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Exhibit 10.1    
    

 
 

ECN-to-ECN Direct Linkage Agreement    
    

        This AGREEMENT (The "Agreement") is executed and entered into on April 7, 2000, by and between Archipelago, L.L.C., an Illinois limited liability company
("Archipelago"), and the Island ECN, Inc. ("Island") (collectively "the parties" or "both parties" or "each party"). 

        WHEREAS,
Archipelago owns and operates an electronic communications network ("Archipelago ECN"), as defined in Rules 11 Ac1-1 and 11Ac1-4 promulgated under the Securities Exchange Act of
1934, as amended, ("the Act") and is registered as an "Alternative Trading System" (ATS") pursuant to Section 3 of the Act and the rules promulgated thereunder, as well as Regulation ATS (December 22,
1998), that matches and executes buy and sell orders for securities on behalf of its institutional and broker-dealer customers; 

        WHEREAS,
Island owns and operates an electronic communications network ("Island ECN"), as defined in Rules 11Ac1-1 and 11Ac1-4 promulgated under the Act, as amended, that matches and
executes buy and sell orders for securities on behalf of its institutional and broker-dealer customers; 

        WHEREAS,
both parties are subject to all rules and regulations of the National Association of Securities Dealers ("NASD") and the U.S. Securities and Exchange Commission ("SEC"); 

        WHEREAS,
both parties desire to send, receive, display, and publish on their respective trading systems the other party's limit order books, including "bids" and "Offers" and respective
order size ("Shared Book Information"); and, 

        WHEREAS,
both parties desire to establish a mechanism for order routing via a computer to computer interface. 

        NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, agreements and conditions set forth herein, the parties agree as follows: 

 
 

ARTICLE I
  AGREEMENT TO PROVIDE SERVICE    
    

	1.1.
	Compliance with Nasdaq Requirements. Until such time as this Agreement is either
terminated or canceled, each party agrees to provide to the other party agrees to provide to the other party, on the terms and conditions set forth herein, the services, software and equipment
(collectively referred to as the "System"), as described and defined in this Agreement or in Nasdaq Requirements, as defined below. "Nasdaq Requirements" shall mean: (a) the rules and regulations,
interpretations, decisions, opinions, orders, and other requirements of the SEC; (b) the rules and regulations of the NASD and its affiliates, as applicable to each party; (c) the NASD's and
affiliates' decisions, interpretations, operation procedures, specifications, requirements; (d) all other applicable laws, statutes, rules, regulations, orders, decisions, interpretations, opinions,
and other requirements, whether promulgated by the United States or any other applicable jurisdiction (including the area of intellectual property); and (e) the successors, as they may exist at the
time of the components of Nasdaq Requirements. 

 
 

ARTICLE II
  PROVISIONS OF THE LINKAGE    
    

	2.1.
	Provisions of the System. Each party shall provide the other party with the ability to
access orders residing on the other party's ECN. Each party acknowledges and agrees that the other party's software and equipment is and will remain the sole and exclusive property of the other party,
and shall reasonable maintain all such software and equipment on its premises in good working order free of physical harm. 

	2.2.
	Integrity of Service. Both parties represent and warrant that it will not interfere
with or adversely affect the other party's equipment or software, or any of the component parts or processes of the linkage system.

	2.3.
	Linkage Costs. Each party shall be responsible for and bear its own costs and expenses
associated with the installation and maintenance of all appropriate communication lines related to its link to the other party's ECN.

	2.4.
	Changes to the ECN. Each party acknowledges and agrees that nothing in this Agreement
constitutes an undertaking by the other party to provide its ECN in the present form or under the current specifications, requirements, with the current software interfaces, or to continue to use
existing communications facilities. Each party, in its sole discretion, may from time to time make additions to, deletions from, or modifications to its ECN and to its communications facilities. Each
party further agrees to make reasonable efforts to notify the other party of changes to that party's ECN or communications facilities, other than minor changes, at least fourteen (14) days prior to
any such change, unless a malfunction necessitates modifications on an accelerated basis or an emergency precludes such advance notice or a shorter time period is required pursuant to an order of a
court, arbitrator or regulatory body.

	2.5.
	Monitoring Personnel. Each party acknowledges and agrees that it shall reasonably
monitor its employees or agents ("personnel") to ensure that, in connection with the use of the other party's ECN, all personnel abide by and comply with all applicable provisions of the federal and
state laws, including the rules and regulations of any self-regulatory organization of which either party is a member.

	2.6.
	Each party has read and agrees to the terms stipulated in the other party's clearly erroneous policy (Attached as Schedule B) and any
subsequent amendment thereto. 

 
 

ARTICLE III
  REPRESENTATIONS AND WARRANTIES    
    

	3.1.
	System Compliance. Each party represents and warrants that during the term of this
Agreement each party's ECN will remain in compliance with this Agreement and with SEC Nasdaq Requirements.

	3.2.
	Intellectual Property. Neither party shall reverse engineer, decompile, disassemble,
re-engineer or otherwise attempt to discover the source code or the structural framework of the other party's ECN. Each party agrees that it will not disseminate the other party's order and execution
data to a third-party vendor or charge additional fees for such data unless otherwise approved by the parties. Such approval shall be based, in part, on whether the other party reasonable determines
that the proposed transmission format clearly identifies the displayed orders as originating from such party.

	3.3.
	Other Representations. Each party hereby represents and warrants to the other party,
and covenants and agrees with the other party, that: (a) it has the right, power and authority to enter into this Agreement and perform its obligations as set forth herein; and (b) it is under no
obligation or restriction, nor will it assume any such obligation or restriction, that does or would interfere or conflict with its obligations under this Agreement. 

 
 

ARTICLE IV
  PAYMENT OF FEES    
    

	4.1.
	Term of Agreement. The initial term of this Agreement shall be for one month from the
last day of the calendar month stated above. This Agreement will be automatically extended for one month terms from month to month, unless terminated by either party pursuant to Sections 9.1. or 9.2.
herein.

	4.2.
	Payment of Fees. Each party agrees to pay the other party the fees as set forth in
Schedule A, attached hereto. Either party may modify its fees and commission as set forth in Schedule A, upon 

thirty
(30) days written notice to the other party, but no less than thirty (30) days after the execution date of this Agreement. 

 
 

ARTICLE V
  CLEARING AND SETTLEMENT    
    

	5.1.
	Settlement Obligations. Each party acknowledges and agrees that it is each party's
absolute, unconditional and un-assignable obligation, in connection with each securities trade executed through the other party's ECN, to make and ensure timely delivery of the subject securities
and/or other distributions. Each party shall honor this settlement obligation: (i) whether or not such executed trade was made for a third party account as a broker or agent or other representative;
(ii) whether or not any such third party account honors its obligations to deliver in a timely manner securities and/or funds, or to remit in a timely manner interest, dividends, or other
distributions to either party; and (iii) whether or not either party wishes to challenge or raise defenses of any nature whatsoever to such transaction. Without limiting the foregoing obligation, in
the event that either party does not receive timely delivery of securities and/or funds from a third party account, or in the event that either party becomes aware that a third party from whom the
party is acting or unwilling or unable to settle any transaction, that party shall provide the other party immediate notice thereof, including without limitation, the name and address of the third
party. In addition, it is expressly understood and agreed that each party's customers to the System shall be and hereby is deemed to be a third party beneficiary of that party's obligations as
described herein. If either party breaches its obligations herein, or otherwise challenges any executed trade made through the System, the other party may, in its sole discretion, promptly disclose to
the broker-dealer on the contra side of the transaction, the name of the defaulting or challenging party, as well as such supporting documentation pertaining to the transaction as is available to the
party. Either party, in its sole discretion, may also inform its other broker-dealers of such default or challenge, and of the identity of the third party involved in the default. Neither party shall
have liability to the other party in connection with such notification. 

 
 

ARTICLE VI
  USE OF THE SHARED BOOK INFORMATION    
    

	6.1.
	Grant of Non-Exclusive License.

	(a)
	During the term of this Agreement, each party is granted a non-exclusive, non-transferable, royalty-free, worldwide license to use,
display, and publish the other party's Shared Book Information for the purpose of routing orders for execution by the other party through its ECN. It is understood and agreed that the non-exclusive
license granted pursuant to this section includes the right to combine the Shared Book Information with other Shared Book Information obtained from third parties as well as data and other content
developed internally by either party.

	(b)
	Neither party shall use the other party's ECN with computerized voice technology or any automated information inquiry system or similar
technology.

	(c)
	All shared Display Information or portions thereof provided by either party shall be displayed or published by the other party may be
integrated into the other party's "Look and Feel" trading system. Notwithstanding the previous sentence, the party receiving Shared Display Information shall unconditionally maintain and uphold
attribution of the Shared Display Information from the other party when displaying or publishing it. Accordingly, Archipelago orders will be attributed to "ARCA," and Island orders will be attributed
to "ISLAND" or "ISLD".

	(d)
	If either party provides its logo or trademark to the other party in connection with providing the Shared Display Information, the
party receiving the logo or trademark shall not alter, modify, or change it in any manner when displaying or publishing it on its trading system. Notwithstanding the foregoing, neither party shall
incorporate the other party's logos or 

trademarks
into any advertising, branding, or other promotional material without the prior written consent of the other party. 

	(e)
	Any use by either party of logos or trademarks of the other party shall comply with all applicable laws and regulations.

	(f)
	Bother parties acknowledge that they have no right, title, or interest in the other party's Shared Book Information or logos or
trademarks, and that nothing in this Agreement shall be construed as an assignment to the other party of any ownership interest of the foregoing. Additionally, nothing herein shall affect either
party's intellectual property rights in connection with Shared Book Information or logos or trademarks. 

 
 

ARTICLE VII
  PROPRIETARY INFORMATION    
    

	7.1.
	Proprietary Information. Each party acknowledges and agrees that the software and
protocols provided by the other party are trade secrets proprietary and unique to each party, and that copyright and patent rights of either party may also exist. Each party acknowledges and agrees
that the other party's third party vendors, including, but not limited to software, hardware, data, and communications providers, have exclusive proprietary rights in their respective information and
data. Each party, on behalf of itself and its employees, agrees to keep such information confidential, and to utilize this information solely for its own business activities. Both parties further
agree to take or cause to be taken all reasonable necessary precautions to maintain the secrecy and confidentiality of such proprietary information, and shall neither disclose the same to any person
or entity, unless expressly permitted by the other party. Proprietary Information shall not include information which: (a) is in the public domain at the time of disclosure; (b) was in the lawful
possession of or demonstrably known by the recipient prior to its receipt from either party; or (c) is independently developed by either party without use of the proprietary information.

	(a)
	In the event either party receives a request, or is required (by interrogatory, request for information or documents, subpoena,
deposition, civil or administrative investigative demand or other process) to disclose proprietary or confidential information as defined immediately below), that party shall provide prompt notice of
such request or demand and a copy of the written request or demand, if any, to the subject party within one day upon receipt and shall not comply with such subpoena or other process until the earlier
to occur of (1) receiving written notification from the subject party that it may proceed, or (2) the deadline for complying with any portion or all of the process. In connection with the above, the
party receiving a request for proprietary or confidential information of the other party shall tender all legal and equitable defenses to the other party immediately upon request.

