRUST ASSOCIATES II
                                             BCIP TRUST ASSOCIATES II-B

                                             By: Bain Capital Investors,
                                                 LLC, their Managing
                                                 Partner

                                             By: /s/ Stephen G. Pagliuca
                                                 -----------------------
                                                 Name: Stephen G. Pagliuca
                                                 Title: Managing Director
<PAGE>
                                             Solely for purposes of
                                             paragraphs (a), (d), (e)
                                             and (f) of Section 2.1,
                                             Section 3.4 and Article IV
                                             hereof:

                                             EDWARD NICOLL

                                             /s/ Edward J. Nicoll
                                             ----------------------------

                                             Address and telecopy number
                                             for notices:
<PAGE>
                                                                       EXHIBIT A

                                     JOINDER

                  By execution of this Joinder, the undersigned agrees to become
a party to that certain Stockholders Agreement, dated as of June 9, 2002 (the
"Agreement"), among Instinet Group Incorporated, Reuters Limited, Reuters C
Corp, Reuters Holdings Switzerland SA, the Bain Group, the Silver Lake Group,
the TA Group, and Edward Nicoll. Capitalized terms used but not defined herein
shall have the meaning ascribed thereto in the Agreement. By execution of this
Joinder, the undersigned shall have all the rights of [a Holder] [a Reuters
Party] and shall observe all the obligations of [a Holder] [a Reuters Party], in
each case as specified in the Agreement and to have made on the date hereof all
representations and warranties set forth in Section [3.3] [3.1] of the
Agreement, modified, if necessary, to reflect the nature of the undersigned as a
trust, estate or other entity.

Name:
     -------------------------

Address for Notices:                              With Copies to:

------------------------------                    -----------------------------

------------------------------                    -----------------------------

------------------------------                    -----------------------------

------------------------------                    -----------------------------

------------------------------                    -----------------------------

Signature:
          ------------------------------

Date:
     -----------------------------------
<PAGE>
                                                                       EXHIBIT B

                               ISLAND STOCKHOLDERS

NAME                                            ADDRESS FOR NOTICES
----                                            -------------------

Bain Entities
-------------
Bain Capital Fund VII, LLC                      c/o Bain Capital
Bain Capital VII Coinvestment Fund, LLC         111 Huntington Ave.
BCI Datek Investors, LLC                        Boston, MA  02199
BCIP Associates II                              Attn:  John Connaughton
BCIP Associates II-B                            Facsimile:  617-516-2010
BCIP Trust Associates II
BCIP Trust Associates II-B                      with a copy to:
                                                c/o Ropes & Gray
                                                One International Place
                                                Boston, MA  02110-2624
                                                Attn:  Al Rose
                                                Facsimile:  617-951-7050

Silver Lake Entities
--------------------
Silver Lake Partners, L.P.                      c/o Silver Lake Partners
Silver Lake Investors, L.P.                     2725 Sand Hill Road
Silver Lake Technology Investors, L.L.C.        Menlo Park, CA  94025
                                                Attn:  Karl Detweiler
                                                Facsimile:  650-233-8125

                                                Additional facsimile copy:

                                                Attn:  Mike Bingle
                                                Facsimile:  212-981-3535

TA Entities
-----------
TA Atlantic & Pacific IV, L.P.                  c/o TA Associates
TA/Advent VIII, L.P.                            125 High Street, Suite 2500
TA Investors, LLC                               Boston, MA  02110
TA Executives Fund, LLC                         Attn:  Thomas Alber
TA IX, L.P.                                     Facsimile:  617-574-6789
Advent Atlantic & Pacific III L.P.
GPH DT Partners
1998 GPH Fund, LLC
2000 Exchange Place Fund, LLC

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