SOFTWARE LICENSE AGREEMENT

                                    between

                         TIBCO FINANCE TECHNOLOGY INC.

                                      and

                              INSTINET CORPORATION




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                           SOFTWARE LICENSE AGREEMENT

      THIS SOFTWARE LICENSE AGREEMENT (this "Agreement") is made and entered
into and effective _______________ (the "Effective Date") by and between TIBCO
Finance Technology Inc., a Delaware corporation (hereinafter called "TIBCO"),
and Instinct Corporation, located at 850 Third Avenue, New York, NY 10022
(hereinafter called "Client").

                                    RECITALS

      WHEREAS, Client desires to obtain a non-exclusive license to use certain
proprietary software and related documentation from TIBCO under the terms and
conditions of this Agreement; and

      WHEREAS, TIBCO desires to grant such license to Client under the terms and
conditions of this Agreement and to perform additional services, including but
not limited to installation, integration and testing of the TIBCO software under
the terms and conditions of subsequent Work Orders (defined below) issued under
this Agreement;

      NOW THEREFORE, in consideration of the mutual covenants contained in this
Agreement, the parties hereby agree as follows:

1.    DEFINITIONS

1.1   "Agreement": This Agreement including the following Exhibits:

           Exhibit A   Licensed Software

           Exhibit B   Third Party Materials

           Exhibit C   Client Tasks

           Exhibit D   Pricing

           Exhibit E   Model Work Order

which are incorporated herein for all purposes.

1.2   "Documentation": Text materials which describe the design, function,
      operation and use of the Licensed Software and which are customarily
      delivered by TIBCO to licensees thereof.

1.3   "Licensed Software": The object code software identified in Exhibit A as
      Licensed Software.

1.4   "Third Party Materials": Those products specified as such in Exhibit B
      which will be procured by TIBCO from a third party for delivery to Client.
      Unless identified in Exhibit B or upon notice and written approval of
      Client, TIBCO will not deliver any Third Party Materials.

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1.5   "User Position": Workstations, personal or desktop computers, terminals or
      other items installed to support and be dedicated to, at any one time, a
      single individual as part of the Licensed Software.

1.6   "Work Order": A written document, in substantial conformity with the model
      work order in Exhibit E, signed by both parties, specifying the
      mutually-agreed upon terms for the performance of additional tasks by
      TIBCO and which, upon performance, shall be included in and governed by
      all other terms and conditions of this Agreement. If the Work Order calls
      for the development of software, the Work Order shall also specify
      ownership of any intellectual property created thereby in a manner
      consistent with the title provisions of this Agreement set forth in
      Section 6, below, and the acceptance criteria for such software.

2.    SCOPE OF TASKS

2.1   Upon execution of this Agreement and receipt of the license fees due
      hereunder, TIBCO will promptly deliver the Licensed Software to Client and
      accomplish its responsibilities under this Agreement provided that Client
      timely completes its responsibilities under this Agreement, specifically
      including those set forth in Exhibit C: Client Tasks.

2.2   Client is responsible for meeting the environmental site requirements set
      forth in Exhibit C: Client Tasks in a timely manner and at the Client's
      cost.

2.3   Client may request the performance of additional tasks. If TIBCO agrees,
      each such task will be documented in a Work Order which will specify the
      tasks to be performed, the deliverables, the time table for performance
      and the basis for payment whether on a fixed-price ("Fixed Price") or
      time-services-materials-and-expenses (T&M") basis. Unless specified
      otherwise in the Work Order, the terms and conditions of this Agreement
      shall apply to performance of the Work Order.

3.    CONSIDERATION

3.1   In consideration of TIBCO's performance, Client agrees to pay TIBCO in
      accordance with the following provisions:

     (a)   License and Other Fixed Price Fees. The charges for Licensed Software
           and other fixed price items are or shall be set forth in Exhibit D or
           Work Orders and payable as set forth therein or, if not set forth,
           payable as follows: one-third due upon execution of this Agreement or
           the applicable Work Order, one-third upon delivery, and the balance
           payable upon acceptance.

     (b)   T&M Fees. The charges for performance of any T&M tasks due to Work
           Orders will be billed monthly for charges incurred in the previous
           monthly period and are due and payable within thirty (30) days of the
           date of the invoice. Expenses may include, but are not limited to,
           reasonable charges for materials, office and travel expenses,
           graphics, documentation, research materials, computer laboratory and
           data processing, and out-of-pocket expenses reasonably required for
           performance. Expenses for travel and travel-related expenses and
           individual expenses in excess of US$500 require the prior approval of
           Client.

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3.2   A service charge of one and one-half percent (1.5%) per month, or the
      highest lawful interest rate, whichever is lower, will be applied to all
      amounts which are not paid within fifteen (15) business days after notice
      is given that payment is overdue.

3.3   All payments shall be made in United States dollars. International
      payments will be made by wire transfer to a bank designated by TIBCO.

4.    TAXES

4.1   Client agrees to indemnify and hold TIBCO harmless from any taxes
      including, but not limited to, sales tax, use tax, withholding,
      value-added or similar tax, and property taxes that may be assessed or
      levied by any jurisdiction arising out of the performance of this
      Agreement but excluding any taxes based upon or determined by reference to
      TIBCO's income or level of business activity ("Taxes"). It is understood
      and agreed that the prices and estimates set forth in this Agreement do
      not include provision for Taxes.

5.    ACCEPTANCE

5.1   Unless the parties agree otherwise herein or in a Work Order, the Licensed
      Software will be considered accepted upon delivery. In the event that
      there are multiple sites, acceptance of the Licensed Software, or any part
      thereof, at the first such delivery shall constitute acceptance at all
      subsequent sites.

5.2   If a Work Order calls for installation and acceptance testing, the parties
      agree to the following procedure.

      (a)   Following proper installation of the Licensed Software by TIBCO
            pursuant to the Work Order, unless specified in the Work Order, the
            parties will perform the acceptance tests provided by TIBCO for the
            purpose of determining that the Licensed Software performs
            substantially in accordance with its Documentation or, in the case
            of new software development, substantially in accordance with
            Client's functional requirements for such software. If the Licensed
            Software (including newly developed software) substantially performs
            the acceptance tests, Client shall notify TIBCO within five (5)
            days, and the date of notification shall be the acceptance date.
            Failure to do so will constitute acceptance. Testing will be
            scheduled in accordance with the implementation plan set forth in
            the Work Order.

      (b)   If Client fails to notify TIBCO of any material defect within thirty
            (30) days of installation of the Licensed Software, the Licensed
            Software shall be deemed accepted by Client.

      (c)   If Client notifies TIBCO in writing and demonstrates to TIBCO that
            the Licensed Software has not substantially meet the acceptance
            tests, TIBCO shall make corrections and modifications to the
            Licensed Software so as to meet such criteria. The charges for
            corrections and modifications to Fixed Price components are included
            in the Fixed Price established therefor. The charges for corrections
            and modifications to T&M components will be charged on a T&M basis.

      (d)   Corrections and modifications will be accomplished on a timely basis
            to make the Licensed Software ready for retesting by Client. The
            parties shall repeat the acceptance tests as soon as reasonably
            requested by TIBCO and Client shall notify

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            TIBCO within five (5) days after such tests have been conducted if
            and when the Licensed Software is accepted. In the event that the
            Licensed Software (or parts thereof) does not pass the applicable
            acceptance test(s), Client may issue a conditional acceptance, upon
            terms acceptable to both parties, which will permit utilization in
            production and continued correction by TIBCO of any defects. If
            Client declines to grant conditional acceptance, then Client may
            terminate this Agreement in accordance with section 8.5. Otherwise,
            the date of the last such test shall be the acceptance date.

      (e)   In the event the Licensed Software (or parts thereof) does not pass
            the applicable acceptance test(s), but is utilized by Client in a
            production environment for a period of thirty (30) consecutive
            business days, it shall be deemed accepted for all purposes as if it
            had successfully passed such acceptance test(s).

6.    TITLE

6.1   TIBCO shall retain title to all intellectual property rights embodied in
      the Licensed Software, Documentation and any modification or enhancement
      of the Licensed Software or Documentation made under this Agreement or any
      Work Order ("TIBCO Property").

6.2   Client shall retain title to all intellectual property rights embodied in
      software, and any modification or enhancement thereof, that is provided or
      developed solely by Client without any violation of the terms of this
      Agreement and which is not TIBCO Property ("Client Property").

6.3   The parties agree that performance hereunder may result in the development
      of new concepts, software, methods, techniques, processes, adaptations and
      ideas, in addition to the TIBCO Property and/or Client Property, which may
      be delivered by TIBCO or embedded in TIBCO's deliverables ("New
      Property"). The parties agree that ownership of New Property shall be
      determined on a case by case basis prior to the execution of a Work Order
      requiring the delivery of any New Property and such ownership shall be
      clearly detailed in such Work Order. The parties intend for the
      designation of ownership in the Work Order to be consistent with (but not
      necessarily bound by) the following guidelines:

      (a)   New Property which contains Client's proprietary or confidential
            information shall belong to Client to the extent it contains such
            information; and

      (b)   New Property which contains TIBCO's proprietary or confidential
            information shall belong to TIBCO to the extent it contains such
            information; and

      (c)   Any other New Property for which ownership is not allocated by Work
            Order or by the above default rules shall belong to TIBCO.