 

	7.2.
	Confidentiality. Each party shall keep confidential the information related to the
other party's ECN, both oral and written, that is given to the other party. Neither party shall disclose the identity of a customer to other broker-dealers or to third parties, in connection with any
transaction executed or any message sent or received by either party through either party's ECN, except that either party may make such disclosure:

	(a)
	to facilitate the settlement of transactions of securities;

	(b)
	pursuant to prior authorization by bother parties in writing;

	(c)
	in the context of a published list; or

	(d)
	pursuant to an order or subpoena of a court or regulatory body having jurisdiction over either party or where required by law or
regulation to be made available to any regulatory body having appropriate authority, (though subject to Section 7.1(a) above). 

 
 

ARTICLE VIII
  INDEMNITY AND LIABILITY    
    

	8.1.
	Indemnity. Each party shall indemnify and hold harmless the other party, its
employees, directors, and agents, its subsidiaries and affiliates and each other broker-dealer on the contra side of any executed trade, from and against:

	(a)
	Any and all liabilities, obligations, damages, claims, including reasonable attorneys' fees and other expenses, incurred in the
investigation and defense of third party claims and actions resulting from or arising out of any material misrepresentation, material non-fulfillment of any covenant or agreement on the other party,
its employees, directors, or agents, under the terms of this Agreement; and

	(b)
	The infringement (or alleged infringement) by the non-infringing party, its employees, directors, or agents, of any intellectual
property right or other property or proprietary rights of the other party.

 

	8.2.
	Liability.

	(a)
	Each party agrees that the other party, its employees, directors, and agents, its subsidiaries and affiliates shall not be liable,
except for any loss or damage caused by the gross negligence, recklessness, or willful misconduct of the other party, for any loss of profits (anticipated or otherwise), loss of use, trading losses,
loss of other costs or savings, loss by reason of shutdown in operation or for increased expenses of operation, or any other damages suffered, or cost and expenses incurred by either party, any
customers of either party or any third party, of any nature, or from any cause whatsoever, whether direct, special, incidental, or consequential, arising out of the furnishing, performance,
maintenance, or use of, or inability to use, the services, equipment, communications lines, software, databases, manuals and any other materials furnished by or on behalf of either party.

	(b)
	The services, equipment, communications lines, software, databases, manuals, and other materials are provided "as is," without
warranties of any kind, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement, by either party, its subsidiaries and
affiliates. Nor is there any suggestion that the services, equipment, software, databases, manuals and other materials will meet the other party's requirements, be error free, or operate without
interruption. Each party expressly disclaims all warranties of any kind, express, implied or statutory (including without limitation, use, timeliness, truthfulness, sequence, completeness, accuracy,
freedom from interruption, and any implied warranties arising from trade usage, course of dealing, or course of performance).

	(c)
	Each party understands and agrees that the pricing for the linkage reasonably reflects the allocation of risk and limitation of
liability set forth in this section. 

 
 

ARTICLE IX
  TERMINATION    
    

	9.1.
	Termination by Either Party Without Cause. Either party may terminate this Agreement
in its sole discretion only upon thirty (30) days prior written notice to the other party. In no event shall termination by either party relieve the other party of obligations already incurred.

	9.2.
	Termination by Either Party "for Cause." Either party may terminate this Agreement at
any time, without any liability of as a consequence thereof, where:

	(a)
	the other party has made or furnished any false or misleading representations or certifications in connection with this Agreement;

	(b)
	the other party has breached any material obligation that must be performed pursuant to this Agreement; 

	(c)
	the other party has violated or will violate any applicable law or regulation in connection with its use of the other party's ECN;

	(d)
	the other party has failed to pay fees and commissions that are due and owing within two (2) months of the date due or has consistently
failed to pay debts on a timely basis (six(6) late payments will be considered "consistent"); or

	(e)
	the other party is notified by the NASD or any other regulatory body that either party is no longer a member in good standing. 

 
 

ARTICLE X
  MISCELLANEOUS    
    

	10.1.
	Notices. All notices and other communications required or permitted hereunder shall
be in writing and shall be deemed to have been duly given if and when delivered by hand or mailed, certified or registered mail return receipt requested with postage prepaid, to the address of
Archipelago or Island as set forth below, or to such other person or address as either party shall furnish in writing: 

	If to Archipelago ECN:	 	If to Island ECN:
	

Archipelago, L.L.C.

President

100 S. Wacker Drive

Suite 2012

Chicago, IL 60606	
 	

Company Name: The Island ECN, Inc.

Contact Name: Matthew Andresen

Title: President

Street: 50 Broad Street

City, State, Zip: New York, NY 10004
	

Telephone: 312-960-1696

Fax. 312-960-1369	
 	

Telephone: 212-231-5000

Fax: 212-231-5945

	10.2.
	Force Majeure. Notwithstanding any other term or condition of the Agreement, neither
party and its third party providers, including, but not limited to, software, hardware, communications and data providers, shall be obligated to perform or observe their obligations undertaken in the
Agreement (except for obligations to make payments hereunder and regulatory obligations) if prevented or hindered from doing so by any circumstances found to be beyond their control and without the
gross negligence or willful misconduct on the part of either party. Such causes may include, without limitation, acts of God, acts of government in its sovereign or contractual capacity, power
shortages or failures, utility or communication failure or delays, labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions. The time for performance of
any act delayed by such events may be postponed for a period of time equal to the delay.

	10.3.
	Arbitration. All claims, disputes, controversies, and other matters in question
between the parties to this Agreement arising out of, or relating to this agreement, or to the breach hereof, shall be settled by final binding arbitration. The arbitration proceeding shall be held in
the City of Chicago, State of Illinois, unless otherwise agreed by the parties. In no event shall such claim, dispute, controversy, or other matter in question be made later than one (1) year after
the claim, dispute, controversy or other matter in question has arisen.

	10.4.
	Headings. The headings of the Sections of this Agreement are inserted for convenience
only and shall not constitute a part hereof or affect in any way the meaning or interpretation of this Agreement.

	10.5.
	Amendment. Except as otherwise provided herein, no provision herein, no provision of
this Agreement and any schedules and attachments which are a part hereof, may be amended, modified or waived unless by an instrument in writing executed on behalf of each of the parties by their
respective duly authorized officers. 

	10.6.
	Entire Agreement. This Agreement and attached Schedule A, as amended from time to
time and signed by both parties, shall constitute the entire agreement between both parties, and shall supersede all prior agreements, arrangements, representations or promises, whether oral or
written.

	10.7.
	Assignment. This Agreement may not be assigned or transferred by either party to any
other person or entity without the prior written consent of the non-assigning party, except that this Agreement may be assigned or transferred by either party to a third party in the event of the sale
of substantially all of the assets to that third party.

	10.8.
	Governing Law. The laws of the State of Illinois shall govern this Agreement.

	10.9.
	Severability. If any provision of this Agreement shall be held invalid, the remaining
provisions shall remain in full force and effect. 

        IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first written above. 

	THE ISLAND ECN, INC.	 	ARCHIPELAGO, L.L.C.
	

By:	
 	

/s/ MATTHEW F. ANDRESEN
	
 	

By:	
 	

/s/ KEVIN J. P. O'HARA

	

Matthew F. Andresen
	
 	

Kevin J. P. O'Hara

	

President
 Title	
 	

General Counsel
 Title

 
 

SCHEDULE A    
    
    Fee Schedules    
    

ISLAND
FEE SCHEDULE 

The
fees related to the Island services are as follows: 

Execution Fees:  

	•
	$[***]
rebate per executed share for trades that add liquidity to the Island book;

	•
	$[***]
charge per executed share for trades that remove liquidity from the Island book;

	•
	[***]
for unexecuted order(s). 

INLET Fees: (Island's Internet-based Front-end) 

	•
	Execution
fees only (see above); No port fees apply;

	•
	$[***]
per month per Inlet login;

	•
	Direct
pass-through charge for market data fees (HYSE and/or Nasdaq Level II Quotations). 

Port Fees:  

Direct Connect: 

	•
	A
subscriber's first OUCH/FIX port is [***];

	•
	$[***]
per month for each additional OUCH/FIX port;

	•
	$[***]
per month for each ITCH data feed port. 

Internet Connect:  

	•
	$[***]
per month for each Internet port;

	•
	An
additional $[***] per month for each port that requires additional bandwith (e.g., ITCH data feed). 

Clearly Erroneous Filing Fees:  

	•
	$[***]
per share for executions included in a Clearly Erroneous Filing with a maximum charge of $[***] (i.e.
[***] shares);

	•
	Rebate
of $[***] per share to the contra party subscriber(s) for executions subject to a Clearly Erroneous Filing. When the rebate involves a trade
that exceeds the maximum charge ($[***]), the rebate will be distributed among the contra parties based on the ratio (in shares) of their involvement. 

ACT Risk Management Fees (QSR Clearing Only):  

	•
	$[***]
per trade submitted to ACT Risk Management System. (Only upon request by Subscriber or Subscriber's Clearing Firm) 

Island
Subscribers are responsible for communication charges to Island's Data Centers. 

Please
note that all types of service available from Island are subject to the written Subscriber Agreement by and between the Subscriber and Island. 

	Copyright 1998-2000 The Island ECN, Inc.—Member NASD/SIPC	 	 

***
Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 

SCHEDULE B    
    

 
 

Clearly Erroneous Policies    
    

 
 

ATTACHMENT A: ISLAND ECN CLEARLY ERRONEOUS POLICY
  EFFECTIVE MAY 26, 1999    
    

TRADES EXECUTED ON THE ISLAND ECN  

        If a subscriber receives an execution on an order that was entered in error (e.g. in terms of price, quantity or symbol), the subscriber may contact the
Subscriber Services Desk and request that the transaction be reviewed pursuant to the Island ECN Clearly Erroneous Policy. In the event that Island staff determines that a material term of such
transaction is clearly erroneous, Island may break or modify the transaction. 

        Island
requests that subscribers submit requests to review transactions within 15 minutes from the time the questioned trade was executed and provide Island with a fax containing the
relevant details within 30 minutes. Island may consider requests received after such time period depending on the facts and circumstances surrounding such request. Island will make a final
determination within an hour except under exceptional circumstances. In all cases, however, Island will make a final determination prior to the open of the next trading day. The complainant will
receive a written determination from Island. 

TRADES EXECUTED VIA SELECTNET  

        If a subscriber's order was executed against a non-subscriber accessing Island through the SelectNet Linkage, such transaction is subject to being broken pursuant
to the Nasdaq clearly erroneous policy. In order for a subscriber to break such transactions, the subscriber must contact Island within 15 minutes from the time the trade in question was executed to
provide Island personnel sufficient time to forward the request to Nasdaq Market Operations for resolution within the applicable Nasdaq time period. 

CONFIRMATIONS  

        A subscriber may request Island to confirm a transaction. Upon such request, Island staff will contact the contra-side and verify to terms of the transaction.
Island will be unable to confirm transactions executed through the SelectNet Linkage. A confirmed trade shall not be broken. 

RULES APPLICABLE TO ALL CLEARLY ERRONEOUS REQUESTS  

        Only the disadvantaged party (as determined by Island), based on the market at the time the questioned trade was executed, may request that a trade be broken
pursuant to the Island Clearly Erroneous Policy. Each request will be considered on a case by case basis. Once a request is filed, it cannot be withdrawn without the consent of both parties. 

        It
is the duty of the Subscriber to notify its personnel, who may be in multiple branch offices, as to the terms of the policy. 

TRADES OUTSIDE OF THE PREVAILING MARKET  

        The Subscriber understands that it is possible for orders to be executed outside the Nasdaq National Best Bid/Offer. 

