Island To Complete Rollout of Cincinnati Stock Exchange Program.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 13, 2002 Island ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. announced today that on September 19, 2002, it plans to complete the rollout of its program to represent orders in OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). securities in the National Best Bid or Offer to the Cincinnati Stock Exchange Cincinnati Stock Exchange (CSE) Stock exchange based in Cincinnati that is the only fully automated stock exchange in the US. It has no trading floor, but handles all members' transactions using computers. (CSE (Certified Systems Engineer) See Microsoft certification. ). As a result, all orders submitted to Island will be represented in the National Best Bid or Offer through the Cincinnati Stock Exchange. There are no modifications to any Island protocols or data-feeds related to this change. "Island has consistently sought to provide the best trading opportunities to its subscribers by displaying their orders in the most effective manner possible. Along those lines, we are actively working with various market participants, including CSE, Nasdaq, and the NASD's Alternative Display Facility Alternative display facility (ADF) is an equity trading facility created in the United States by NASD, a self-regulatory organization (SRO). The ADF is an alternative to the exchange for publishing quotations and for comparing and reporting trades. . As always, we will make our decisions for displaying customer orders based on the best service and price for our subscribers," said Island CEO Matthew Andresen. About Island ECN Island ECN is a technology leader in electronic marketplaces, handling approximately one out of every five trades in Nasdaq securities(1). Island ECN is also the largest single marketplace for the most heavily traded security in the world, QQQ(2). To learn more, please visit www.island.com (1) Source: Market share for Island calculated from internal data. Island reports a majority of its trades in Nasdaq securities to the Cincinnati Stock Exchange. The Economic Research Department excludes such trades from their calculations of market share, resulting in an inaccurate measure of Island's market share. Island calculates its market share by adding total trades reported to Nasdaq with total trades reported to the CSE. (2) Source: Consolidated volume from AmexTrader, volume for NYSE NYSE See: New York Stock Exchange and AMEX AMEX See: American Stock Exchange acquired from Reuters terminal, Island volume from Island internal data. Island percent market share of QQQ trading calculated by dividing Island total reported QQQ share volume into consolidated volume. AMEX and NYSE market shares calculated by dividing the volume reported. |
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