6.4   Each party will assign and shall cause its respective employees, agents,
      and contractors to assign, without further consideration, the ownership of
      software and/or documentation, including all associated intellectual
      property rights therein, as necessary to give effect to the ownership
      terms specified in this Agreement. Each party agrees to

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      perform, at the reasonable request of the owner of such software and/or
      documentation, such further acts as may be necessary or desirable to
      transfer ownership of, and to perfect and defend, such software and/or
      documentation or other deliverable or work product in order to give effect
      to these ownership terms.

7.    LICENSE

7.1   In accordance with the terms herein, TIBCO grants to Client, and Client
      accepts from TIBCO, a perpetual, personal, non-exclusive and
      non-transferable (except as otherwise specifically provided by this
      Agreement) object code license to use the current version of Licensed
      Software (or any other version provided to Client by TIBCO).

7.2   software shall be able to be used at any of Client's business premises or
      premises of any Instinct company (sharing a common parent with Client) in
      the business of fixed income and/or equities brokerage without the prior
      approval of TIBCO. The Licensed Software may not be used at other
      locations unless TIBCO is notified and approves otherwise, such approval
      not to be unreasonably withheld. Use of the Licensed Software may be
      subsequently transferred to other locations maintained by Client or
      premises of any Instinct company (sharing a common parent with Client) in
      the business of fixed income and equities brokerage, provided (1) the
      total number of User Positions at which the Licensed Software is used by
      Client does not exceed the number of User Positions specified in Exhibit A
      and (2) Client provides TIBCO with written notice within thirty (30) days
      after such transfer.

7.3   Client shall have the right to use the Licensed Software at a disaster
      recovery facility without prior notice to TIBCO, but shall promptly notify
      TIBCO as soon as circumstances permit.

7.4   The Licensed Software shall be used only for the processing of Client's
      own business, which may include servicing and maintaining records on
      behalf of its customers and clients. Client shall not permit any third
      party to use the Licensed Software. Authorized agents or contractors of
      Client acting for Client shall not be considered "third parties" for
      purposes of such limitation provided, however that disclosure of TIBCO
      Confidential Information to such agents or contractors will be subject to
      the provisions of Section 18 ("Confidentiality").

7.5   Client shall not use or allow the use of the Licensed Software (a) for
      rental or in the operation of a service bureau; (b) through terminals
      located outside Client's business premises or business premises of any
      Instinct company in the business of fixed income and/or equities brokerage
      by persons not employed by or under contract with Client; or (c) as
      on-line control equipment in the operation of a nuclear facility, aircraft
      navigation or aircraft communication systems or air traffic control
      machines.

7.6   Client shall have the right to reproduce one (1) copy of the Licensed
      Software and Documentation for archival purposes.

7.7   Client shall not, either directly, or through a third party, reverse
      engineer, disassemble or decompile any software provided by TIBCO, or make
      any attempt in any fashion except
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      as specifically provided in this Agreement to obtain the source code to
      the Licensed Software, nor shall Client reproduce or distribute, the
      Licensed Software, or any part thereof, as part of any other software
      program. Further, Client may not create any software program which makes
      direct function calls to any libraries which are Third Party Materials and
      which are designated as unavailable for such purposes in Exhibit B.

8.    TERMINATION

8.1   Each party has the right to terminate this Agreement and license(s)
      granted herein:

     (a)   Upon written notice if the other party, its officers or employees
           violate any material provision of this Agreement including, but not
           limited to, Section 18 ("Confidentiality") or Section 3
           ("Consideration"), provided that the non-breaching party is in
           substantial compliance with the terms of this Agreement. The default
           notice must be clearly identified as such, be referenced to this
           Section 8, and specify in detail the basis for the alleged material
           breaches. Except with regard to breaches of confidentiality (which
           shall be ten [10] days) and payment obligations (which shall be
           fifteen [15] business days), the breaching party shall have thirty
           (30) days from receipt of such notice to correct such breach;

     (b)   In the event the other party (i) terminates or suspends its business,
           (ii) becomes subject to any bankruptcy or insolvency proceeding under
           federal or state statute or (iii) becomes insolvent or becomes
           subject to direct control by a trustee, receiver or similar
           authority.

8.2   In the event of termination by reason of Client's failure to substantially
      comply with any material part of this Agreement, or upon any act which
      shall give rise to TIBCO's right to terminate, TIBCO shall have the right,
      at any time, to terminate the license(s) and take immediate possession of
      the Licensed Software and documentation and all copies wherever located,
      without additional demand or notice. Within five (5) days after
      termination of the license(s) as provided above, Client will return to
      TIBCO the Licensed Software in the form provided by TIBCO or as modified
      by Client at Client's cost, or upon request by TIBCO destroy the Licensed
      Software and all copies, and certify in writing that they have been
      destroyed. Termination under this Article shall not relieve Client or
      TIBCO of obligations regarding confidentiality of the Licensed Software.

8.3   Without limiting any of the above provisions, in the event of termination
      as a result of Client's failure to substantially comply with any of its
      material obligations under this Agreement, Client shall continue to be
      obligated for any payments due. Termination of the license(s) shall be in
      addition to and not in lieu of any equitable or other remedies available
      to TIBCO.

8.4   Notwithstanding anything contained in this Section 8 to the contrary, once
      Client has made full payment of the license fee for any particular program
      of Licensed Software, TIBCO cannot terminate the license granted hereunder
      with respect to such program, except for an uncured breach by Client of
      the terms of Section 7 ("License"), Section 18 ("Confidentiality") or
      Section 22 ("Assignment").

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8.5   Notwithstanding anything herein to the contrary, in the event of
      termination of this Agreement by Client for cause prior to acceptance of
      the Licensed Software, the software licenses granted hereunder shall be
      canceled and Client shall discontinue use of the Licensed Software and
      return all copies thereof to TIBCO and TIBCO shall refund any license fees
      paid. Upon such termination and return of the Licensed Software and
      repayment, the parties hereto shall be discharged of all further
      liabilities under this Agreement except for such liabilities arising out
      of the continuing obligations of confidentiality and non-solicitation of
      employees.

9.    WARRANTIES

9.1   TIBCO warrants that, for thirty (30) days following Client acceptance of
      the Licensed Software furnished under this Agreement or the deliverables
      provided pursuant to a Work Order hereunder (the "Warranty Period"), the
      Licensed Software, exclusive of Third Party Materials, will substantially
      conform to the accepted level of performance as set forth in Section
      5.2(a) ("Warranty"). To the extent that Client notifies TIBCO in writing
      during the applicable Warranty Period of any material non-conformity of
      the Licensed Software or deliverables with such acceptance level, and
      provides TIBCO with (a) Client's estimation of the severity of such
      non-conformity and (b) such printouts, typescripts, documentation and
      other details of such non-conformity as TIBCO shall request, TIBCO's sole
      obligations to use reasonable commercial measures to remedy or provide a
      work-around for such defect. In determining the timing of its response,
      TIBCO shall be entitled to take into account the severity of the defect.
      In the event that TIBCO determines that the Licensed Software is not
      defective in such respect, Client shall reimburse TIBCO for its services
      at TIBCO's then current consulting rate for such services.

9.2   To the extent its agreement with a supplier of Third Party Materials
      permits, TIBCO shall pass through to Client any performance warranty
      relative to such Third Party Materials; provided, however, that TIBCO
      makes no additional or supplemental warranty with respect thereto.

9.3   TIBCO warrants that it has, and on the date of acceptance of the Licensed
      Software will have, the full right and authority to grant this license and
      that neither this license nor performance under this Agreement does or
      shall conflict with any other agreement or obligation to which TIBCO is a
      party or by which it is bound.

9.4   TIBCO warrants that its technical and consulting services will be of a
      professional quality conforming to generally accepted industry standards
      and practices. During the thirty (30) day period following completion of
      any such services, TIBCO shall, upon receipt of written notice from Client
      describing a breach of the foregoing Warranty in such reasonable detail as
      is requested by TIBCO, perform the services described in such written
      notice so as to conform to generally-accepted industry standards and
      practices.
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9.5   These warranties do not cover defects or nonperformance due to causes and
      products external to the Licensed Software, and are not valid with respect
      to such defects or nonperformance.

9.6   If the Licensed Software is not in substantial compliance with the
      warranties contained in this Agreement at the end of the Warranty Period,
      TIBCO shall extend the Warranty Period until the Licensed Software is
      brought into such compliance.

9.6   If any modification is made to the Licensed Software by Client without
      TIBCO's approval, this Warranty shall immediately be terminated with
      respect to such modified software. Correction for difficulties or defects
      traceable to Client's unauthorized modifications or unauthorized systems
      changes shall be billed to Client at TIBCO's standard time and material
      charges.

9.7   TIBCO makes no warranties with regard to Third Party Materials. Along with
      the transfer of title, TIBCO agrees to transfer and assign to Client all
      of TIBCO's rights and interests in and with respect to all purchase
      agreements for Third Party Materials being supplied under this Agreement
      between TIBCO and other manufacturers and distributors, subject to any
      limitations set forth in such agreements relating to such transfers. Upon
      request by Client, all purchase agreements will be submitted to Client for
      prior approval. TIBCO will execute any documents or instruments reasonably
      necessary to effect the transfer and assignment of TIBCO's rights and
      interests thereunder. TIBCO makes no representation as to the
      effectiveness, adequacy or enforceability of such transferred rights.