QuickLinks

Exhibit 10.1

ECN-to-ECN Direct Linkage Agreement

ARTICLE I AGREEMENT TO PROVIDE SERVICE

ARTICLE II PROVISIONS OF THE LINKAGE

ARTICLE III REPRESENTATIONS AND WARRANTIES

ARTICLE IV PAYMENT OF FEES

ARTICLE V CLEARING AND SETTLEMENT

ARTICLE VI USE OF THE SHARED BOOK INFORMATION

ARTICLE VII PROPRIETARY INFORMATION

ARTICLE VIII INDEMNITY AND LIABILITY

ARTICLE IX TERMINATION

ARTICLE X MISCELLANEOUS

SCHEDULE A Fee Schedules

SCHEDULE B

Clearly Erroneous Policies

ATTACHMENT A: ISLAND ECN CLEARLY ERRONEOUS POLICY EFFECTIVE MAY 26, 1999QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.2    
    

 
 

MUTUAL SERVICES AGREEMENT    
    

This
MUTUAL SERVICES AGREEMENT (the "Agreement") is entered into as of March 27, 2001 by and between 

        INSTINET
CORPORATION, a Delaware Corporation with offices at 875 Third Avenue, New York, New York 10022 ("Instinet"), Archipelago. L.L.C.. an Illinois limited liability company with
offices at 110 South Wacker Drive, Suite 2000, Chicago, IL 60606 ("ENTITY"). 

Each
of Instinet and ENTITY are sometimes referred 10 as "Party" or collectively as the "Parties." 

 
 

WITNESSETH:    

        WHEREAS,
Each of lnstinet and ENTITY are broker-dealers registered with the Securities and Exchange Commission ("SEC") and members of the National Association of Securities
Dealers, Inc. ("NASD"): and 

        WHEREAS.
Instinet has developed specifications (the "Instinet Specifications") using the Financial Information Exchange ("FIX") protocol, for the development of a
computer-to-computer interface to the proprietary Instinet Real-Time Trading Service (the "Instinet System"), to enable ENTITY to receive from Instinet the Instinet
Services (as defined herein); 

        WHEREAS.
ENTITY has developed specifications (the "ENTITY Specifications"), using the FIX protocol for the development of a computer to computer interface to ENTITY'S proprietary
real-time trading system (the "ENTITY System") to enable Instinet to receive from ENTITY the ENTITY Services (as defined herein); 

        WHEREAS,
each of Instinet and ENTITY desires to receive the services of the other as defined herein and has requested a license to use the other's specifications, each to develop an
interface; 

        WHEREAS,
each of Instinet and ENTITY is willing to grant to the other a license to use its specifications to develop an interface, and to provide the other with access to the services as
described herein, subject to the terms and conditions hereof; 

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

 
 

TERMS AND CONDITIONS    

	1.
	License; Development of the Interfaces

	a)
	Instinet
represents that it owns all right, title and interest in and to, or has the right to license the Instinet Specifications and access to the Instinet System and Instinet
Services and hereby grants to ENTITY a nonexclusive, non-transferable, royalty-free License to utilize the Instinet Specifications solely to develop an interface to the
Instinet System (the "Interface to Instinet System"), in order to enable ENTITY to receive the Instinet Services (as defined herein), ENTITY acknowledges that Instinet does not grant to ENTITY any
right to use or possess the Instinet Specifications for any other purpose.

	(b)
	ENTITY
represents that it owns all right, title and interest in and to, or has the right to license the ENTITY Specifications and access to the ENTITY System and Services and hereby
grants lo Instinct a nonexclusive, non-transferable, royalty-free license to utilize the ENTITY Specifications solely to develop an interface to the ENTITY System (the
"Interface to ENTITY System") in order to enable Instinet to receive the ENTITY Services (as defined herein). Instinet acknowledges that ENTITY does not grant to Instinet any right to use or possess
the ENTITY Specifications for any other purpose. 

	(c)
	For
purposes of this Agreement, the Interface to the Instinet System and the Interface to the ENTITY System are sometimes collectively referred to as the "Interfaces."

	(d)
	Each
Party shall bear the cost for any equipment and telecommunications or other installation costs; necessary to connect its Interface to the other Party's system,

	(e)
	Each
of Instinet and ENTITY shall test the functionality and performance of the Interfaces and their connectivity to the ENTITY System and the Instinet System, respectively, in a
timely manner. If and when both Parties are satisfied, in their respective sole discretion, with the functionality and performance of the Interfaces and their connectivity co the Instinet System and
the ENTITY System. Instinet shall provide ENTITY with access in the Instinet Services (as defined herein) and ENTITY shall provide Instinet with access to the ENTITY Services (as defined herein).

	(f)
	Each
Party may, from time to time, each in its sole discretion, modify its Specifications, including but not limited to the applicable protocol. In the event of a material
modification which affects or will affect the operation of the other Party's Interface, the Party making such modifications shall use commercially reasonable efforts to provide thirty (30) days
written notice of the effective date thereof, to the other Party; provided however, that in the event such modification is in response to any rule, order or other release of any regulatory authority
having jurisdiction over Instinet and/or ENTITY, and/or to correct any errors, bugs or omissions in their respective Specifications or System, the Party making the modification may provide written
notification to the other on less than thirty (30) days notice of the effective date of such modification.

	(g)
	Each
of Instinet and ENTITY shall be solely responsible for any and all costs and expenses incurred in the development or modification of their respective Interfaces. 

2.    Term of Agreement  

        The effective date of this Agreement shall be the earlier of the date each of the Parties receives a fully executed copy of this Agreement together with all
applicable and agreed to exhibits, schedules and amendments thereto, or the first day that either Party provides the other with access to their System via the Interfaces. Thereafter, this Agreement
shall continue automatically, month to month, unless terminated pursuant to Section 17 hereof. 

3.    Provision of Services  

	a)
	For
purposes of this Agreement. "Instinet Services" shall mean the ability for ENTITY to execute against orders directly on the Instinet System to purchase or sell securities (i.e. hit
or take) where (a) such orders have been published in and are part of the quotation montage of the Nasdaq Stock Market ("Nasdaq"); and (b) are available for execution at the time of
acceptance on Nasdaq's SelectNet Service (or any successor service). ENTITY understands that hit or take orders executed via Nasdaq's SelectNet Service (or any successor service) are subject to access
fees as listed on Schedule A attached hereto, and any other charges imposed by Nasdaq.

	b)
	For
purposes of this Agreement, "ENTITY Services" shall mean the ability for Instinet to execute against orders directly on the ENTITY System to purchase or sell securities (i.e. hit
or take) where (a) such orders have been published in and are part of the quotation montage of Nasdaq; and (b) are available for execution at the time of acceptance on Nasdaq's SelectNet
Service (or any successor service).

	c)
	For
purposes of this Agreement, the Instinet Services and the ENTITY Services are sometimes referred to collectively as "Services."

	d)
	Subject
to the terms and conditions hereof and to Instinct's and ENTITY'S satisfaction with the Interfaces. Instinct shall provide ENTITY with the Instinet Services for use solely in
the United States, unless otherwise agreed to by the Parties in writing, and ENTITY shall provide Instinet with the ENTITY Services for use solely in the United States unless otherwise agreed to by
the 

Parties
in writing. Each of Instinet and ENTITY agrees to utilize and pay for the Services as provided herein, 

	e)
	Each
of Instinet and ENTITY acknowledges and agrees that the Services are the only services that each Party shall provide to the other, and that each shall be entitled to receive,
pursuant to this Agreement. In furtherance and not in limitation of the foregoing. Instinet and ENTITY acknowledge and agree that each shall not be permitted to enter and/or
route new orders to purchase/sell securities into the other's System nor engage in negotiations with other clients of the other Party's System unless the Parties execute a.separate written agreement,
or addendum to this Agreement.

	f)
	Each
of Instinet and ENTITY agrees to utilize the other Party's System in the normal course of its business and within the capacity of the other Party's System. Should Instinet
determine, in its sole discretion, that ENTITY'S use of the Instinet System is extraordinary and/or beyond the normal capacity of the Instinet System, Instinet shall have the right, power and
authority to suspend or terminate ENTITY'S use immediately, with oral or other notification to ENTITY occurring prior to, simultaneously with, or immediately after, termination of ENTITY'S access via
the Interface. Should ENTITY determine, in its sole discretion, that Instinet's use of the ENTITY System is extraordinary and/or beyond the normal capacity of the ENTITY System, ENTITY shall have the
right, power and authority to suspend or terminate Instinet's use immediately, with oral or other notification to Instinet occurring prior to, simultaneously with, or immediately after, termination of
ENTITY'S access, via the Interface. 

4.    Client Identification Number;  

	a)
	Each
of Instinet and ENTITY will assign identification numbers or other identifier or password, unique and specific to the Other Party, (the "IDs") to authenticate the other Party to
its System.

	b)
	Each
of Instinet and ENTITY shall be solely responsible and liable for all trading and all other activity of any type conducted through the use of its assigned IDs.

	c)
	Each
of Instinet and ENTITY shall immediately notify the other Party if it has reason to believe that the security of any of its IDs has been compromised or corrupted, and shall
request that the issuing Party immediately disable such IDs. Upon receipt of such notice and request, the issuing Parry shall take action promptly to disable such IDs.

	d)
	Each
of Instinet and ENTITY agrees that it is solely responsible for the safeguarding, security, and confidentiality of any IDs assigned to it by the other Party.

	e)
	The
Terminal IDs assigned to each Party are set forth in Schedules A & B attached hereto.

	f)
	Each
of Instinet and ENTITY hereby agrees, represents and warrants that it shall supervise and monitor the use of and access to the other Party's Services, and shall ensure that such
use of and access to the other Party's Services shall be in accordance with the terms and conditions of this Agreement. 

5.    Payment for Services  

        Each of ENTITY and Instinet shall pay to the other Party, for use of the other Party's Services, the charges set forth in Schedules A and B, respectively, that
are annexed hereto and made a part hereof. Such charges may be changed by Instinct and ENTITY, effective at any time, upon ten (10) calendar days written notice to the other Party. Each of
Instinet and ENTITY acknowledges and agrees that its continued use of the other's Services beyond ten (10) calendar days after its receipt of written notice of such change or amendment, is
fully subject to any such change or amendment. 

6.    Compliance with Applicable Law  

        Each of Instinet and ENTITY shall monitor its personnel and customers to ensure, in connection with their use of the Services, that all of its personnel and
customers abide by and comply with all applicable provisions of the federal and state securities laws, rules and regulations of any self-regulatory 

securities
organizations or securities exchanges of which each of Instinet and ENTITY and/or its personnel are members, or governmental agencies with jurisdiction over transactions executed by or on
behalf of the Parties through the Instinet & ENTITY Systems, including, among others, laws that relate to the use of non-public information, short sales, and the Parties receipt and
use of the Services, including but not limited to the Parties execution of securities transactions through the Instinet and ENTITY Systems. 

