Reuters' Instinet unit completes merger with Island ECN.Reuters plc. (London) subsidiary Instinet (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) has completed its merger with Island ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. (New York), an electronic securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the service that handles approximately one in every five trades in NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on securities. Following the close of the deal, Reuters will own 62% of Instinet's share capital and is expected to receive a special dividend payment from Instinet of $207 million. Instinet will pay the special dividend of $1 per share to stockholders. Island ECN and parent Island Holding Co. become a wholly-owned subsidiary of Instinet Group Inc. Reuters said the merger will "offer professional investors and traders superior trading platforms and diverse trading choices in worldwide markets." Instinet ceo Ed Nicoll said the deal gives customers "broader and deeper liquidity and offers them better execution opportunities and improved performance across multiple markets in the U.S. and around the globe." |
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