9.8   Except as otherwise specifically provided by this Agreement, TIBCO's sole
      liability for any damages relating to the (a) performance of the Licensed
      Software and sufficiency of the services hereunder or (b) matters covered
      by this Warranty, shall be limited to the provisions of this Section 9
      regardless of whether any liability is based on contract or other theory.

9.9   THE WARRANTIES IN THIS SECTION 9 ARE LIMITED WARRANTIES AND ARE THE ONLY
      WARRANTIES MADE BY TIBCO. TIBCO MAKES AND CLIENT RECEIVES NO ADDITIONAL
      WARRANTY, EXPRESS, IMPLIED, OR STATUTORY, INCLUDING BUT NOT LIMITED TO ALL
      WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NO
      AGENT, CONTRACTOR OR EMPLOYEE OF TIBCO, EXCEPT TIBCO'S DULY AUTHORIZED
      REPRESENTATIVE, IS AUTHORIZED TO ALTER OR EXCEED THE WARRANTY OBLIGATIONS
      OF TIBCO AS SET FORTH HEREIN.

10.   NON-SOLICITATION OF EMPLOYEES

10.1  Each party agrees that, during the period of performance of this
      Agreement, and for a period of one (1) year following completion of the
      period of performance, it will not solicit for employment or hire the
      employees of the other party without such other party's prior written
      consent thereto. The period of performance for purposes of this Section 10
      shall begin on the effective date of this Agreement and end upon the

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      earlier to occur of: (1) final payment by Client of any fees due under
      Section 3 of this Agreement; or (2) termination of this Agreement and the
      license(s) granted hereunder.

10.2  If either party hires any personnel of the other party who are or have
      been assigned to perform work for the party seeking to hire such personnel
      under this Agreement, the hiring party shall pay the other party a fee for
      the additional benefit obtained thereby. If such hire occurs during the
      performance of this Agreement or within one (1) year following completion
      of the period of performance, the hiring party shall pay an amount equal
      to one hundred percent (100%) of the total first year compensation paid to
      such personnel.

11.   COMPLIANCE WITH LAW

11.1  This Agreement is made subject to any laws, regulations, orders or other
      restrictions on the export of the Licensed Software, or information about
      the Licensed Software, which may be imposed at any time or from time to
      time by the United States Government. Client (i) shall comply with all
      such laws, regulations, permits, orders and other restrictions to the
      extent that they are applicable to Client and (ii) shall not, directly or
      indirectly, export or re-export (as defined in the United States Export
      Administration Regulations) the Licensed Software or any information about
      the Licensed Software to any country for which the United States
      Government, or any agency thereof, requires an export license or other
      governmental approval without first obtaining the same. TIBCO shall comply
      with all applicable statutes with respect to labor employed, and shall
      protect and indemnify Client against any payroll taxes or contributions
      imposed with respect to employees of TIBCO or any subcontractor by any
      applicable law dealing with old age benefits, FICA, unemployment
      compensation, health insurance and related subjects. TIBCO and Client
      agree that TIBCO is an independent contractor. TIBCO shall be liable for
      and hereby represents to Client that all payments and obligations to
      subcontractors and suppliers will be timely made and satisfied at all
      times during the term of this Agreement, and agrees to indemnify Client
      for any loss to Client relating to TIBCO's violation of the provisions of
      this Article, provided, however, TIBCO is given prompt written notice of
      any claim or action and control, authority, information, and reasonable
      assistance for defense or settlement thereof; and provided further that
      Client shall not settle such claim, suit or proceeding without the written
      consent of TIBCO.

12.   APPLICABLE LAW

12.1  The law of the State of New York, as applied to transactions to be carried
      out wholly within New York by New York residents, applies to this
      Agreement and the rights, duties and obligations of the parties hereto.
      The state and or federal courts in Manhattan County, New York, shall have
      exclusive jurisdiction of any action arising out of or relating to this
      Agreement and each of the parties further irrevocably agrees to waive any
      objection to the venue of any such suit or proceeding in Manhattan County,
      New York, or to in personam jurisdiction, provided that service is
      effective.

12.2  The United Nations Convention on Contracts for the International Sale of
      Goods is excluded from application hereto.
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13.   PROPRIETARY RIGHTS INDEMNITY

13.1  TIBCO shall defend, indemnify and hold harmless Client with respect to any
      claim, demand, cause of action, or liability, including attorneys' fees,
      to the extent that such is based upon a claim that the Licensed Software,
      (including any deliverables pursuant to Work Orders) used by Client within
      the scope of the licenses granted hereunder, infringes any United States,
      UK, Hong Kong, France, Germany, Switzerland or Japan. patent, any United
      States copyright, or any trade secret or other intellectual property
      rights; provided that TIBCO is promptly notified in writing of such claim
      and provided further that TIBCO shall have the exclusive right to control
      such defense. In no event shall Client settle any claim, lawsuit or
      proceeding without TIBCO's prior written approval. Client may, at its own
      expense, assist in such defense if it so chooses.

13.2  In the event of any such claim, litigation or threat thereof, TIBCO, at
      its sole option and expense, may procure for Client the right to continue
      to use the Licensed Software or, at its sole option and expense, may
      replace or modify the Licensed Software with functionally-compatible,
      non-infringing software. If such settlement or such modification is not
      reasonably practical in the sole opinion of TIBCO, after giving due
      consideration to all factors including financial expense, or if a
      temporary or final injunction or other judgment is obtained against TIBCO
      with respect to the Licensed Software or any part thereof, TIBCO may
      cancel this Agreement or the applicable Work Order and the licenses
      granted thereunder upon fifteen (15) days written notice to Client and
      shall refund to Client the unamortized portion of the amounts paid to
      TIBCO by Client for the development and/or acquisition thereof based upon
      five (5) year straight-line depreciation, such depreciation to commence on
      the date on which the Licensed Software was first accepted hereunder. Upon
      such repayment TIBCO shall be discharged of all further liability
      hereunder except for the obligations set forth in Section 13.1 hereof.

13.3  To the extent its agreement with a vendor of Third Party Materials
      permits, TIBCO will pass through to Client any proprietary rights
      indemnity relating to such Third Party Materials; provided, however, that
      TIBCO gives no additional or supplemental indemnity with respect thereto.

13.4  The foregoing states the entire liability of TIBCO and the exclusive
      remedies of Client with respect to the infringement of any proprietary
      rights by the Licensed Software or any parts thereof, and Client hereby
      expressly waives any other such liabilities.

14.   GENERAL INDEMNITY

14.1  The parties acknowledge that it may be necessary for the employees of each
      to be present at the facilities of the other for extended periods of time.
      The parties agree upon reasonable notice to provide the employees of the
      other with all reasonable facilities and services to assure that their
      services may be properly performed.

14.2  Each party will instruct its employees to conform with the internal
      regulations and procedures of the other party while on such party's
      premises.

14.3  Additionally, each party agrees to indemnify, defend, and save harmless
      the other party, its officers, agents and employees from any and all
      claims and losses accruing or resulting to any person, firm, or
      corporation for personal injury or tangible property
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      damage, but only to the extent of the negligence and/or willful misconduct
      of the indemnifying party.

15.   INSURANCE

15.1  TIBCO certifies, and will provide evidence thereof at Client's request,
      that TIBCO maintains:

15.2  A standard policy covering the obligations of TIBCO for Worker's
      Compensation Insurance pursuant to the laws of California or such other
      jurisdiction as applicable.

15.3  Insurance covering bodily injury and property damages in the amount of not
      less than $10,000,000 for each occurrence and $10,000,000 aggregate. Such
      coverage may be achieved through a combination of commercial general
      liability and umbrella liability policies.

15.4  Automobile liability insurance covering all owned, non-owned and hired
      vehicles with a combined single limit for bodily injury and property
      damage of not less than $2,000,000 per accident.

16.   LIMITATION OF LIABILITY

16.1  NEITHER PARTY SHALL BE LIABLE FOR CONSEQUENTIAL, EXEMPLARY, OR INCIDENTAL
      DAMAGES OF THE OTHER PARTY OR OF DIRECT DAMAGES GREATER THAN THE
      LIMITATIONS ESTABLISHED HEREIN EVEN IF IT HAS BEEN ADVISED OF THE
      POSSIBILITY OF SUCH DAMAGES.

16.2  TIBCO shall not be liable to Client for cumulative direct damages greater
      than the lesser of (1) the total amount having then been paid by Client to
      TIBCO under this Agreement, or (2) if such damages arise in connection
      with the performance of any Work Order, the amount having then been paid
      by Client to TIBCO under such Work Order; provided, however, that the
      limitation of this sentence shall not apply to TIBCO's obligations set
      forth in Section 13 ("Proprietary Rights Indemnity") or Section 14
      ("General Indemnity") of this Agreement or for such liabilities covered by
      the insurance defined in Section 15 ("Insurance") in which case the limits
      of such coverage will govern.

16.3  Except where the limitation does not apply as described above, Client
      releases TIBCO from all obligations, liability, claims, or demands
      relating to the Licensed Software and Documentation and this Agreement in
      excess of the limitations provided for in this Section 16. The parties
      acknowledge that the limitation set forth in this Section is integral to
      the amount of fees levied in connection with the license of the Licensed
      Software and Documentation and the services rendered hereunder and that,
      were TIBCO to assume any further liability other than as set forth herein,
      such fees would of necessity be set substantially higher.

16.4  Client further agrees that it shall have no claim or cause of action
      against third party licensors to TIBCO of any Third Party Materials which
      are embedded in the Licensed Software, except to the extent such rights
      have been duly assigned to Client.