7.    Confidentiality and Trade Secrets  

	a)
	Each
of Instinet and ENTITY acknowledges and agrees that any information it receives through the other Party's Services, including but not limited to, any marketing data or research
prepared by Instinet or ENTITY for the other Party's use, the data base, programs, protocols, displays and manuals (including the selection, arrangement, and sequencing of the contents thereof) are
trade secrets, proprietary and unique to the other Parry, as to which copyright and patent rights of the other Party may also exist (the "Confidential Matter"), Each of Instinet and ENTITY agrees,
represents, and warrants that it will take all necessary precautions to maintain the secrecy and confidentiality of the other Party's Confidential Matter, and shall not disclose any such Confidential
Matter in any form to third parties, including, but not limited to, its customers or clients.

	b)
	Additionally,
each of Instinet and ENTITY shall keep confidential the terms of this Agreement and any additional non-public information regarding the other Parry that it
may receive in furtherance of this Agreement, except that the Parties may disclose the other's Confidential Matter to its directors, officers, employees and agents (including accountants, attorneys
and those of its parent company), (collectively, "Representatives") who need to know such information for the furtherance of
this Agreement; provided, however, that such Representatives are instructed to keep such information confidential in accordance with this Section 7. The receiving Party shall be responsible for
any breach of this subsection by any of its Representatives and agrees, at its sole expense, to take all reasonable measures (including but not limited to court proceedings) to restrain its
Representatives from prohibited or unauthorized disclosure or use of any Confidential Matter, Non-public information and the Confidential Matter shall include all information which either
Party does not make publicly available, but shall not include information which: (a) is otherwise in the public domain at the time of disclosure: (b) was in the possession of or
demonstrably known by either of Instinet or ENTITY prior to its receipt from the other; (c) is independently developed by either Party without use of non-public information; or
(d) becomes known to a receiving Party from a third party, where the receiving Party reasonably believes that the third party is not bound by
confidentiality obligations.

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

	d)
	Nothing
contained in this Section 7 shall be construed as granting or conferring any rights by license or otherwise to the Receiving Party in any Providing Party's Confidential
Matter. 

8.    Trademarks  

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

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

9.    Trade Reporting

	a)
	For
the purposes of transaction reporting to the Automated Confirmation Transaction Service ("ACT"), each of Instinet and ENTITY acknowledges and agrees that the Party that executes
any trade on its system shall be permitted to transmit price and/or quantity information about a particular trade to ACT and/or as otherwise required by regulatory authority or law. 

10.    Settlement of Transactions and Obligations

	a)
	ENTITY
agrees that settlement of trades executed by ENTITY through the Instinet System will be effected substantially in accordance with the manner set forth in Schedule C
hereto, ENTITY agrees that it is ENTITY'S absolute, non-assignable and unconditional obligation, in connection with each securities trade executed by ENTITY through the Interface to the
Instinet System to deliver, by settlement date, in good deliverable form, the subject securities and/or funds, as well as any required remittance of interest, dividend payments, and/or other
distributions. ENTITY agrees, represents, and warrants that it shall honor this settlement obligation without regard to whether: (a) the trade was made as a principal, or for a third-party
account as a broker, agent, trustee or other representative; (b) any such third-party account honors its obligations to deliver in a timely manner securities and/or funds, or remits in a timely
manner interest, dividends, or other distributions to ENTITY; (c) the trade executed was authorized by ENTITY and/or any third-party account; or (d) ENTITY wishes to challenge or raise
defenses of any nature whatsoever to the transaction. Without limiting the foregoing obligation, in the event ENTITY does not receive timely delivery of securities and/or funds from a third-party
account, or if ENTITY becomes aware that a third-party for whom ENTITY is acting is unwilling or unable to settle any transaction. ENTITY shall provide to Instinet immediate notice thereof, including
without limitation the identity (name and address) of the third party.

	b)
	Instinet
agrees that settlement of trades executed by Instinet through the ENTITY System will be effected substantially in accordance with the manner set forth in Schedule D
hereto. Instinet agrees that it is Instinet's absolute, non-assignable and unconditional obligation, in connection with each securities trade executed by Instinet through the Interface in
the ENTITY System to deliver, by settlement date, in good deliverable form, the subject securities and/or funds, as well as any required remittance of interest, dividend payments, and/or other
distributions. Instinet agrees, represent, and warrants that it shall honor this settlement obligation without regard to whether: (a) the trade was made as a principal, or for a third-party
account as a broker, agent, trustee or other representative; (b) any such third-party account honors its obligations to deliver in a timely manner securities and/or funds, or remits in a timely
manner interest, dividends, or other distributions to Instinet; (c) the trade executed was authorized by Instinet and/or any third-party account; or (d) Instinet wishes to challenge or
raise defenses of any nature whatsoever to the transaction. Without limiting the foregoing obligation, in the event Instinet does not receive timely 

delivery
of securities and/or funds from a third-party account, or if Instinet becomes aware that a third-party for whom Instinet is acting is unwilling or unable to settle any transaction, Instinet
shall provide to ENTITY immediate notice thereof, including without limitation the identity (name and address) of the third party. 

11.    Restricted Third Party Rights

	a)
	Each
of Instinet's clients shall be and hereby is deemed a third-party beneficiary of ENTITY'S obligations in Section 10 hereof. No other third party beneficiary rights in any
regard with respect to any client or any other third party are created by this Agreement.

	b)
	Each
of ENTITY'S clients shall be and hereby is deemed a third party beneficiary of Instinet's obligations in Section 10 hereof. No other third party beneficiary rights in any
regard with respect to any client or any other third party are created by this Agreement. 

12.    Clearly Erroneous Trades

	a)
	Instinet
has the right, power, and authority, in its sole discretion, to modify the terms of or ro cancel transactions executed through the Instinet System that Instinet determines in
its sole discretion to be the product of clearly erroneous orders placed by or on behalf of ENTITY into the Instinet System.

	b)
	ENTITY
has the right, power, and authority, in its sole discretion, to modify the terms of or to cancel transactions executed through the ENTITY System that ENTITY determines in its
sole discretion to be the product of clearly erroneous orders placed by or on behalf of Instinet into the ENTITY System. 

13.    Indemnity

	a)
	ENTITY
agrees to indemnify and hold Instinet, its affiliates (and their respective officers, directors, and employees) harmless from and against all costs, including, but not limited
to, costs relating to damages (direct, consequential, and/or incidental in nature, claims, demands, proceedings, suits, actions, investigations or inquiries by any regulatory body, any other
liabilities, and any legal fee or costs related thereto (together, the "Instinet Costs") resulting from, in connection with, or arising out of any failure by ENTITY, for any reason, fraudulent,
negligent, or otherwise, to comply with its obligations, or breach of its representations or warranties under this Agreement, unless such Instinet Costs result directly and solely from the gross
negligence, willful misconduct or fraud of Instinet.

	b)
	Instinet
agrees to indemnity and hold ENTITY, its affiliates (and their respective officers, directors, and employees) harmless from and against all costs, including, but not limited
to. costs relating to damages (direct, consequential, and/or incidental in nature), claims, demands, proceedings, suits, actions, investigations or inquiries by any regulatory body, any other
liabilities, and any legal fees or costs related thereto (together, the "ENTITY Costs") resulting from, in connection with, or arising out of any failure by Instinet, for any reason, fraudulent,
negligent, or otherwise, to comply with its obligations, or breach of its representations or warranties under this Agreement, unless such ENTITY Costs result directly and solely from the gross
negligence, willful misconduct or fraud of ENTITY. 

14.    No Warranties

	a)
	ENTITY
understands that all Instinet Services and Specifications are provided "as is", without warranty of any kind, by Instinet and its subsidiaries and affiliates, including, but not
limited to the implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. The entire risk as to the quality and performance of any Instinet
Service or Specification provided pursuant to or contemplated by this Agreement is unilaterally with ENTITY. Instinet does not agree, represent or warrant that such Instinet Service or Specification
will meet ENTITY'S 

requirements,
be error free, or operate without interruption. Instinet intends the information contained in the Instinet Services to be accurate and reliable and that the transactions will be carried
out without interruption or error. ENTITY, however, acknowledges and accepts that such errors may occur and agrees that any such errors do not create any cause of action or basis for recourse against
Instinet. Instinet makes no representations, express or implied, as to the content or accuracy of any third-party information available to ENTITY through use of the Instinet Services. Specifications
or the FIX Interface provided pursuant to or contemplated by the Agreement, and disclaims any responsibility for its content. 

	b)
	Instinet
understands that all ENTITY Services and Specifications are provided "as is," without warranty of any kind, by ENTITY and its subsidiaries and affiliates, including, but not
limited to, the implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. The entire risk as to the quality and performance of any ENTITY
Service or Specification provided pursuant to or contemplated by this Agreement is unilaterally with Instinet ENTITY does not agree, represent or warrant that such ENTITY Service or Specification will
meet Instinet's requirements, be error free, or operate without interruption. ENTITY intends the information contained in the ENTITY Services to be accurate and reliable and that the transactions will
be carried out without interruption or error. Instinet, however, acknowledges and accepts that such errors may occur and agrees that any such errors do not create any cause of action or basis for
recourse against ENTITY. ENTITY makes no representations, express or implied, as to the content or accuracy of any third-party information available to Instinet through use of the ENTITY Services,
Specifications or the Fix Interface provided pursuant to or contemplated by the Agreement, and disclaims any responsibility for its content. 

15.    No Investment Advice

        Instinet
and ENTITY each understand and acknowledge that no part of either Party's Services constitutes investment advice, and that the Services should not be construed  as making forecasts, projecting returns,
or recommending any particular course of action, security, investment strategy or other matter. 

16.    Limitation of Liability

        Except
as provided for in this section, NEITHER ENTITY, ITS SUBSIDIARIES AND AFFILIATES, NOR INSTINET ITS SUBSIDIARIES AND AFFILIATES, SHALL BE LIABLE FOR ANY LOSS OF PROFITS. LOSS OF
USE, LOSS OF COST OR OTHER SAVINGS, OR DAMAGE SUFFERED OR COSTS AND EXPENSES INCURRED BY THE OTHER PARTY, OR ANY THIRD PARTY CLAIMING BY OR THROUGH THE OTHER PARTY OF ANY NATURE, OR FROM ANY CAUSE
WHATSOEVER, WHETHER DIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL, INCLUDING CHANGES TO OBLIGATIONS DUE UNDER THE LAWS, RULES, ORDERS, OR REGULATIONS OF ANY FEDERAL, STATE, OR OTHER REGULATORY
JURISDICTION, ARISING OUT OF OR RELATING TO THE FURNISHING PERFORMANCE OR USE OF, OR INABILITY TO USE ANY OF EITHER PARTY'S, SERVICE, SPECIFICATION, OR THE FIX INTERFACE PROVIDED PURSUANT TO OR
CONTEMPLATED BY THIS AGREEMENT. 

	a)
	Instinet
shall be responsible only for any direct loss or damage incurred by ENTITY directly and solely caused by: (i) errors in transmission and/or processing caused by
Instinet (verified by ENTITY'S system print-outs and substantiated by the computer's records) involving ENTITY in a transaction on terms other than those last entered by ENTITY;
(ii) any failure to confirm to ENTITY, by print-out at its terminal or by telephonic communication, any transaction to which ENTITY is a party, provided that ENTITY informs Instinet
promptly by telephone upon discovery of the same; (iii) Instinet's failure to make timely delivery of the subject securities and/or funds, as well as any required remittance of interest,
dividend payments, and/or other distributions not caused in whole or in part by the occurrence of any contingency beyond the control of Instinet, including but not limited to, work stoppages, fires,
civil disobedience, riots, rebellions, accidents, 

explosions,
interruptions or imperfections in telephone service, electrical disturbances, brown-outs or black-outs, floods, storms, acts of God, and similar occurrences; or
(iv) the gross negligence, willful default, or fraud of Instinet. 

	b)
	ENTITY
shill be responsible only for any direct loss or damage incurred by Instinet directly and solely caused by: (i) errors in transmission and/or processing caused by ENTITY
(as verified by ENTITY'S system print-outs and substantiated by the computer's records) involving Instinet in a transaction on terms other than those last entered by Instinet;
(ii) any failure to confirm to Instinet, by print-out at its terminal or by telephonic communication, any transaction to which Instinet is a party, provided that Instinet informs
ENTITY promptly by telephone upon discovery of the same; (iii) ENTITY'S failure to make timely delivery of the subject securities and/or funds, as well as any required remittance of interest,
dividend payments, and/or other distributions not caused in whole or in part by the occurrence of any contingency beyond the control of ENTITY, including but not limited to, work stoppages, fires,
civil disobedience, riots, rebellions, accidents, explosions, interruptions or imperfections in telephone service, electrical disturbances, brown-outs or black-outs, floods,
storms, acts of God, and similar occurrences; or (iv) the gross negligence, willful default, or fraud of ENTITY. 

