S&P Just Off Lows, Down 3.2% to 843
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Chrysler "More" Than Happy to Provide Assurances Taxpayers Will Get Money Back
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Citadel down 47% YTD - WSJ
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Nardelli - Cerbeus will provide security for taxpayer money
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GM Down 9.2%, Ford Unch As Bailout Hearings Continue
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S&P Cuts Sears from BB to BB-
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Frank, Kashkari sitdown on Thursday re TARP
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Chairman Frank Says Congress Would Reject 2nd Part of $700 Billion Bailout If Vote Held Today
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GM turned down Chrysler merger because market dropped, merger costs, public funding might have been available
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Nardelli - defending Cerbeus interest in Chrysler
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Chrysler CEO Nardelli - private equity is not a few rich guys taking over a company
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GM Stock Declining To Session Lows During Senate Bailout Hearing
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Canada's New Toyota Plant Will Create 1200 Auto Jobs
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Shumer-Congress Realizes Letting Big 3 Fail 'Catastrophic"
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Chrysler Needs $4 bln To Get Through March 31-CEO Nardelli
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Big 3 All Support Oversight Board In Loan Program
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March 31 Can Be a Deadline for Showing Progress with Bailout Money--Nardelli
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Fed Expected To Reject Auto Bailout-WSJ
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GM head - significant amount of CDS written against GM paper that would be triggered should GM declare bankruptcy
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Nardelli - talking balance sheet concesssions in effort to get "bridge loan"
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Instinet Launches Wizard Arrival Price Algorithm

Instinet, has launched Wizard, a new arrival price algorithm that helps reduce market impact by setting a trading schedule that balances a stock's historical and option-implied volatility with a trader's alpha and risk parameters. Wizard relies on the well-known U.S. Short-term Equity Risk Model from Northfield Information Services, one of Wall Street's most respected providers of risk forecasting models.

"While basic arrival price algorithms are certainly helpful in minimising market impact, their execution is often overly aggressive and can consequently result in deceptive performance," said Michael Plunkett, President, North America, Instinet. "Wizard uses a 20-factor risk model to set the trading schedule, thereby moving traders beyond an 'execute now' scenario to one which the stock is allowed to potentially move in the trader's favor."

Wizard, which is available immediately through Instinet's NewportTM and Instinet Trading Portal's front-ends, allows traders to set limit prices and start and end times for trades, as well as choose among three styles, aggressive, passive and neutral, depending on the desired execution timeframe. Additionally, by utilising Northfield's 20-factor risk model, the algorithm develops a customised trading schedule for each stock by taking into account its historical and option-implied volatility, which is a measure of the likely impact of future events like mergers and acquisitions, Federal Reserve behaviors and geo-political news.

Wizard becomes the tenth algorithm in Instinet's suite of global trading strategies. These include scheduling algorithms, such as Global VWAP or Percentage of Volume; investment strategy-specific algorithms for pairs trading and risk arbitrage; and intelligent access algorithms, such as BlockPegSM, Cobra and NighthawkSM.

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