From the Bull Market Report of a few days ago (I've been gone for 10 days...)
$$$$$ E*TRADE UNIT FILES TO BECOME A NATIONAL STOCK EXCHANGE
Archipelago, a privately-held company that runs a computer matching
system
for stock purchases, said late Monday it formally sought approval from
federal regulators to become a national securities exchange. The firm
said
it filed a Form 1 with the U.S. Securities and Exchange Commission,
which
if approved would allow it to become a self-regulating exchange. The
firm,
which ranks as the No. 4 electronic communications network, or ECN, has
investments from Instinet, the current leader in off-exchange stock
trading, as well as E*TRADE GROUP INC, GOLDMAN SACHS GROUP INC, and J.P. MORGAN, each of which own 16.4%.
COMMENT: E*Trade (EGRP) is WAY down from its highs but NOTHING has
changed with the company and its lofty goals to be a financial gorilla.
This move once again proves to us that they will be a major factor in
the
electronic stock exchange of the future. |