17.    Termination

	a)
	Either
Instinet or ENTITY may terminate this Agreement, at any time, each in its sole discretion upon ten (10) calendar days prior written notice.

	b)
	Each
of Instinet or ENTITY has the unilateral right, power, and authority to terminate this Agreement, immediately, and without prior notice to the other Party, in the event:

	(i)
	the
other Party has materially breached or otherwise failed to comply with or adhere to any representation, warranty or material obligation under this Agreement;

	(ii)
	the
other Party has violated or, in the first Party's reasonable judgment, is about to violate any applicable federal or state law, any rule or regulation of any
self-regulatory securities organization or securities exchange of which the other Party and/or its employees are members or governmental agencies with jurisdiction ever transactions
executed by or on behalf of it through the first Party's System in connection with its receipt or use of the Services or Specifications:

	(iii)
	the
other Party is engaged in a bankruptcy. insolvency or similar proceeding, on a voluntary or involuntary basis, an order or resolution is passed far its winding up,
a receiver or administrator is appointed in respect of any of its assets, or the Party is otherwise unable to pay its debts as they come due; or

	(iv)
	a
Party determines, in its sole discretion, that the other Party's continued use of its Services and Specifications poses an undue or significant financial, regulatory,
operational, or other risk to the first Party, or is otherwise not in accordance which the first Party's then-applicable criteria for continuing access.

	c)
	Notwithstanding
any provision to the contrary in this Agreement, Instinet and ENTITY shall have the right, power, and authority to cease providing Services to the other Party, and/or
terminate such Party's license to use the other Party's Specifications, at any time without prior notice, and without any obligation or liability to the other Party, in the event the first Party
determines that the other Party is not using its Services in a manner consistent with their intended purpose or otherwise in accordance with the terms of this Agreement.

	d)
	Termination
of this Agreement in any manner shall not release either Party from any liability or responsibility, including payment obligations, with respect to transactions effected
prior to the effective date of such termination, whether or not claims relating to such transactions have been made before or after such termination. 

18.    Material Change to Business

        Each
of Instinet and ENTITY shall provide the other Party with oral and written notice of any: (a) name change, (b) change in control, (c) material change in
business structure, or (d) material change in business or financial condition of business that could affect that Party's ability to settle a trade, as promptly as possible after the occurrence
of any such event. 

19.    Bankruptcy or Insolvency

        Each
of Instinet and ENTITY Shall provide immediate written notice to the other Party in the event of any voluntary or involuntary filing by or against it under any bankruptcy,
insolvency, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect. 

20.    Waiver of Compliance

        Any
failure of Instinet on the one hand, or ENTITY on the other, to comply with any obligation herein may be expressly waived in writing by the other party to this Agreement. Any such
waiver or failure to insist upon strict compliance with such obligation, however, shall not operate as a waiver of, or estoppel with respect to any subsequent or other failure. 

21.    Assignment

        This
Agreement and the rights hereunder are not transferable or assignable without the prior written consent of the non-assigning party; provided however, that this Agreement
may be assigned by either Party to (a) person or entity who acquires substantially all of its assets, stock or business by sale, merger or otherwise or, (b) to an affiliate of the Party,
provided that prompt written notice of such assignment is sent to the other Party. Any purported assignment that is not expressly permitted by this
Section shall be void. 

22.    Notices

        Unless
otherwise expressly specified, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given if and when
delivered by hand or certified or registered mail with postage prepaid, to the address of Instinet or ENTITY first set forth below, or to such other person or address as Instinet or ENTITY shall
furnish to the other in writing. Notices by certified or registered mail will be deemed to be received three (3) business days after being sent or on proof of delivery, if earlier.
Communications with Instinet via electronic mail or through the Administrative Messages Function do not. under any circumstance, constitute effective notice for any purpose under this Agreement;
except that notification of changes to Specifications made in accordance with the terms and conditions of Section 1 herein by either Party may be made via email, return receipt requested, to
the appropriate contacts designated by the Parties;. 

        For
Notification of changes to the Specifications: 

	

If to Instinet:	
 	

Mr. Craig Longstaff

Instinet Corporation

3 Times Square

New York, NY 10036
	

If to Entity:	
 	

Pat Murphy

Director of Compliance

Archipelago, L.L.C.

100 South Wacker Drive

Suite 2000

Chicago, 1L 60606

        For
all other Notice under this Agreement: 

	

If to Instinet:	
 	

Mr. Jean-Marc Bouhelier, COO

Instinet Corporation

3 Times Square

New York, NY 10036
	

With a copy to:	
 	

Mr. Paul A. Merolla, Esq.

General Counsel

Instinet Corporation

3 Times Square

New York, NY 10036
	

If to ENTITY:	
 	

Same as above

23.    Authority

        Each
of Instinet and ENTITY agrees, represents, and warrants that it has full power and authority to enter into this Agreement and to perform all responsibilities, duties, and
obligations for which it is responsible hereunder. 

24.    Governing Law

        This
Agreement, and the respective rights and obligations of the Parties hereunder, shall be governed by and interpreted in accordance with the laws of the State of New York without
reference to its conflicts of law principles. 

25.    Arbitration

        In the event of any dispute between the parties arising out of this Agreement not covered by Section 26 (Choice of Forum) herein, the parties shall attempt
to resolve such dispute in good faith within thirty (30) calendar days of notification of the dispute delivered by one party to the other. If the parties do not resolve such dispute within such
thirty-day period, such dispute shall be resolved before the arbitration facilities of the New York Stock Exchange, Inc. ("NYSE") or the National Association of Securities
Dealers, Inc. ("NASD"), by binding arbitration to be conducted in accordance with the NYSE or NASD arbitration rules and procedures, as applicable, in force and effect at the time the dispute
arises. ENTITY agrees that Instinet has the unilateral right to select between the NYSE or NASD arbitration facilities to resolve any dispute covered by this Section  25. With respect to
arbitration brought pursuant to the rules of the NYSE, the parties agree that:

	a)
	Arbitration is final and binding on the parties.  
	b)
	 The parties are waiving their right to seek remedies in court,
including the right to jury trial.  
	c)
	 Pre-arbitration discovery is generally more limited than and different from court proceedings.  
	d)

	 The arbitrators' award is not required to include factual findings or legal reasoning and any party's right to appeal or to seek modification of rulings by the arbitrators is strictly
limited.  

        The panel of arbitrators will typically include a minority of arbitrators who were or are
affiliated with the securities industry.

26.    Choice of Forum

	a)
	Notwithstanding
anything contained herein to the contrary, with respect to any alleged causes of action, claims, loss, damage or dispute or part thereof relating to the validity,
infringement, defense or enforcement of any intellectual properly right (including without limitation any claim relating to any Intellectual property right intended to vest or be assigned to Instinet
or ENTITY hereunder, and/or with respect to any alleged causes of action, claims, loss, damage or dispute or part thereof relating to breach of confidentiality obligations by Instinet or ENTITY
hereunder, 

Instinet
and ENTITY hereby irrevocably consent to the personal jurisdiction and venue of the courts of the State of New York and of any federal courts located in New York. 

	b)
	In
addition to the foregoing, notwithstanding any prohibition to the contrary herein, each of Instinet and ENTITY also retains the right to seek an injunction in any court to protect
itself against a violation by the other Party of its intellectual property rights and confidentiality and each Party acknowledges that the remedy at law for any such breach or threatened breach under
this Agreement will be inadequate and that the other party will be entitled to apply for and obtain injunctive relief to restrain the breach or threatened breach of, or otherwise to specifically
enforce, the other Party's obligations under this Agreement. 

27.    Incorporation of Attachments

        These
Terms and Conditions, and all applicable and agreed to exhibits and schedules hereto, as may be amended from time to time, are incorporated in and made a part of this Agreement to
the same extent as if set forth in full herein. All references to particular Sections and subsections herein are to Sections and subsections contained in these Terms and Conditions, 

28.    Definitions

        Terms
defined in any portion of this Agreement shall have the same definition throughout this Agreement. 

29.    Headings

        The
headings of the Sections of this Agreement are inserted for convenience only and shall not constitute a part hereof or affect in any way the managing or interpretation of this
Agreement. 

30.    Survivability

        The
provisions of Sections 5, 6, 7, 8, 10, 11, 13, 14, 16, 24, 25 and 26 shall survive termination of this Agreement or any portion thereof. 

31.    Entire Agreement

        This
Agreement, including all applicable and agreed to exhibits and schedules hereto, as may be amended from time to time pursuant to Section 5 or this Section 31, as
applicable, shall constitute the entire agreement between Instinet and ENTITY, and shall supersede all prior agreements, arrangements, representations or promises, whether oral
or written between the Parties regarding use of the other Parties Services and Specifications at defined, herein. Other than with respect to the provisions of Section 5,
this Agreement may be amended only by a writing executed by both parties hereto. 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the data first written above. 

	 ARCHIPELAGO, L.L.C.	 	INSTINET CORPORATION
	

By:	

/s/  MIKE CORMACK      
	
 	

/s/  JOAN WHITE      

	Acknowledged and Agreed on

Behalf of ENTITY	 	Acknowledged and Agreed on

behalf of ENTITY
	Name: Mike Cormack	 	Name: Joan White
	Title: President	 	Title:
	Date: 4/18/01	 	Date:

 
 

Mutual Services Agreement dated March 27, 2001
  "SCHEDULE A"
  
    SCHEDULE OF CHARGES AND LOCATION OF EQUIPMENT
  FOR THE INSTINET SERVICES    
    

	 
	 	 
	 	 
	 	 
	 	 
	 	One Time

Installation Charge
	 	Monthly Charges

	

•	
 	

Charge per Instinet Access ID:	
 	
$[***]	
 	

$[***]
 
	

 	
 	

Id#	
 	

	
 	

(FIX)	
 	

located at	
 	

	
 	

 
	

 	
 	

Id#	
 	

	
 	

(FIX)	
 	

located at	
 	

	
 	

 
	

 	
 	

Id#	
 	

	
 	

(FIX)	
 	

located at	
 	

	
 	

 
	

 	
 	

Id#	
 	

	
 	

(FIX)	
 	

located at	
 	

	
 	

 
	

•	
 	

Monthly Schedule of Transaction Fees for trades executed directly with Instinet via FIX:

	 
	 	Share Volume ([***])
 
	 	Price per Share

	

 	
 	

[***] – [***] million	
 	

$[***]
	

 	
 	

[***] – [***] million	
 	

$[***]
	

 	
 	

[***] – [***] million3	
 	

$[***]
	

 	
 	

[***] – [***] million	
 	

$[***]
	

 	
 	

          [***] + million4	
 	

$[***]
	

1.	
 	

Monthly charges ($[***] per id) accrue upon installation of equipment; portions of a month will be pro-rated. [***]
	

2.	
 	

[***] And, [***] will be billed at our access fee rate of [***] cents per/share.
	