<PAGE>

17.   FORCE MAJEURE

17.1  Neither party shall be liable for default or delay caused by any
      occurrence beyond its reasonable control or beyond the reasonable control
      of any subcontractor, including but not limited to fires, strikes,
      accidents, acts of God and subcontractor defaults. In the event TIBCO
      should be delayed in the completion of any portion of the work by reason
      of any such occurrence, the time within which the portion of work is to be
      completed shall be extended by the period of such delay, but no such
      extension shall be made unless a notice thereof is presented by TIBCO to
      Client in writing within ten (10) working days after the occurrence of
      such delay and no payment shall be made by Client to TIBCO for any
      expenses incurred by TIBCO by reason of any such default or delay.

17.2  In addition to the foregoing, TIBCO shall not be liable for default or
      delay caused by TIBCO's efforts to comply with U.S. Government export
      control laws and regulations. In the event that U.S. Government export
      control laws or regulations change after the execution of this Agreement
      and such changes inhibit or prohibit TIBCO from performing under this
      Agreement, TIBCO shall not be liable for its non-performance.

18.   CONFIDENTIALITY

18.1  Any information which a party considers to be confidential or proprietary
      shall, if tangible, be marked as such or, if communicated orally,
      designated at the time and promptly confirmed in writing as such.
      Information which is so marked or designated and confirmed, and the
      Licensed Software regardless of form or designation, shall be
      "Confidential Information" under this Agreement. Information received by
      TIBCO while on the premises of Client shall be deemed Confidential
      Information whether marked as such or not.

18.2  Confidential Information shall be held in trust and used only as necessary
      for the performance of this Agreement. Confidential Information shall be
      treated with the same degree of care to avoid disclosure to third parties
      as is used with respect to the recipient party's own Confidential
      Information, but not less than a reasonable degree of care.

18.3  Confidential Information shall be disclosed only to those employees or
      agents of a party who have a need to know such information and are under a
      binding obligation of confidentiality with respect to any such information
      received. Confidential Information shall not be disclosed to any other
      third party without the prior written consent of the party disclosing the
      Confidential Information. The party receiving Confidential Information
      shall defend, indemnify and save the disclosing party harmless from and
      against any and all damages, including reasonable attorneys' fees,
      sustained as a result of the unauthorized use or disclosure of the
      disclosing party's Confidential Information.

18.3  Confidential Information shall not include information (a) at the time of
      its disclosure was known to the party to whom disclosed; (b) is already in
      the public domain or becomes generally known or published without breach
      of this Agreement; (c) is lawfully disclosed by a third party free to
      disclose such information; (d) is independently developed by the party to
      whom disclosed without reference to or use of the Confidential
      Information; or (d) is legally required to be disclosed provided that the
      party so
<PAGE>

      compelled shall promptly notify the other party so as to permit such other
      party to appear and object to the disclosure and further provided that
      such disclosure shall not change or diminish the confidential and/or
      proprietary status of the Confidential Information.

18.4  Notwithstanding the restrictions of this Section 18, TIBCO or Client may
      announce the parties' relationship in a press release subject to the
      reasonable written approval of the other party.

19.   DISPUTE RESOLUTION

19.1  Except as provided in Section 20 below and unless otherwise required in
      order to comply with deadlines under the law, neither party shall file an
      action or institute legal proceedings with respect to any dispute,
      controversy, or claim arising out of, relating to, or in connection with,
      this Agreement until: (a) the aggrieved party has given the other party
      written notice of its grievance setting forth the nature of the dispute,
      the amount involved, if any, and the remedy desired, and delivering same
      by certified mail; (b) the other party has failed to provide a prompt and
      effective remedy; (c) the aggrieved party has requested senior executives
      for both parties to meet and discuss the matter in order to consider
      informal and amicable means of resolution; and (d) either such meeting
      failed to occur within fifteen (15) days after such request or the meeting
      did not produce a mutually satisfactory resolution of the matter.

20.   INJUNCTIVE RELIEF

      TIBCO and Client hereby acknowledge and agree that damages at law and the
      dispute resolution provisions of Section 19 may be inadequate remedies for
      the breach of Sections 6 ("Title"), Section 7 ("License"), Section 10
      ("Non-Solicitation of Employees") or Section 18 ("Confidentiality")
      hereof, and, accordingly, TIBCO and Client hereby agree that TIBCO and/or
      Client may be entitled to temporary and permanent injunctive or other
      equitable relief with respect to any such breach without the necessity of
      proving actual damages or posting a bond or other security or resorting to
      the provisions of Section 19. The rights set forth in this Section 20
      shall be in addition to any other rights which the parties may have at law
      or in equity.

21.   NOTICES

21.1  Unless stated otherwise, all notices, approvals, consents, requests,
      demands, or other communication to be given to either party shall be in
      writing by any means where receipt is acknowledged, except by facsimile
      transmission, and shall be effective on the date of receipt thereof. If
      undeliverable, or if receipt is not acknowledged by the receiving party,
      such communication shall be effective ten (10) days from the date mailed
      or sent.

21.2  Such communication shall be addressed to the parties, except Default
      Notices and Notices of Termination which shall be addressed to the parties
      and their legal counsel, at their respective addresses set forth below, or
      at any other address that each party shall provide to the other in
      writing:

<PAGE>




     FOR CLIENT:                              CLIENT'S LEGAL COUNSEL:

     Instinct Corporation                      ----------------------

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

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

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



     FOR TIBCO:                               TIBCO'S LEGAL COUNSEL:


     TIBCO Finance Technology Inc.            TIBCO Finance Technology Inc.
     3165 Porter Drive                        3165 Porter Drive
     Palo Alto, CA 94304-1213                 Palo Alto, CA 94304-1213
     Attention: Chief Financial Officer       Attention: General Counsel

22.   ASSIGNMENT

      This Agreement shall be binding upon and inure to the benefit of the
      parties' respective successors and permitted assigns. Neither party may
      assign this Agreement and/or any of its rights and/or obligations
      hereunder without the prior written consent of the other party and any
      such attempted assignment shall be void, except that either party may
      assign this Agreement and/or any of its rights and/or obligations
      hereunder, upon written notice to the other party to another entity in the
      event of that party's merger or consolidation with another entity, without
      the consent of the other party, provided that the assignee is capable of
      fulfilling and intends to fulfill the obligations of the assigning party
      under this Agreement. Notwithstanding the foregoing, Client may assign
      this agreement (i) to any Intellectual Property Rights holding company
      (directly or indirectly sharing a common parent with Client and 100% owned
      by such parent) so long as such company is not able to trade securities
      using the Licensed Software; or (ii) to any Instinet company (directly or
      indirectly sharing a common parent with Client and 100% owned by such
      parent) in the business of fixed income and/or equities brokerge. Each
      party may terminate this Agreement in case there is a change of control of
      the other party, but shall not be entitled to any refund whatsoever and
      all amounts owing shall be immediately paid.

23.   GENERAL

23.1  This Agreement constitutes the complete and exclusive statement of the
      agreement between the parties as relates to the subject matter and
      supersedes all proposals, oral or written, and all other representations,
      statements, negotiations and undertakings relating to the subject matter.

23.2  No change in, addition to, or waiver of any of the provisions of this
      Agreement shall be binding upon either party unless in writing signed by
      an authorized representative of such party. No waiver by either party of
      any breach by the other party of any of the provisions of this Agreement
      shall be construed as a waiver of that or any other provision on any other
      occasion.
<PAGE>

23.3  In the event any one or more of the provisions of this Agreement shall be
      held by a court of competent jurisdiction to be invalid, illegal or
      unenforceable, the remaining provisions of this Agreement shall remain in
      effect and the Agreement shall be read as though the offending provision
      had not been written or as the provision shall be determined by such court
      to be read.

23.4  Upon termination or other expiration of this Agreement, each party shall
      forthwith return to the other all papers, materials and other properties
      of the other held by it for purposes of execution of this Agreement.

23.5  The captions used in this Agreement are inserted for the convenient
      reference of the parties and in no way define, limit or describe the scope
      or intent of this Agreement or any part hereof.

23.6  Dates or times by which TIBCO is required to make performance under this
      license shall be postponed automatically for so long as TIBCO is prevented
      from meeting them by causes which are Client's responsibility.

23.7  The prevailing party in a controversy or claim shall have the right to
      collect its reasonable expenses incurred in enforcing this Agreement,
      including reasonable attorney's fees.

23.8  This Agreement may be executed in two original counterparts, which
      together shall constitute the same Agreement, but only one of which need
      be produced to evidence the Agreement.

23.9  The parties further agree that the rights and obligations set forth in
      Sections 3, 4, 6, 10, 11, 12, 13, 14, 16, 18, 19, 20, 21, and subsections
      23.1, 23.2, 23.3, 23.4, and 23.7 shall survive the completion or
      termination of this Agreement for any reason and enforcement thereof shall
      not be subject to any conditions precedent.

      IN WITNESS WHEREOF, each party has caused a counterpart original of this
Agreement to be executed as of the date first written above by its authorized
representative.



ACCEPTED BY:

INSTINET CORPORATION                      TIBCO FINANCE TECHNOLOGY INC.



