Where's ASTN: "Instinet Buys 16.4 Percent Stake in Archipelago Trading Network
7/27/99 9:43
New York, July 27 (Bloomberg) -- Reuters Group Plc's
Instinet said it bought a 16.4 percent stake in the Archipelago
trading network, continuing a trend of brokerages hedging their
bets by investing in several electronic trading systems.
Instinet operates the oldest and one of the busiest
electronic networks, which match buy and sell orders for stock.
Archipelago, a two-year-old trading network for Nasdaq Stock
market shares, said it would apply to the U.S. Securities and
Exchange Commission to become a stock exchange. That would allow
it to trade New York Stock Exchange stocks.
Other investors in Archipelago include E*Trade Group Inc.,
Goldman Sachs Group Inc., J.P Morgan & Co. and American Century
Cos. The financial terms and amount of Reuters' investment were
not disclosed.
In May, Instinet led a consortium that took a minority
interest in Tradepoint Financial Networks Plc, a small U.K.-based
electronic network.
The dozen so-called electronic communication networks make
up a third of Nasdaq's volume. Their growth has been fueled by
advances in technology, deregulation, and the explosion of online
trading.
Bloomberg News, Bloomberg Financial Markets, Bloomberg
Television and Bloomberg Tradebook compete with Reuters in
providing news, information and trading systems to the financial
community.
--Philip Boroff in the New York newsroom" |