3.	
 	

Once customer executes over [***] million shares, the first [***] million shares are charged at $[***]/share.
	

4.	
 	

Once customer executes over [***] million shares, the first [***] million shares are charged at $[***]/share.

	

By:	
 	

/s/  MIKE CORMACK      
	
 	

 
	Acknowledged and Agreed on

Behalf of Archipelago, L.L.C.	 	 
	

Name: Mike Cormack

Title: President

Date: 4/18/01	
 	

 

*** Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect
to the omitted portions. 

        Mutual
Services Agreement dated March 27, 2001 

 
 

"SCHEDULE B"
  
    SCHEDULE OF CHARGES AND LOCATION OF EQUIPMENT
  FOR THE ENTITY SERVICES    
    

	

By:	
 	

	
 	

 
	Acknowledged and Agreed on

Behalf of Instinet Corporation	 	 
	

Name:

Title:

Date:

	
 	

 

 
 

Mutual Services Agreement dated March 27,2001
  "SCHEDULE C"
  
    INSTINET CLEARING ARRANGEMENTS    
    

Instinet
settles all transactions on a fully disclosed basis through its affiliate, Instinet Clearing Services, Inc. ("ICS"). With respect to U.S. securities, ICS is a direct participant of the
Depository Trust and Clearing Corporation ("DTCC"). ICS's Broker Clearing Number at DTCC is                        . Trade
comparison and clearance are accomplished via the services and standards established
within the scope of the DTCC processes for U.S. securities deemed by the DTCC as either eligible or non-eligible for book entry settlement. 

With
respect to foreign securities, such securities will be cleared and settled in either the native country of such security and/or through external depositories recognized by Instinet. Settlement
will be on a delivery versus payment basis in the appropriate foreign currency with agents and/or affiliates as designated by ICS. 

 
 

Mutual Services Agreement dated March 27, 2001
  "SCHEDULE D"
  
    ENTITY CLEARING ARRANGEMENTS    
    

 
 

ADDENDUM TO MUTUAL SERVICES AGREEMENT
  For Mutual Provision of TERMINAL SERVICES    

        This
Addendum shall serve to amend the Mutual Services Agreement (the "Agreement") dated March 27, 2001 by and between Instinet Corporation, a Delaware corporation with
offices at 3 Times Square, New York, New York, 10036 ("Instinet") and Archipelago, L.L.C., an Illinois limited liability company with offices at 100 South Wacker Drive, Suite 2000, Chicago, IL
60606("ENTITY"), in the manner set forth herein. 

        Each
of Instinet and ENTITY individually and collectively may be referred to as "Party" and "Parties." All capitalized terms used herein without specific definition shall have the
meanings ascribed to them in the Agreement. 

 
 

RECITALS    

        WHEREAS,
Instinet and ENTITY have entered into the Agreement which allows each of Instinet and ENTITY the ability to execute against orders directly on the other Party's System to
purchase or sell securities (i.e. hit or take) where such orders have been published in and are part of the quotation montage of the Nasdaq Stock Market ("Nasdaq"), and are available for execution at
the time of acceptance on Nasdaq's SelectNet Service (or any successor service). 

        WHEREAS,
Instinet and ENTITY each desires to receive additional services via the other Party's terminal which provides the ability to access the other Party's System (each a "Terminal"),
including the ability to enter orders to buy and sell securities, subject to the terms and conditions set forth herein (the "Terminal Services"); 

        NOW
THEREFORE, in consideration or the foregoing premises, which are a part hereof, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree to amend the Agreement as follows: 

 
 

TERMS AND CONDITIONS    

1.    Equipment Installation

	a)
	In
addition to the Services provided under the Agreement, each of Instinet and ENTITY shall install one or more Terminals at the other Party's premises as set forth in Schedule One
attached hereto (each a "Location"). Each acknowledges and agrees that the Terminals so installed remain the sole and exclusive property of Instinet and ENTITY, respectively.

	b)
	Each
of Instinet and ENTITY shall arrange for the installation of any telecommunications equipment and/or lines at its premises to accommodate receipt of the other Party's Terminal.
And, each Party shall connect and install any equipment and/or software (the "Equipment") as appropriate at the other Party's Location for connection of the Terminal to its System.

	c)
	Each
of Instinet and ENTITY shall, at its own expense, provide the necessary space, electrical service, outlets and wiring (in accordance with UL Standards) at its Location(s) for the
installation of the other Party's Terminal and Equipment.

	d)
	Each
of Instinet and ENTITY agree not to move, manipulate or otherwise modify or attempt to modify the other Party's Terminal or Equipment from its Location as installed by the other
Party, without the prior written consent and supervision of the other Party, for which supervision the receiving Parry may he charged at the other Party's then-current rates for such
installation and/or supervision. 

2.    Equipment Location:

	a)
	Each
of Instinet and ENTITY hereby agrees, represents and warrants that each of its Locations listed in Schedule One hereto is a business location of the Party under direct supervision
of that 

Party,
and that it is authorized to utilize the other Party's Terminal Services and otherwise to conduct a securities business at these Locations in compliance with all applicable federal and state
laws, and applicable rules and regulations of any self-regulatory organizations including any national securities exchanges or securities associations. 

	b)
	Each
Party represents that, to the extent required by applicable law or regulation, its Location is a properly registered branch office or principal place of business.

	c)
	Each
Party agrees, represents and warrants that it will lake reasonable steps to prevent unauthorized third party (or internal) use of or access to the Terminal, Equipment, and
Terminal Services accessed thereby. 

3.    Client ID Numbers

	a)
	Each
of Instinet and ENTITY will assign unique and specific identification numbers or other identifier to the other Party (the "IDs") to authenticate the other Party to its System.

	b)
	Each
of Instinet and ENTITY shall be solely responsible and liable for all trading and all other activity of any type conducted through the use of its assigned IDs.

	c)
	Each
of Instinet and ENTITY agrees that it is solely responsible for the safeguarding, security, and confidentiality of any IDs assigned to it by the other Party.

	d)
	The
Terminal IDs assigned to each Party are set forth in Schedule One attached hereto. 

4.    Use of Equipment

	a)
	Each
of Instinet and ENTITY hereby agrees, represents and warrants that with respect to the other Party's Terminal and Equipment, and the Terminal Services accessed thereby: each shall
be the sole authorized user of the Terminal, Equipment and Terminal Services; each shall take all reasonable steps to prevent unauthorized third-party (or internal) use of, or access to, the other
Party's Terminal and Equipment; and each shall be solely responsible for all acts or omissions that occur using the other Party's Terminal and Equipment. The Parties further agree, represent, and
warrant that no other person or entity shall receive, in any form, the other Party's Terminal Services provided to it, except as set forth in the Addendum or otherwise specifically agreed to in
advance and in writing.

	b)
	Each
of Instinet and ENTITY are prohibited from (i) combining, transmitting, broadcasting, disseminating, or creating electronic or other databases with any information obtained
through the Terminal, Equipment or the Terminal Services accessed thereby, (ii) making any alteration, connection or interface with or to the Terminal or Equipment or the Terminal Services
accessed thereby; (iii) using batch processing, uploading of files or any other means of automated, high speed or mass data entry into the materials; or (iv) otherwise sharing the other
Party's Terminal, Equipment and Terminal Services provided thereby, or any information contained therein or derived therefrom, with any third party without the prior written consent of the other
Party.

	c)
	If
Instinet and/or ENTITY, each in its own discretion, determines that the other Party must maintain a certain "Order Quality" with respect to orders submitted using a Terminal(s),
then Instinet and ENTITY shall mutually agree on the definition and level of such Order Quality for orders submitted through the other Party's System. "Order Quality" shall be defined in terms of the
tradability of an order based on a metric measuring size, price in-lineness and duration on the other Party's System.

	d)
	Each
of Instinet and ENTITY agrees to utilize the other party's Terminal, Equipment and Terminal Services in the normal course of its business and within the capacity of the other
Party's System. Should Instinet or ENTITY, each in its sole discretion, determine that the other Party's use of its Terminal, Equipment and Terminal Services is extraordinary and/or beyond its normal
system capacity, the Party shall have the right, power and authority to suspend or terminate the other Party's access to its Terminal, Equipment and Terminal Services immediately upon oral or 

other
notification to the other Party occurring prior to, simultaneously with, or immediately after such termination. 

5.    Training

	a)
	At
the other Party's request, each of Instinet and ENTITY shall provide reasonable training to the other Party in the proper use of the Terminal and Equipment, to specific employees of
the other Party. Instinct and ENTITY each agree to reimburse the other for the cost of any such training at the other Pliny's standard rates for such training. Each of Instinet and ENTITY agrees,
represents and warrants that only appropriately-trained employees will use or have access to the other Party's Terminal and Equipment and the Terminal Services accessed hereby.

	b)
	Each
of Instinet and ENTITY further agrees, represents and warrants that all employees that will use or have access to the other Party's Terminal. Equipment and the Terminal Services
accessed thereby, shall be fully familiar with its obligations under this Addendum and the Agreement, and each shall supervise and monitor it, receipt of and use of the other Party's Terminal,
Equipment and Terminal Services. Instinet and ENTITY shall have the right, each in its sole discretion, to prohibit any of the other Party's employees from using or having access to its Terminal,
Equipment and the Terminal Services accessed thereby by providing written or oral notice to the other Party of the identity of such individual. Instinet and ENTITY shall take appropriate steps to
immediately terminate such individual's use of and access to the other Party's Terminal, Equipment and Terminal Services. 

6.    Equipment Maintenance

	a)
	Each
of Instinet and ENTITY will use reasonable efforts to maintain its Terminal and Equipment issued to the other in good working order, and each shall repair at its own cost, any
mechanical or other Terminal or Equipment failures that interfere with the other Party's use of the Terminal Services except for those failures that may
be caused by the other Parry's negligence or misuse of the Terminal or Equipment, for which it shall charge the other Party in accordance with the maintenance charges set forth in Schedule One,
attached hereto and incorporated herein.

	b)
	Each
of Instinet and ENTITY agrees to permit representatives of the other Party access to the Location and its Terminal and Equipment at reasonable times and upon reasonable prior
notice for purposes of installation, inspection, maintenance, repair, replacement or removal of such Terminal and Equipment. Instinet and ENTITY will each exercise reasonable care in its use of the
other Party's Terminal and Equipment and shall take reasonable steps to protect the Terminal and Equipment from any unauthorized use and physical harm. Each of Instinet and ENTITY shall not permit
maintenance, repair, or modification of the other Party's Terminal, Equipment or Terminal Services accessed thereby, by a party other than the other Party or the other Party's representative. 

7.    Payment  

	a)
	Each
of Instinet and ENTITY shall pay the other Party for the receipt and use of the Other Party's Terminal, Equipment and Terminal Services accessed thereby in accordance with the
terms of the Agreement, this Addendum and Schedules One, Two and Three respectively, attached hereto and incorporated herein.

	b)
	Each
of Instinet and ENTITY, in its sole discretion, may change or amend the payment terms contained in Schedules One, Two and Three at any time upon ten (10) days prior written
notice. Each of Instinet and ENTITY acknowledges and agrees that its continued receipt or use of the other Party's Terminal, Equipment and Terminal Services accessed thereby, beyond ten
(10) calendar days after its receipt from the other Party of written notice of such change or amendment, is fully subject to any such change or amendment. 

