(April 3 – 17:50 ET) – Despite the rocky markets, and the nearly non-existent IPO market, Reuters announced that it is plowing ahead with an initial public offering for Instinet, its wholly owned electronic brokerage subsidiary.

Reuters has filed an amended Registration Statement with the U.S. Securities and Exchange Commission, indicating a price range for the IPO of between US$11.00 and US$14.00 per share for an anticipated maximum of 33,925,000 shares. The proposed offering would constitute approximately 14.1 % of Instinet’s capital stock outstanding post-IPO.

Instinet is the world’s largest electronic agency securities broker, dominating pre- and post-market trading. It trades in 40 markets, with a membership of 20 exchanges throughout North America, Europe, and Asia. It was founded in 1969, and was acquired by Reuters in 1987.

“This amendment to the S-1 Registration Statement takes us one step closer to the IPO for Instinet, which we still expect to take place in the first half of this year,” says Peter Job, Reuters CEO.