Liquidnet is successfully redefining institutional trading. Launched in April 2001, Liquidnet was built exclusively for institutional trading. After less than five years, we are now ranked as one of the 9th largest NYSE institutional brokers and the 8th largest NASDAQ broker* respectively. Liquidnet's global Membership community of institutional firms today represents $10.2 trillion in equity assets under management. Liquidnet's unique model brings natural buyers and sellers together and enables them to anonymously negotiate trades among each other without intermediaries or information leaks. Liquidnet's institutional Members trade large blocks of small-, mid-, and large-cap stocks easily, efficiently and with little to no market impact costs. The result is the industry-leading average execution size of more than 42,000 shares since inception. Since the beginning of 2006, 54% of all executions are done at the mid-point and 91% are done within the spread. Liquidnet, Inc. is a broker/dealer headquartered in New York City, registered with the Securities and Exchange Commission, and is a member of the NASD. Liquidnet Europe Limited is headquartered in London, regulated by The U.K. Financial Services Authority, and is a member of the London Stock Exchange. Liquidnet Canada Inc. is regulated by the Ontario Securities Commission and Market Regulation Services Inc. and is a member of the Investment Dealers Association of Canada.