8.    Reverse Engineering  

        Each
of Instinet and ENTITY agrees, represents and warrants that it shall not, nor shall it permit any third party to, modify, translate, reverse engineer, decompile, dissemble or
extract, as applicable, any ideas, algorithms or procedures from the whole or any part of the other Party's Terminal, Equipment and Terminal Services accessed thereby, for any reason. Instinet and
ENTITY each shall include this restriction in any relevant agreements with third parties, (including but not limited to license agreements and consulting agreements) relating to the other Party's
Terminal, Equipment and Terminal Services accessed thereby, that are otherwise permitted under this Addendum and the Agreement. 

9.    Crossing Services  

        If either Instinet and/or ENTITY accesses the other Party's Crossing Services as part of the Terminal Services via the Terminal and Equipment. Instinet and ENTITY
each acknowledges and agrees that the other Party has the right power and authority, which it may exercise in its sole discretion, to cancel trading through its crossing services in any stock at any
time. 

10.    Termination  

	a)
	Either
Instinet or ENTITY may terminate this Agreement, at any time, each in its sole discretion upon ten (10) calendar days prior written notice.

	b)
	This
Addendum shall automatically terminate on the occurrence of termination of the Agreement in accordance with Section 17 thereof. 

11.    Miscellaneous  

	a)
	Except
as specifically referenced in this Addendum, all terms and conditions of the Agreement shall remain in full force and effect.

	b)
	Unless
specifically addressed in this Addendum, all terms and conditions of the Agreement shall govern ENTITY's and Instinet's use of the other Party's Terminal Services. 

	INSTINET CORPORATION	 	ARCHIPELAGO, L.L.C.
	

By:	
 	

/s/  JOAN WHITE      
	
 	

By:	
 	

/s/  MIKE CORMACK      

	Name: Joan White	 	Name: Mike Cormack
	Title:	 	Title: President
	Date:	 	Date: 4/19/01

 
 

Addendum to Mutual Services Agreement dated March 27, 2001
  
  "SCHEDULE ONE"
  
  LOCATION OF EQUIPMENT & EQUIPMENT CHARGES  
  

            •    Instinet Corporation Terminal Services issued to:

	

Entity:	
 	

    
	
 	

 
	

Address:	
 	

    
	
 	

 
	

Address:	
 	

    
	
 	

 

        The Terminal Services permit internal, registered end-users to place orders directly on Instinet's Book. 

	

Id#	
 	

    
	
 	

(Workstation/OMS) located at	
 	

    

	

Id#	
 	

    
	
 	

(Workstation/OMS) located at	
 	

    

	 
	 	 
	 	One-Time

Installation Charge
	 	Monthly Charges

	a)	 	Instinet Terminal	 	$[***]	 	$[***] per month
	b)	 	Instinet Keyboard	 	N/A	 	N/A
	c)	 	Instinet Printer	 	N/A	 	N/A
	d)	 	Maintenance	 	N/A	 	$[***] per hour
	e)	 	Transaction Charges (as per Schedule Two)	 	 	 	 
	

 	
 	

•    ENTITY Terminal Services issued to:	
 	

 	
 	

 
	

 	
 	

Instinet Corporation

3 Times Square

New York, NY 10036	
 	

 	
 	

 

	Id#	 	    
	 	(Workstation/OMS) located at	 	    

	

Id#	
 	

    
	
 	

(Workstation/OMS) located at	
 	

    

	 
	 	 
	 	One-Time

Installation Charge
	 	Monthly Charges

	a)	 	Entity Terminal	 	$	 	$	[***] per month
	b)	 	Entity Keyboard	 	$	 	$	[***] per month
	c)	 	Entity Printer	 	$	 	$	[***] per month
	d)	 	Maintenance	 	$	 	$	[***] per month
	e)	 	Transaction Charges (as per Schedule Three)	 	 	 	 	 

        ***
Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 

Addendum to Mutual Services Agreement dated March 27, 2001  
    
  "SCHEDULE TWO"
  
  INSTINET CORPORATION: TRANSACTION CHARGES FOR USE OF THE
  TERMINALS AND EQUIPMENT  
  

        Monthly Schedule of Transaction Fees for trades executed with Instinet via an Instinet Workstation or QMS Terminal (this table does nor apply direct hit or take
access via FIX): 

OTC Trades (monthly rates):  

	Shares ([***])
 
	 	Cents Per Share

	[***] or less	 	$[***]
	[***] – [***]	 	$[***]
	[***] – [***]	 	$[***]
	[***] – [***]	 	$[***]
	[***] – [***]	 	$[***]
	[***] – [***]	 	$[***]b
	[***] – [***]	 	$[***]c
	[***] – [***]	 	$[***]
	[***] – [***]	 	$[***]
	[***] – [***]	 	$[***]
	[***] or more	 	 

a
= [***] will not be considered in determining volume for any fee reductions. 

b
= The first [***] million shares are re-priced at $[***] cents per share after [***] million shares are traded.
If [***]% or more of your business is in Listed shares, excluding DOT, your retroactive rate to share 1 decreases to $[***] cents per share. 

c
= The first [***] million shares are re-priced at $[***] cents per share after [***] million shares are traded. 

Share Volume Calculation:

Price
Per Share ("PPS") is calculated at NET volume (based on Terminal use only) which is, derived by taking TOTAL shares less DOT shares. less
SelectNet shares. 1/2 Cross shares (shares traded internally) and 1/2 penny stock volume {sec below) traded. This PPS is then applied to all net shares and SelectNet
shares (note char terminal use only can lower SelectNet rates per share: shares executed directly via FIX hit or lake access shall not reduce SelectNet: 

Listed Trades (monthly rates)

Less
than [***] shares: [***] on all Listed shares

More than [***] shares: See rate table above 

Shares Routed Through DOT:

All
DOT shares are priced at [***] per share. 

Stocks Priced Under $3.00 (Penny Stocks)

For
shares priced under S3.00. credit for volume discounts (in the fee schedule above) will be [***]. For example. if 100.000 shares of a stock priced at $2 per share arc
traded, it will count as [***] shares ([***]) in the Fee schedule above. 

Reduction or Elimination of Monthly Fees:

If
a Client trades [***] shares through die Instinet System during My month at the same location specified on Schedule A, the monthly charge for the Client's first
terminal/terminal ID will he eliminated for such month. Each addition full increment of [***] shares traded by the Client through the Instinet System during the month at such
location will eliminate the monthly charges payable by the Client or an equivalent number of additional terminals/terminal IDs. [***] 

***
Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 

Addendum to Mutual Services Agreement dated March 27, 2001
  
  "SCHEDULE THREE"
  
  ENTITY: TRANSACTION CHARGES FOR USE OF THE
  TERMINALS AND EQUIPMENT  
  

        Monthly Schedule of Transaction Fees for trades executed with ENTITY via: 

 
 

MUTUAL SERVICES AGREEMENT ADDENDUM No. 2    
    

This  MUTUAL SERVICES AGREEMENT ADDENDUM No. 2 (this "Addendum") to the Mutual Services Agreement dated March 27, 2001 by and between
Instinet Corporation ("Instinet") and Archipelago L.L.C. ("Entity") is entered into as of April 30, 2002, and is hereby attached to and made part of the Mutual Services Agreement. Instinet and
Entity are sometimes referred to individually as a "Party" and collectively as the "Parties." All capitalized terms not specifically defined in this Addendum shall have the meanings ascribed them in
the Mutual Services Agreement. The Mutual Services Agreement collectively with this Addendum may be referred to as the "Agreement" 

 
 

TERMS AND CONDITIONS    
    

        In consideration of the premises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree to supplement the Agreement as follows: 

        1.     For
purpose of the Agreement, Instinet's "BookStream Services" shall mean certain orders which comprise Instinet's delivered depth of book in certain market securities
(OTC and Listed). The BookStream Services are provided for display purposes only. For purposes of the Agreement, all references to the Instinet Services shall be deemed to include the BookStream
Services. 

        2.     Instinet
has created specifications for the BookStream Services which may be updated by Instinet from time to time (collectively, the "BookStream Specifications").
Instinet is willing to grant Entity, and Entity desires to obtain, a limited, non-exclusive and non-transferable license to use the BookStream Specifications for the sole
purpose of developing an interface to the BookStream Services, subject to the terms and conditions contained in the Agreement. For purposes of the Agreement, the BookStream Specifications shall be
deemed to be included in the Instinet Specifications and the interface to the Bookstream Services shall be included in the Interfaces. 

        3.     For
purposes of the Agreement, the "Entity Book Service" shall mean: information consisting of U.S. equities traded via Archipelago electronic crossing network, including
bids to buy, offers to sell, and last sale data including price, change and volume, as reflected in Archipelago's electronic limit order book, and may include similar Data from additional third-party
ECNs integrated into the Archipelago trading system. All references to Entity's Services in the Agreement shall be deemed to include the Entity Book Service. 

        4.     ENTITY
has develop specifications (the "Entity's Book Specifications") for the development of an interface to the Entity Book Service. Entity is willing to grant
Instinet, and Instinet desires to obtain, a limited, non-exclusive and non-transferable license to use the Entity Specification for the sole purpose of developing an interface
to the Entity Book Service, subject to the terms and conditions contained in the Agreement. For purposes of the Agreement, Entity's Book Specifications shall be deemed to be included in the Entity
Specifications and the interface to the Entity Book Services shall be included in the Interfaces. 

        5.     Instinet
shall deliver the BookStream Services to Entity in the manner described in Schedule A (1) BookStream
Delivery System (the "Instinet Delivery System") attached hereto and incorporated herein. Entity shall deliver the Entity Book Services to Instinet in the manner described in  Schedule A (2) Entity
Book Services Delivery System (the "Entity Delivery System") attached hereto and incorporated herein. 

        6.     Entity
and Instinet shall test and provide access to the other's Services in accordance with the terms and conditions of the Agreement. 

        7.     Entity
agrees, represents and warrants that is shall not, and it shall not knowingly permit any other party to, reproduce, redistribute or otherwise redisseminate in any
way the BookStream Services or any portion thereof, except as expressly permitted in writing by Instinet and shall not change the content or value of the BookStream Services or any portion thereof in
any way, nor recompile, aggregate, disaggregate or combine the BookStream Services or any portion thereof in any way. 

        8.     Instinet
agrees, represents and warrants that it shall not, and it shall not knowingly permit any other part to reproduce, redistribute or otherwise redisseminate in any
way the [Book Services] or any portion thereof, except as expressly permitted in writing by Entity and shall not change the content or value of the Entity Book Services or any
portion thereof in any way, nor recompile, aggregate, disaggregate or combine the Entity Book Services or any portion thereof in any way. 

        9.     Instinet
shall retain sole ownership of the BookStream Services, including all Intellectual Property rights (as defined herein) subsisting in or relating to the
BookStream Services. Intellectual Property shall include, but not be limited to: (a) trademarks, service marks, logos, slogans, brand names, domain names, certification marks, trade dress,
trade names, words, symbols and other indications of origin and the goodwill associated therewith, and all registrations of and renewal or extensions of the foregoing; (b) software, original
works of authorship, copyrights and all renewals and translations thereof and any moral rights relating thereto; and (c) patents, utility models, industrial design, inventors' certificates and
inventions. All goodwill arising from the use of the Instinet Marks and the Instinet Logo shall inure to the benefit of Instinet. Except as expressly contained herein, nothing shall be construed as
granting or conferring any rights by license or otherwise to Entity or any third party to the BookStream Services or any other Intellectual Property or Confidential Matter of Instinet. 

