Island ECN Surpasses American Stock Exchange to Become Largest Marketplace in QQQs.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 22, 2001

The Island ECN, Inc., the technology leader in electronic marketplaces, announced today that it passed the American Stock Exchange(R) to become the Nation's largest marketplace for the trading of the QQQs (the Nasdaq 100 Tracking Stock(SM)).(1) During the week of Oct. 15-19, 2001, Island traded over 129 million shares of the QQQs, surpassing The American Stock Exchange (AMEX(R)) by over 18 million shares.(2)

Previously, the AMEX had consistently been the largest marketplace for the QQQs since this security started trading in March 1999. Over the past year, the QQQ has become the most actively traded security listed on either the AMEX(R) or the NYSE, and on many days is the most actively traded security in the entire U.S. equities market.

"The most demanding market professionals trading the QQQs have propelled Island to the number one marketplace ranking for this security. This historic accomplishment demonstrates that sophisticated investors continue to recognize Island's superior speed and efficiency over the traditional marketplace," said Island CEO Matthew Andresen.

Over 600 subscribing broker-dealers directly access Island and enjoy the benefits of Island's liquidity, speed, and superior technology.(3) Trading the QQQ on Island is similar to trading Nasdaq securities on Island. For Nasdaq securities, Island has become the largest ECN by trade volume and the second largest by share volume.(4)

"Market professionals enter over two billion shares into Island every day. Building on this achievement, Island has now extended its success in Nasdaq securities into listed securities," said Mr. Andresen.

Direct Island subscribers can also take advantage of Immediate or Cancel (IOC) orders, which allow them to scan the Island book in a matter of milliseconds. By scanning all new orders in QQQ against the Island book prior to sending these orders to another destination, a firm offers their subscriber an opportunity for immediate (and often improved) executions. Should the IOC order not execute, the total opportunity cost to a customer is only a matter of a few milliseconds.

For more information about Island's volume in the QQQs, visit www.island.com/qqq

About The Island ECN

Island is the technology leader in electronic marketplaces. Market professionals use Island to display and match limit orders in Nasdaq and Listed securities. During September 2001, Island reported record average daily volumes of over 395 million shares internally executed. Island's total internally executed share volume year-to-date is 61.9 billion shares, an increase of more than 70 percent over the same period a year ago.(5)

(1) QQQ, the ticker symbol for the Nasdaq-100 Tracking Stock(SM) (2) source: all volume information for the exchanges is provided by

Reuters; Island, Instinet, and Redibook information is provided by

their designated sites; Archipelago information provided to Island

by Archipelago (3) Island internal data. (4) source: NASD Office of Economic Research, February-July 2001 (5) Island internal data

The Island ECN, Inc. - Member NASD/SIPC