Signed:                                     Signed:
        -----------------------                     ------------------------
Print Name:                                 Print Name:
            -------------------                        ---------------------
Title:                                      Title:
          ---------------------                     ------------------------
Date:                                       Date:
        -----------------------                     ------------------------


<PAGE>



                          EXHIBIT A: LICENSED SOFTWARE


1.0   LICENSED SOFTWARE



PRODUCT                                         DESCRIPTION
-------                                         -----------
                                             
TIBCO Market Data API                           The TIB/Rendezvous Standard API enables an application to register
TIB/RV Standard + TIB/Message)                  subscriptions with the MDDS distribution component ("TIC") and manages the
                                                dispatching of user-supplied callback routines regarding the internal handling
                                                for incoming data.

                                                The TIB/Message API enables an application to "crack" and "pack"
                                                self-describing messages received from or sent to a MDDS distribution component.

TIB/Rendezvous Professional Edition             The TIB/Rendezvous Professional API provides additional functionality including:
(Client/Server)                                 -     Fault Tolerance

                                                -     Certified Messaging

                                                -     Distributed Queues ("1 of N")

                                                This API is not used in the distribution of market data and will not be
                                                included in the TIBCO Market Data API

SYSTEM ADMINISTRATION LICENSES

(TIB/Hawk)                                      The TIB/Hawk Enterprise Monitoring System provides efficient and scaleable
                                                system monitoring.  TIB/Hawk has a rich set of functionality that makes it one
                                                of the most versatile and powerful monitoring systems

MDDS SERVER COMPONENTS

TIBCO Information Cluster - TIC                 A fault tolerance pair of TIC's will be installed at the Client's location.
                                                Each TIC requires a dual-homed machine that sits between the Feed Net and the
                                                Client Net.  The TIC is responsible for caching incoming data from the feed
                                                net, managing client subscriptions, and distributing data to clients using the
                                                TIB/Rendezvous protocol.

TIBCO Entitlements - Version 4                  A fault tolerance pair of Entitlements TIC's will be installed at the Client's
                                                location

TIBNews Database Server                         A fault tolerance pair of TIBNews Database Servers will be installed at the
                                                Client's location.

Reuters News 2000 Feed Handler                  The Feed Handler communicates with the Vendor supplied feed box, encapsulates
                                                the messages in a canonical format, and publishes the messages to the TIC.  The
                                                Feed Handlers use the CiServer and a MDDS specific protocol (not TIB/RV) for
                                                communications between the GSM and the TIC.

Reuters Select Feed Plus Feed Handler           The Feed Handler communicates with the Vendor supplied AMS feed PC,
                                                encapsulates the messages in a



<PAGE>




                                            
                                                canonical format, and publishes the messages to the TIC.  The Feed Handlers use
                                                the CiServer and a MDDS specific protocol (not TIB/RV) for communications
                                                between the GSM and the TIC.

Reuters Data Feed (RDF) Feed Handler            This Reuters Data Feed is a new high speed/high volume data delivery system,
(available 4Q98)                                which is both  Interactive and Broadcast.  The Feed Handler communicates with
                                                the Vendor supplied feed boxes, encapsulates the messages in a canonical
                                                format, and publishes the messages to the TIC.

Global Services Manager (GSM)                   The Global Services Manager is responsible for load balancing requests for the
                                                Vendor Feed among the 'n' number of Feed Handlers.  For the Pilot, a fault
                                                tolerant pair of GSM processes will be installed at the Client location.
                                                (Note:  theses processes do not require dedicated hardware)

TIBRouter +                                     TIBR+ is a software router for WANs.  Working in conjunction with TIBR+
                                                adapters, TIBR+ can flexibly route TIB services such as SASS, MSA and News
                                                between remote TIB sites.

WORKSTATION SOFTWARE

MarkeSheet for Windows                          The MarketSheet for Windows software will be installed on NT machines connected
                                                to the Client TIB Network to provide display capability for TIB data.

TIB/Automation                                  TIB/Automation software provides TIB publish and subscriber functionality to
                                                the NT desktop.  This allows TIB data to be plugged into spreadsheets or other
                                                desktop applications.

RUN-TIME LICENSES

TIB/Rendezvous Standard Run-times               The Rendezvous Daemon run-time license is installed on each host and handles
                                                the IPC between applications.

TIB/Rendezvous Routing Daemon (RVRD)            TIB/Rendezvous routing daemons forward messages efficiently across WAN or LAN
                                                boundaries, without change to existing TIB/Rendezvous application code.
                                                (Licensed separately).

CiServer Run-times                              The CiServer Daemon run-time license is installed on each host of the Feed Net
                                                and handles the IPC between the TIBCO feed handlers and the TIC.

ENTERPRISE MESSAGING

TIB/MessageBroker                               TIB/MessageBroker is sophisticated content-based routing and message
                                                transformation system.  TIB/MessageBroker transforms input messages into output
                                                messages of different formats and protocols.  Messages may be routed using any
                                                combination of source information and message content, resulting in tightly
                                                integrated content-based routing functionality.




<PAGE>



                                             
TIB/ObjectPlus                                  CORBA 2.0-compliant ORB fully integrated with messaging software.  By
                                                leveraging TIBCO's industrial-strength, highly scalable and proven
                                                TIB/Rendezvous(TM) messaging middleware, TIB/ObjectBus is the only ORB that
                                                utilizes both broadcast and reliable multicast communication to initiate ORB
                                                requests and distribute ORB events across an unlimited number of servers and
                                                users.



2.0   USE OF LICENSED SOFTWARE


The Licensed Software listed above may be used in accordance with the Software
License Agreement to support the following:

ACTIVE ENTERPRISE COMPONENTS - (UP TO 1000 SIMULTANEOUS LICENSES)

      -     TIB/Rendezvous PRO (Server)

      -     TIB/Rendezvous PRO (Client)

      -     TIB/Rendezvous Routing Daemon (RVRD)

      -     TIB/HAWK - TIB/ObjectBus

      -     TIB/MessageBroker

MARKETDATA DISTRIBUTION SYSTEM (MDDS) - (SUPPORT FOR UP TO 300 SIMULTANEOUS MDDS
USERS/LICENSES)

       -     MarketSheet for Windows (including runtimes)

       -     TIBCO Interactive Feed Handler TIC

       -     TIBCO Entitlements Version 4

       -     TIBNews Database Server

       -     Reuters News 2000 Feed Handler

       -     Reuters Select Feed Plus (RSFP) 4 RDF
               (upgradable as defined in Exhibit D)

       -     Global Services Manager (GSM)

       -     ciServer Run-times TIB/Automation

       -     TIBRouter +


<PAGE>



                        EXHIBIT B: THIRD PARTY MATERIALS

1.0 OVERVIEW

TIBCO is not responsible for the procurement and delivery of any third party
materials to the Client as part of the execution of this agreement.


<PAGE>


                             EXHIBIT C: CLIENT TASKS


1.0 OVERVIEW


This document describes the major activities required of the Instinet staff or
their consultants or agents in the execution of this Agreement.
<PAGE>
2.0   CLIENT TASKS


     A) The Client will provide the necessary hardware for the installation of
     the Licensed Software, as agreed between TIBCO and the Client.
     Implementation services such as installation, implementation, and training
     will be executed as a separate WorkOrder referencing this Agreement;

     B) The Client will provide an appropriate environment, during normal
     business hours, upon reasonable notice, for TIBCO on-site support personnel
     to work at Client's or an Instinet company's site;

     C) The Client will provide subnet and IP addressing to facilitate RV
     Licensing;


     D) The Client will provide a project plan with estimated dates to
stage/install and accept the MDDS system, which will be mutually agreed between
the parties.


<PAGE>
                               EXHIBIT D: PRICING


1.0   LICENSED SOFTWARE

The Licensee may use the following Software at the locations listed/defined in
this Agreement.

2.0   PRICING FOR LICENSED SOFTWARE

The pricing below is established with the intent to allow Instinet (a strategic
Client) to use TIBCO's software for the next three years with a minimum of
disruption caused by growth and need for additional licensing. Additional
software may be purchased at the agreed 50% discount of current list pricing.

ACTIVE ENTERPRISE COMPONENTS - (PROVISION FOR UP TO 1000 SIMULTANEOUS LICENSES)

Pricing for the listed components below is $1,100,000 USD.

    - TIB/Rendezvous PRO (Server)

    - TIB/Rendezvous PRO (Client)

    - TIB/Rendezvous Routing Daemon (RVRD)

    - TIB/HAWK - TIB/ObjectBus

    - TIB/MessageBroker

MARKETDATA DISTRIBUTION SYSTEM (MDDS) - (PROVISION FOR UP TO 300 SIMULTANEOUS
MDDS USERS/LICENSES)

Pricing for the listed components below is $400,000 USD. This rate reflects a
one-time deep discount to reflect Instinet's specific business requirements and
development needs. After the three-year period, additional MSW licenses can be
added at a rate of $2,500 per license or at the current list pricing less the
established Instinet discount rate noted above.



