Thanks Dave. ARCA issued a press release (below) saying that they are integrated into ITS and Townsend said that specialists couldn't trade through your order (but I wasn't entirely clear if that was pending or already the case). This seems to be different from when they announced trading in listed stocks in February (when they clearly said that there wasn't print protection). Also, does anybody know if all listed stocks (NYSE and ASE) can be traded through ARCA?
Archipelago becomes first ECN to trade listed stocks through Nasdaq InterMarket link
CHICAGO (August 7, 2000)--Archipelago, a leading U.S.-based electronic communications network (ECN) for trading stocks, today announced that it is now trading listed stocks through the Nasdaq InterMarket, a link that uses the ITS-CAES technology. This link enables Archipelago to post its customers' orders in listed stocks on the nationwide Consolidated Quote System and participate in the Intermarket Trading System (ITS) for New York Stock Exchange and American Stock Exchange listed stocks.
Investors who send listed orders directly to Archipelago can trade in the national market system on the basis of the best execution, including stock price, speed of execution and fill rate. Archipelago customers traditionally have had this best execution capability when sending orders in Nasdaq stocks.
"We are very excited to be able to provide this expanded access for our customers' listed orders on the Consolidated Quote System and the Intermarket Trading System," says Gerald D. Putnam, chief executive of Archipelago. "The Archipelago model is based on the principles of best execution, and with this access to the national market system, we now have the ability to compete on all dimensions of market quality with listed stocks."
Archipelago said that this initiative in no way affects its partnership with the Pacific Exchange to create the nation's first totally open electronic stock exchange trading New York Stock Exchange, American Stock Exchange and Nasdaq listed stocks (subject to approval by the Securities and Exchange Commission). The Archipelago/Pacific Exchange partnership is rapidly proceeding towards implementation. |