        10.   Entity
shall retain sole ownership of the Entity Book Services, including all Intellectual Property rights (as defined herein) subsisting in or relating to the Entity
Book Services. Intellectual Property shall include, but not be limited to: (a) trademarks, service marks, logos, slogans, brand names, domain names, certification marks, trade dress, trade
names, words, symbols and other indications of origin and the goodwill associated therewith, and all registrations of and renewals or extensions of the foregoing; (b) software, original works
of authorship, copyrights and all renewals and translations thereof and any moral rights relating thereto; and (c) patents, utility models, industrial designs, inventors' certificates and
inventions. All goodwill arising from the use of the Entity Marks and the Entity Logo shall inure to the benefit of Instinet. Except as expressly contained herein, nothing shall be construed as
granting or conferring any rights by license or otherwise to Instinet or any third party to the Entity Book Services or any other Intellectual Property or Confidential Matter of Entity. 

        11.   All
terms and conditions of the Agreement will remain in full force and effect between Entity and Instinet, and Instinet and Entity hereby ratify and affirm the terms
and conditions of the Agreement. 

        12.   This
Addendum may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same
instrument. 

        IN WITNESS WHEREOF, authorized officers of the undersigned have caused this Entity Interface Agreement Addendum to be duly executed on
their behalf, as of the day and year first written above. 

	INSTINET CORPORATION	 	ARCHIPELAGO L.L.C.
	

By:	
 	

/s/  CHRISTY COOK      
	
 	

By:	
 	

/s/  MIKE CORMACK      

	Name: Christy Cook	 	Name: Mike Cormack
	Title Director	 	Title: President

 
 

SCHEDULE A(2)    
    
    Interim FIX 4.0/4.1 API for Archipelgo Book    
    

	Ryan Pierce	 	Copyright © 1997-9 Townsend Analytics Ltd.
	November 17, 1999 Revision	 	 

Overview  

        This document describes the Townsend Analytics Ltd. Implementation of the FIX Protocol's draft Market Data messages used to disseminate the Archipelago
ECN's book. 

        This
document assumes a thorough understanding of the FIX 4.0 or 4.1 protocol available at http://www.fixprotocol.org/ as well as the
Market Data Messages draft, dated November 17, 1999. 

        This
is an interim implementation of a draft specification that is scheduled for inclusion in the FIX 4.2 Specification. The FIX Technical Committee has read the draft once and made
comments, as well as assigned message types and field tags, but this does not mean that the Market Data draft will not change prior to inclusion in FIX 4.2. The Market Data draft carries the following
disclaimer: 

This
is a FIX Technical Committee Working Draft for review by FIX Committee and Working Group members and interested parties. It is a draft document and may be updated, replaced, or obsoleted by
other documents at any time. The ECNs and Exchanges Working Group will not allow early implementation to constrain its ability to make changes to this specification prior to final release. It is
inappropriate to use FIX Technical Committee Working Drafts as reference material or to cite them as other than "works in progress". 

        The
Archipelago FIX Book Server will likely be kept recent relative to the latest working draft, and it is expected that early adopters of the FIX Market Data Specification do so as
well. 

FIX
4.0/4.1 API for Archipelago
Book                                         
                                          
             11/17/99 Revision
 

FIX Application Protocol  

        The FIX session used to disseminated the Archipelago book is dedicated to this purpose; it cannot be used for orders or trade reports. The only application
messages sent form Archipelago to the client are Market Data—Incremental Refresh, MsgType=X. The messages are sent unsolicited; the client must not send a Market Data Request. Thus, the
Market Data messages from Archipelago to the client will have no MDReqID. 

        After
Logon, Archipelago will send all orders currently in its book, as well as any additions, changes or deletions of them. Each order is represented by its own MDEntryID, which is
unique among all currently live orders. As stated in the draft, an MDEntryID of a previously deleted entry may be reused, and Archipelago does this. At the client's request, MDEntryTime can be
specified with each MDEntry; the default is not to send the MDEntryTime as it consumes additional bandwidth. Only bids and offers are sent; no records of trades, opening, or closing prices are sent.
Orders preferenced to other ECNs or Market Makers are not sent via FIX, as they do not represent available liquidity in the ECN. 

        The
recovery model for unsolicited Market Data is purposefully left open in the Market Data draft specification so that firms can implement approaches that best meet the business needs
of their clients. The recovery model for the Archipelago FIX Book Server is based on providing the client with an up to date view of the current state of the Archipelago Book as quickly as possible.
Thus, we do not store or transmit any historical data for periods when clients are disconnected. If a client becomes disconnected, the client must invalidate and discard all Archipelago MDEntries and
reconnect. The
Archipelago FIX Book Server will begin by sending MDEntries for all orders currently in the Archipelago book, and then any changes to the book. 

	Copyright© 1997-9 Townsend Analytics Ltd.

Proprietary and Confidential	 	Page 2 of 3

FIX
4.0/4.1 API for Archipelago
Book                                         
                                          
             11/17/99 Revision 

FIX Session Protocol  

        The client will initiate a TCP connection to a server IP address and port specified by Archipelago. Both FIX 4.0 and FIX 4.1 are supported, however this must be
configured in advance. The CompID of Archipelago is "TAL" and the CompID of the client must be configured in advance. 

        Due
to the specialized nature of transmitting book data, The Archipelago FIX Book Server does not support the full FIX session protocol.
One critical distinction is that Resend Requests to Archipelago are rejected. This happens because Archipelago begins each FIX connection with the state of the current book and does not support
historical queries, hence Resend Request to recover lost messages become irrelevant. 

        Due
to this recovery design, the rigidity in the standard session layer regarding sequence numbering should be relaxed. The Archipelago FIX Book Server begins each day with a sequence
number of 1, and keeps incrementing it. If the client disconnects and reconnects, Archipelago will send its Logon
with the next consecutive sequence number. The Archipelago FIX Book Server will accept a Logon from the client, regardless of sequence number, and begin incrementing the next expected sequence number
from there, without attempting to send Resend Requests. It is required that the client similarly accept a Logon with any sequence number from the Archipelago FIX Book Server will reject such Resend
Requests. 

        Like
a standard FIX session, Archipelago will send heartbeats at an interval of 30 seconds of inactivity, as stated in Archipelago's Logon message, and will require the client to issue
sequential heartbeats at the interval the client specifies in the client's Logon message. 

Revision History  

	11/4/1999	 	Initial Release
	

11/17/1999	
 	

Updated the document with the latest status of the draft, which includes using real message types and field tags.

	Copyright© 1997-9 Townsend Analytics Ltd.

Proprietary and Confidential	 	Page 3 of 3

 
 

MUTUAL SERVICES AGREEMENT ADDENDUM NO. 3    
    

        This MUTUAL SERVICES AGREEMENT ADDENDUM NO. 3 (this "Addendum No. 3") to the Mutual Services Agreement
dated March 27, 2001 and as amended on April 15, 2002, by and between Instinet Corporation ("Instinet") and Wave Securities, L.L.C., formerly known as Archipelago, L.L.C. ("Entity") is
entered into as of May 31, 2002, and is hereby attached to and made part of the Mutual Services Agreement. Instinet and Entity are sometimes referred to individually as a "Party" and
collectively as the "Parties." All capitalized terms no specifically defined in this Addendum No. 3 shall have the meanings ascribed them in the Mutual Services Agreement and/or Addendum
No. 2. The Mutual Services Agreement collectively with Addendum No. 2 and this Addendum No. 3 may be referred to as the "Agreement." 

 
 

TERMS AND CONDITIONS    
    

        In consideration of the premises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree to supplement the Agreement as follows: 

	1.
	For
purposes of the Agreement, Listed Orders shall be included in the Instinet Services. Therefore, Section 3(a) of the Agreement shall be amended to include the following:

	

	For
purposes of this Agreement, the Instinet Services shall also include the ability to execute Listed Orders where "Listed Orders" shall be defined as
orders available to Instinet clients in securities listed on the New York and American Stock Exchanges (or other regional exchanges) where Instinet includes such orders in Instinet's delivered top of
book.

	2.
	For
purposes of the Agreement, listed orders shall be included in the Entity's Services. Therefore, Section 3(b) of the Agreement shall be amended to include the following:

	

	For
purposes of this Agreement, Entity's Services shall also include the ability to execute Listed Orders where "Listed Orders" shall mean orders available
to Entity clients in securities listed on the New York and American Stock Exchanges (or other regional exchanges) where Entity includes such orders in Entity's delivered top of book.

	3.
	In
addition, for purposes of clarification, the Parties agree that whenever a Party executes a trade, that Party is responsible for reporting such trade.

	4.
	The
Share Volume/Price Per Share in Schedule A to the Agreement (Schedule of Charges and Location of Equipment for the Instinet Services) is hereby amended to include Listed
Orders as follows: 

	Share Volume
 
	 	Price per Share

	LISTED	 	 	 
	[***] – [***] million	 	$	[***]
	[***] million+	 	$	[***]

	5.
	The
Share Volume/Price Per Share in Schedule B to the Agreement (Schedule of Charges and Location of Equipment for the Entity Services) is hereby amended to include Listed
Orders as follows: 

	Share Volume
 
	 	Price per Share

	LISTED	 	 	 
	[***] – [***] million	 	$	[***]
	[***] million+	 	$	[***]

***
Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

	6.
	All
terms and conditions of the Agreement will remain in full force and effect between entity and Instinet, and Instinet and Entity hereby ratify and affirm the terms and conditions of
the Agreement.

	7.
	This
Addendum may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

        IN WITNESS WHEREOF, authorized officers of the undersigned have caused this Mutual Services Agreement Addendum to be duly executed on
their behalf, as of the day and year first written above. 

	INSTINET CORPORATION	 	Wave Securities, L.L.C.
	

By:	
 	

          
	
 	

By:	
 	

/s/  MIKE CORMACK      

	Name:	 	Name: Mike Cormack
	Title:	 	Title: President

QuickLinks

Exhibit 10.2

MUTUAL SERVICES AGREEMENT

WITNESSETH

TERMS AND CONDITIONS

Mutual Services Agreement dated March 27, 2001 "SCHEDULE A" SCHEDULE OF CHARGES AND LOCATION OF EQUIPMENT FOR THE INSTINET SERVICES

"SCHEDULE B" SCHEDULE OF CHARGES AND LOCATION OF EQUIPMENT FOR THE ENTITY SERVICES

Mutual Services Agreement dated March 27,2001 "SCHEDULE C" INSTINET CLEARING ARRANGEMENTS

Mutual Services Agreement dated March 27, 2001 "SCHEDULE D" ENTITY CLEARING ARRANGEMENTS

ADDENDUM TO MUTUAL SERVICES AGREEMENT For Mutual Provision of TERMINAL SERVICES

RECITALS

TERMS AND CONDITIONS

Addendum to Mutual Services Agreement dated March 27, 2001 "SCHEDULE ONE" LOCATION OF EQUIPMENT & EQUIPMENT CHARGES

Addendum to Mutual Services Agreement dated March 27, 2001 "SCHEDULE TWO" INSTINET CORPORATION: TRANSACTION CHARGES FOR USE OF THE TERMINALS AND EQUIPMENT

Addendum to Mutual Services Agreement dated March 27, 2001 "SCHEDULE THREE" ENTITY: TRANSACTION CHARGES FOR USE OF THE TERMINALS AND EQUIPMENT

MUTUAL SERVICES AGREEMENT ADDENDUM No. 2

TERMS AND CONDITIONS

SCHEDULE A(2) Interim FIX 4.0/4.1 API for Archipelgo Book

MUTUAL SERVICES AGREEMENT ADDENDUM NO. 3

TERMS AND CONDITIONS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]