                                                            
    - MarketSheet for Windows (including runtime)              300

    - TIBCO Interactive Feed Handler TIC                         4

    - TIBCO Entitlements -Version 4                              4

    - TIBNews Database Server                                    4

    - Reuters News 2000 Feed Handler                             4

    - Reuters Select Feed Plus (RSFP)                           36

      - Upgradable to RDF                                        6

    - Global Services Manager (GSM)                              4

    - ciServer Run-times                                       100

    - TIB/Automation                                           300

    - TIBRouter +                                               10


<PAGE>

3.0   INSTALLATION/DELIVERY SERVICES/ACCEPTANCE

1) INSTALLATION/DELIVERY SERVICES - can be purchased from TIBCO based on the
schedule below:

PRICING:


                           Dai1y          2 Month     16 Month
                          --------       -------      --------
                                             
Business Days                    1            60           120
Discount                         0%           10%           25%
Daily Rate                $  2,000         1 800      $  1,500
--------------------------------------------------------------

Total                     $2,000       $108,000       $180,000
==============================================================



The total cost for the six-month option is $180,000. These services can be used
for twelve months following the commencement of this Agreement.

In order to ensure the effectiveness and success of the delivery services, TIBCO
will assign the following project team:

(1) Project Manager

(1) Systems Engineer

(1) Application Consultant

At times additional staff may be required for the current tasks, and equally at
other times the number of staff working on a project may be less than that
indicated above. The team members listed above will charge their time as agreed
by Instinet and TIBCO toward the services agreement as listed above.


2)  ACCEPTANCE CRITERIA -

   A) ACTIVE ENTERPRISE COMPONENTS  -
   All Active Enterprise Component software (as delineated above) is deemed
   accepted upon delivery to client.

   B) MARKETDATA DISTRIBUTION SYSTEM (MDDS)  -

   The MDDS system (as delineated above) will be accepted based on the jointly
   defined Project And Acceptance Plan. The Acceptance Test Plan will address
   functional testing, load testing and reliability testing. The system will be
   tested in accordance with the test plan which shall be based upon the
   Licensed Software meeting the Specifications. Testing will be conducted in
   conjunction with Instinet. Acceptance testing will cover a pre-production
   test of the established system infrastructure including the UNIX servers, the
   NT servers and clients. All acceptance milestones will be completed no later
   than November 9, 1998 which date may be extended through mutual agreement.

   The infrastructure and NT client system will be considered accepted following
   successful completion of the acceptance tests and five days of the system
   running without a severity 1 error for each installation phase.
<PAGE>

   The system may not be considered acceptable if it encounters any unresolved
   severity 1 problems as defined in the TIBCO Software Maintenance Agreement.
   Instinet will accept the system in parts as indicated in the project plan and
   in conjunction with the system test plans.

4.0   TRAINING PROGRAM

In an attempt to meet Instinet's training requirements the following schedule
has been constructed to offer a purchased block of training for 40 students. The
following classes are currently available:



                              DAYS
                              ----

                           
MarketSheet for Windows       3
TIB System Admin              3
TIB/ETX                       3
TIB API Programming           4
TIB RV                        4




PRICING:



                                                         
Classes (3-4 days each)                     40            80           100
Discount                                    10%           15%           20%
Rate per Class                        $  2,250      $  1,913      $  1,800
                            Total     $ 90,000      $153,000      $180,000


The total cost for the 40 classes is $90,000. Instinet has one (1) year to use
the purchased classes and may substitute any course that TIBCO offers which is
conducted in four days or less.

5.0   PAYMENT SCHEDULE

The schedule of payment is as follows:


Fees totaling $2,040,000 shall be payable at each of the following milestones.
25% upon signing of this licensing agreement (Estimated September 15, 1998) 45%
upon the delivery of the Active Enterprise Software components (October 12,
1998) 15% upon the agreed MDDS "live date" (November 9, 1998) 15% five business
days following "live date" (November 16, 1998)


Cost for labor (installation/delivery and support services) will be itemized
quarterly for your review.

2)

<PAGE>

                                   EXHIBIT E
                                     SAMPLE

                          TIBCO FINANCE TECHNOLOGY INC.
                                   WORK ORDER

                 Addendum Reference (Date/Number/Code) ________

This addendum specifies additional software licenses and services to be provided
by TIBCO Finance Technology Inc. ("TIBCO") to Instinct Corp. ("Client"). All
terms and conditions of the Software License Agreement between TIBCO and Client,
dated ("Agreement"), apply to this addendum as if the same had been set forth
herein in full. In case of conflict between the terms of this addendum and the
Agreement, the terms of this addendum shall prevail.

1. PROJECT IDENTIFICATION AND DESCRIPTIVE INTRODUCTION

2. DESCRIPTION OF SOFTWARE LICENSED AND/OR SERVICES

2.1   Software and Authorized Sites. The software under this addendum consists
      of the following components which may be used at the following authorized
      sites:

2.2 Services. The implementation or other services consist of the following

<PAGE>

3. FEES

3.1 Software. Individual prices and the total price are as follows:


3.2 Maintenance on Software

Quarterly rate: $_____or the following percentage of the software list price:
_____%

Maintenance is under the terms of the _______________________ agreement dated
____________ ("Maintenance Agreement")


3.3   Services (e.g., installation, support, training). Services will be
      performed on either a time-and-materials-and-expenses basis or a fixed
      price basis at the following rates/fees:

3.4   Hardware (if any)

3.5 Expenses (e.g., travel, meals, hotel)

<PAGE>
4. PAYMENT SCHEDULE (WHEN ARE TO BE PAID)

4.1.Software license fees

4.2 Services

4.3 Maintenance fees

4.4 Hardware

5. PROJECT PLAN/PERFORMANCE SCHEDULE

6.    ACCEPTANCE CRITERIA AND PROCEDURE. UNLESS SPECIFIED BELOW, ACCEPTANCE IS
      UPON DELIVERY.

7. WARRANTY

8. PREREQUISITES/CLIENT TASKS
<PAGE>
9. OWNERSHIP OF THE DELIVERABLES

ACCEPTED:

Instinet Corp.                      TIBCO Finance Technology Inc.
Signature: SAMPLE                   Signature: SAMPLE
Name:                               Name:
      ------------------                  ---------------------
Title:                              Title:
      ------------------                 ----------------------
Date:                               Date:
      -------------------                ----------------------

<PAGE>
                                                                   Exhibit 10.34

                         SOFTWARE MAINTENANCE AGREEMENT

     This Agreement ("Agreement") is made and entered into and effective this
____day of _____________by and between TIBCO Finance Technology Inc., having its
principal place of business at 3165 Porter Drive, Palo Alto California 94304,
USA ("TIBCO") and Instinct Corporation, having its principal place of business
at 850 Third Ave., New York, NY 10022 ("Client").

     WHEREAS, TIBCO has provided to Client certain software as specified in
Exhibit A of this Agreement ("Covered Software") pursuant to a software license
agreement between the parties (the "License Agreement"); and

     WHEREAS, Client wishes to have TIBCO provide maintenance and support
services pursuant to the terms and conditions of this Agreement;

     NOW, THEREFORE, the parties agree as follows:

I.   INCORPORATION OF DOCUMENTS

       The following documents are attached hereto and, by this reference,
                        incorporated in this Agreement:

     Exhibit A                 Covered Sites, Software & Configuration

     Exhibit B                 Authorized Client Contacts

     Exhibit C                 Services and Fees

II.  COVERAGE

     During the term of this Agreement, TIBCO agrees to provide maintenance and
support services for the Covered Software operating at the site(s) and on the
hardware configurations listed in Exhibit A ("Maintenance Services"). Unless
specifically listed in Exhibit A, Section II, Covered Software does not include
hardware vendor operating systems and other system software, Client-developed
software, and third-party software (except any third party software embedded in
the Covered Software).

III. DESCRIPTION OF MAINTENANCE SERVICES

     A. Support Services. During the term of this Agreement, TIBCO will provide
the services described herein so as to maintain the Covered Software in good
working order, keeping it free from material defects so that the Covered
Software shall function properly and in accordance with the accepted level of
performance as set forth in the License Agreement.

          (1) Service Response. TIBCO will make available to Client a telephone
number (the "Support Center HOTLINE") for Client to call requesting service of
the Covered Software. The Support Center HOTLINE operates during business hours,
9:00 a.m. to 5:00 p.m., Monday through Friday, excluding legal holidays.
Extended coverage is available for an additional fee. The HOTLINE can also be
used to notify TIBCO of problems associated with the Covered Software and
related documentation.

--------------------------------------------------------------------------------
98-9-14                    TIBCO Maintenance Agreement                    Page 1
                            CONFIDENTIAL INFORMATION
<PAGE>
     B. Remedial Support. Upon receipt by TIBCO of notice from Client through
the Support Center HOTLINE of an error, defect, malfunction or nonconformity in
the Covered Software, TIBCO shall respond as provided below:

     Severity 1: Produces an emergency situation in which the Covered Software
     is inoperable, produces incorrect results, or fails catastrophically.

           RESPONSE: TIBCO will provide a response by a qualified member of its
           staff to begin to diagnose and to correct a Severity 1 problem as
           soon as reasonably possible, but in any event a response via
           telephone will be provided within one (1) hour. TIBCO will continue
           to provide best efforts to resolve Severity 1 problems in less than
           forty-eight (48) hours. The resolution will be delivered to Client as
           a work-around or as an emergency software fix. If TIBCO delivers an
           acceptable work-around, the severity classification will drop to a
           Severity 2.

     Severity 2: Produces a detrimental situation in which performance
     (throughput or response) of the Covered Software degrades substantially
     under reasonable loads, such that there is a severe impact on use; the
     Covered Software is usable, but materially incomplete; one or more mainline
     functions or commands is inoperable; or the use is otherwise significantly
     impacted.

           RESPONSE: TIBCO will provide a response by a qualified member of its
           staff to begin to diagnose and to correct a Severity 2 problem as
           soon as reasonable possible, but in any event a response via
           telephone will be provided within four (4) hours. TIBCO will exercise
           best efforts to resolve Severity 2 problems within five (5) days. The
           resolution will be delivered to Client in the same format as Severity
           1 problems. If TIBCO delivers an acceptable work-around for a
           Severity 2 problem, the severity classification will drop to a
           Severity 3.

     Severity 3: Produces an inconvenient situation in which the Covered
     Software is usable, but does not provide a function in the most convenient
     or expeditious manner, and the user suffers little or no significant
     impact.

           RESPONSE: TIBCO will exercise best efforts to resolve Severity 3
           problems in the next maintenance release.

     Severity 4: Produces a noticeable situation in which the use is affected in
     some way which is reasonably correctable by a documentation change or by a
     future, regular release from TIBCO.

           RESPONSE: TIBCO will provide, as agreed by the parties, a fix or
           fixes for Severity 4 problems in future maintenance releases.

     C. Maintenance Services. During the term of this Agreement, TIBCO will
maintain the Covered Software by providing software updates and enhancements to
Client as the same are offered by TIBCO to its licensees of the Covered Software
under maintenance generally ("Updates"). All software updates and enhancements
provided to Client by TIBCO pursuant to the terms of this Agreement shall be
subject to the terms and conditions of the License Agreement between the
parties. Updates will be provided on an as-available basis and include the items
listed below:

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           (1) Bug fixes;

           (2) Enhancements to market data service software provided by TIBCO to
keep current with changes in market data services or as TIBCO makes
enhancements;

           (3) Enhancements to keep current with the current hardware vendor's
OS releases, as available from TIBCO, provided that the current hardware
vendor's OS release is both binary and source-compatible with the OS release
currently supported by TIBCO; and

           (4) Performance enhancements to Covered Software.

           (5) Updates do not include:

                 (a) Platform extensions including product extensions to (i)
different hardware platforms; (ii) different windowing system platforms; (iii)
different operating system platforms; and

                 (b) New functions such as (i) new functionality in the TIBTM or
market data delivery infrastructure; (ii) new market data feeds; (iii) new
applications; and (iv) new presentation tools.

     Updates will be provided in machine-readable format and updates to related
documentation will be provided in hard copy form. All such deliveries shall be
made by a single communication to a single Client designated distribution point
specified in Exhibit A. Duplication, distribution and installation of Updates is
the responsibility of Client. If requested, TIBCO will provide on-site
assistance in the installation of Updates on a time and materials basis, plus
expenses.

     TIBCO will provide support services for previous releases for a minimum
period of six (6) months following the general availability of a new release or
software update. After this time, TIBCO shall have no further responsibility for
supporting and maintaining the prior releases.

     TIBCO assumes no responsibility for the correctness of, performance of, or
any resulting incompatibilities with, current or future releases of the Covered
Software if the Client has made changes to the system hardware/software
configuration or modifications to any supplied source code which changes effect
the performance of the Covered Software and were made without prior notification
and written approval by TIBCO. TIBCO assumes no responsibility for the operation
or performance of any Client-written or third-party application.

     D. Services Not Included. Maintenance Services do not include any of the
following: (1) custom programming services; (2) on-site support, including
installation of hardware or software; (3) support of any software not Covered
Software; (4) training; (5) out-of-pocket and reasonable expenses, including
hardware and related supplies; or (6) any other activity set forth in Articles
IV through VI of this Agreement.

IV.  ON-SITE SUPPORT

     As requested by Client, and upon reasonable notice and approval by TIBCO,
TIBCO shall maintain personnel at any of the Covered Sites. On-site personnel
will perform ongoing

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system administration, monitoring, reconfiguration and tuning, problem
diagnosis, and resolution, and interfacing with Client personnel on production
system issues, to the extent possible during normal business hours. These
personnel shall also be responsible for the installation of new TIBCO software
releases on the production system and the distribution of documentation updates.
In addition, on-site personnel will provide training to Client personnel on the
operation and administration of the Covered Software as time permits.

V.   PER CALL SUPPORT

     Visits by TIBCO engineers to the Covered Sites can be provided for
non-maintenance related activities to supplement the services provided under
this Agreement. Tasks performed under Per Call Support include, but are not
limited to, installation of additional hardware, training, and consulting for
non-TIBCO applications. At any time, Client may request Per Call Support. All
requests will be documented by a work order from Client to TIBCO and response by
TIBCO will be on a best efforts basis. The minimum call duration is two (2)
hours. Client will be billed for labor, including travel time, plus reasonable
expenses required for the performance of the requested service. Expenses for
travel and travel-related expenses and individual expenses in excess of US$500
require the prior approval of Client. Fees for Per Call Support are contained in
Exhibit C.

VI.  TIME AND MATERIALS SERVICES

     A. For Non-TIBCO Problems. In the event that Client notifies TIBCO of a
problem experienced by Client in connection with the operation of the Covered
Software, TIBCO shall respond as provided in Section III.B., above. If the cause
of such problem is not an error, defect or nonconformity in the Covered
Software, Client shall compensate TIBCO for all work performed by TIBCO in
connection therewith, on a time and materials basis at TIBCO's then current
standard rates, unless otherwise agreed by the parties in writing at the time,
plus expenses. Expenses for travel and travel-related expenses and individual
expenses in excess of US$500 require the prior approval of Client.

     B. For Non-TIBCO Software. Upon request and reasonable notice from Client,
TIBCO will provide assistance in the installation of non-TIBCO software on a
time and materials basis, plus expenses. Non-TIBCO software consists of any
software not specifically listed in Exhibit A, Section II, including the
following:

           1. New releases and updates to hardware vendor operating systems and
other system software not listed in Exhibit A;

           2. Client-developed software; and

           3. Third-party software (except third party software embedded in the
Covered Software).

VII. ACCESS

     Software Maintenance is conditioned upon provision by Client to TIBCO of
reasonable appropriate access to the system(s) running the Covered Software,
including, but not limited to,

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passwords, system data, file transfer capabilities, and remote
log-in-capabilities. TIBCO will maintain security of the system and use such
access only for the purposes of this Agreement and will comply with Client's
standard security procedures. Information accessed by TIBCO agents or employees
as a result of accessing Client's system shall be deemed confidential
information pursuant to the terms of the Software License Agreement executed
concurrently between the parties hereto.

     Client shall also use commercially reasonable efforts to provide an active
voice telephone line at each site which is available continuously when required
for support access.

VIII. PROBLEM REPORTING AND TRACKING PROCEDURES

     Client may use the services described herein only by making reference to
the authorized support Agreement number. All such reports and requests will be
made through the authorized individuals (up to two [2] per site), designated by
Client in Exhibit B, who may be changed by Client from time to time by written
notice to TIBCO. A twenty-four (24) hour Support Center HOTLINE is provided for
problem reporting outside of normal business hours.

IX. FEES

     A. Maintenance Fees. Fees for Maintenance Services provided under this
Agreement are contained in Exhibit C. Any time a site or software package is
added or deleted from Exhibit A, TIBCO will automatically adjust and/or amend
Exhibit A and Exhibit C accordingly. TIBCO will also perform a bi-annual audit
of all sections in Exhibit A. If changes have occurred, TIBCO will adjust and/or
amend Exhibit A and Exhibit C, and maintenance fees will be adjusted
accordingly.

     Rates will be reviewed and adjusted accordingly when another site is added
and/or the workstation/server base increases (i.e., added equipment and/or
installed software) and/or software to be supported exceeds the Covered
Software.

     B. Expenses. Client agrees to reimburse TIBCO for reasonable expenses
related to the performance of services. Expenses may include, but are not
limited to, charges for materials, freight, travel (including lodging and
associated expenses), printing and documentation, and other out-of-pocket
expenses reasonably required for performance. Expenses for travel and
travel-related expenses and individual expenses in excess of US$500 require the
prior approval of Client.

X.   PAYMENT

     A. Maintenance fees and fees for on-site support, if applicable, will be
invoiced annually, thirty (30) days in advance of the year.

     B. The charges for time and materials services and any expenses as
described in this Agreement will be invoiced each month for charges (services,
material and expenses) incurred in the previous month.


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     C. All undisputed invoices shall be due and payable within thirty (30) days
of the date of the invoice. A service charge of 1.5% per month or the lawful
prevailing rate, whichever is lower, will be applied to all invoices which are
past due. Such charges shall apply from the date Client is notified that the
amount is past due.

XI.  SUPPORT AGREEMENT NUMBER

For purposes of problem notification, it is necessary for Client to utilize the
Agreement Number shown on page 1 of this Agreement.

XII. EXCLUSION OF LIABILITY

     TIBCO MAKES AND CLIENT RECEIVES NO WARRANTY EXPRESS OR IMPLIED AND THERE IS
EXPRESSLY EXCLUDED ALL WARRANTIES OF MERCHANTIBILITY AND FITNESS FOR A
PARTICULAR PURPOSE. CLIENT ACKNOWLEDGES AND AGREES THAT THE MAINTENANCE FEES AND
OTHER CHARGES WHICH TIBCO IS CHARGING UNDER THIS AGREEMENT DO NOT INCLUDE ANY
CONSIDERATION FOR ASSUMPTION BY TIBCO OF THE RISK OF CLIENT'S CONSEQUENTIAL OR
INCIDENTAL DAMAGES OR OF UNLIMITED DIRECT DAMAGES. ACCORDINGLY, TIBCO SHALL HAVE
NO LIABILITY WITH RESPECT TO ITS OBLIGATIONS UNDER THIS AGREEMENT FOR
CONSEQUENTIAL, EXEMPLARY, OR INCIDENTAL DAMAGES, EVEN IF IT HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES. EXCEPT IN THE CASE OF GROSS NEGLIGENCE OR
WILFUL MISCONDUCT, IN NO EVENT SHALL TIBCO BE LIABLE HEREUNDER TO CLIENT FOR
CUMULATIVE DIRECT DAMAGES IN ANY AMOUNT GREATER THAN THAT PAID BY CLIENT TO
TIBCO UNDER THIS AGREEMENT AS A MAINTENANCE FEE FOR THE TWELVE (12) MONTH PERIOD
IMMEDIATELY PRECEDING THE ACCRUAL OF THE CAUSE OF ACTION.

XIII. TAXES

     Client shall, in addition to the other amounts payable under this
Agreement, pay all sales and other taxes, national, state, or otherwise, however
designated, which are levied or imposed by reason of transactions contemplated
by this Agreement, except those which arise as a result of income, including
withholding taxes or similar deductions. Without limiting the foregoing, Client
shall promptly pay to TIBCO an amount equal to any such items actually paid, or
required to be collected or paid by TIBCO.

XIV. GENERAL

     A. Each party acknowledges that it is bound by the terms of this Agreement
and further agrees that it is the complete and exclusive statement of the
Agreement between the parties, which supersedes and merges all prior proposals,
understandings and all other Agreement with respect to software maintenance,
oral and written, between the parties relating to this Agreement. This Agreement
may not be modified or altered except by a written instrument duly executed by
both parties.

     B. This Agreement and performance hereunder shall be governed by and
construed in accordance with the laws of the State of California as applied to
transactions to be carried out

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wholly within California by California residents. Any and all proceedings
relating to the subject matter hereof shall be maintained in the state or
federal courts of Manhattan County, New York, which courts shall have exclusive
jurisdiction for such purpose. Each of the parties waives any objection to venue
or in personam jurisdiction, provided that service is effective.

     C. If any provision of this Agreement shall be held to be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions shall in no way be affected or impaired thereby.

     D. Neither party may assign, without the prior written consent of the
other, its rights, duties or obligations under this Agreement to any other
person or entity, in whole or in part.

     E. The waiver or failure of either party to exercise in any respect any
right provided for herein shall not be deemed a waiver of any further right
hereunder.

     F. This Agreement shall be binding upon and inure to the benefit of the
parties' respective successors and permitted assigns. Neither party may assign
this Agreement and/or any of its rights and/or obligations hereunder without the
prior written consent of the other party and any such attempted assignment shall
be void, except that either party may assign this Agreement and/or any of its
rights and/or obligations hereunder, upon written notice to the other party to
another entity in the event of that party's merger or consolidation with another
entity, without the consent of the other party, provided that the assignee is
capable of fulfilling and intends to fulfill the obligations of the assigning
party under this Agreement. Notwithstanding the foregoing, Client may assign
this agreement to any Instinct company in the business of fixed income and
equities brokerage without the consent of TIBCO, provided that the assignee is
capable of fulfilling and intends to fulfill the obligations of Client under
this Agreement. Each party may terminate this Agreement in case there is a
change of control of the other party, but shall not be entitled to any refund
whatsoever and all amounts owing shall be immediately paid.

XV.  TERM AND TERMINATION

     The term of this Agreement shall be for three (3) years. Software
Maintenance service shall commence upon the expiration of the Warranty Period
set forth in the License Agreement and shall remain in effect for the original
three-year (3-year) term and, thereafter, for renewal terms on a year-to-year
basis until terminated (i) by Client in the event the Covered Software is taken
out of service and upon sixty (60) days' notice to TIBCO; (ii) by either party
upon sixty (60) days' notice prior to the expiration of the original three-year
(3-year) or any subsequent one-year (1-year) renewal term; (iii) by either party
upon a default of the other party, such default remaining uncured for thirty
(30) days from the date of written notice from the non-defaulting party to the
other specifying such default; (iv) upon the bankruptcy or insolvency of TIBCO;
or (v) the License Agreement is terminated. Upon such termination, TIBCO shall
refund to Client a portion of the maintenance fee prorated to reflect the date
of termination and neither TIBCO nor Client shall have any further obligations
hereunder.

XVI. SUPPORT OPTION ELECTION(S)


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     By signing this Agreement, Client requests and TIBCO agrees to provide the
on-site support services indicated below in accordance with the terms set forth
in Exhibit C:

     _________ Full-time, on-site support at five (5) days per week for a period
of [ ] months.

     _________ Part-time, on-site support at [_1 days per week (on a schedule to
be mutually agreed upon) for a period of [ ] months.

     On-Site support at any level (full-time or part-time) may be extended or
changed to another level upon sixty (60) days' written notice to TIBCO by
Client. Renewals will be at the then-current rates.

     IN WITNESS WHEREOF, each party has caused a counterpart of the original of
this Agreement to be executed as of the date first written above by its duly
authorized representative.

INSTINET CORPORATION                        TIBCO FINANCE TECHNOLOGY INC.

Signed: ________________________            Signed: ____________________________


Print Name: ____________________            Print Name: ________________________


Title: _________________________            Title: _____________________________


Date: __________________________            Date: ______________________________


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                                    EXHIBIT A
                    COVERED SITES, SOFTWARE AND CONFIGURATION

A.   Covered Sites.

     This Agreement covers the following Client sites
     850 Third Avenue, New York, NY 10022

B.   Covered Software.

     This Agreement covers the following software components at each site listed
in Exhibit A, Section A:

     ACTIVE ENTERPRISE COMPONENTS - (up to 1000 simultaneous licenses)
     (Platform support for HP/SUN/Windows NT)

     -     TIB/Rendezvous PRO (Server)

     -     TIB/Rendezvous PRO (Client)

     -     TIB/Rendezvous Routing Daemon (RVRD)

     -     TIB/HAWK

     -     TIB/ObjectBus

     -     TIB/MessageBroker

     MarketData Distribution System (MDDS) - (Support for up to 300 simultaneous
     MDDS users/licenses)(Platform support for HP/SUN/Windows NT)

     -     MarketSheet for Windows (including runtimes)

     -     TIBCO Interactive Feed Handler TIC

     -     TIBCO Entitlements -Version 4

     -     TIBNews Database Server

     -     Reuters News 2000 Feed Handler

     -     Reuters Select Feed Plus (RSFP) --4 RDF (TBD)

     -     Global Services Manager (GSM)

     -     TIB/Rendezvous Standard Run-time

     -     ciServer Run-times

     -     TIB/Automation

     -     TIBRouter +

C.   Covered Configuration.

     This Agreement covers the following configuration:

     ____1000___ workstation licenses of Covered Software purchased by Client
     and installed on ____1000 ______ workstations.


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D.   Update Distribution Point.

     Updates to software and documentation shall be distributed as per the terms
     of the Agreement to the following Client distribution point:

     Address: _____________________________________________

     Contact: _____________________________________________


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                              EXHIBIT B AUTHORIZED
                                CLIENT CONTACTS

For purposes of this Agreement, the following individuals shall be designated
per site as the authorized Client support contacts:

SITE #1 at 850 Third Ave,, New York, NY 10022:

                Name                      Title                   Phone #

Contact: ____________________    ________________________   __________________

Contact: ____________________    ________________________   __________________

SITE #2 at _____________________:

                Name                      Title                   Phone #

Contact: ____________________    ________________________   __________________

Contact: ____________________    ________________________   __________________


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                                   EXHIBIT C

                               SERVICES AND FEES

A.   Maintenance Fee

Maintenance Services for the applications and configuration listed in Exhibit A
will be provided for a fee of $270,000.00 per year for the first year of this
Agreement. This fee will be adjusted at each anniversary date of this Agreement
to the then current pricing. Should additional software be licensed and
installed at the Covered Site(s), the fee will be adjusted to reflect the
additional software.

B.   On-Site Support

This option provides on-site TIBCO staff to address system-related tasks
including:

     Ongoing system administration, monitoring, reconfiguration and tuning.
     Problem Diagnosis and Resolution User and system level training.

     Installation of new software purchased from TIBCO. Installation of new
     software releases and documentation. System customization - User accounts,
     real-time spreadsheets, MarketSheet customization, Page Shredding, etc.
     Other value-added consulting as time permits. These activities would
     include in-house application integration support, integration of third
     party UNIX applications, general UNIX consulting and support, etc.

Fees for the above services for the first year of this Agreement, depending on
the level of on-site support, are as follows:



                                                    
Level 1:   Full-time on-site support (five [5] days
           per week, Monday through Friday):              $_________/month

Level 2:   Part-time on-site support (three [3] days
           per week):                                     $_________/month


Expenses related to the performance of the services described herein are in
addition to the above fees. For non-full-time support options, on-site support
will be performed in accordance with a mutually agreed schedule.

C.   Per-Call Support

The labor rate for support on a per-call basis during regular business hours,
Monday through Friday, 9:00 a.m. to 5:00 p.m. according to the local time of the
Covered Site seeking per-call support, is $200.00 per hour with a two (2) hour
minimum.

The above rates are subject to change from time to time at TIBCO's sole
discretion.


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Source: OneCLE Business Contracts.