Island Futures Exchange Approved as Designated Contract Market
NEW YORK--(BUSINESS WIRE)--Feb. 20, 2002--The Island Futures Exchange, LLC (``Island Futures''), a subsidiary of Island Holding Company, Inc., today announced that it has been approved by the Commodity Futures Trading Commission (CFTC) as a designated contract market.
Island Futures Exchange is an affiliate of Island ECN, Inc. (``Island ECN''), the leading electronic marketplace that now serves over 700 subscribing broker-dealers and institutional investors (1) and executes approximately one out of every five trades on Nasdaq.(2)
Island Futures plans to begin offering its services for trading security futures in the second quarter of 2002. ``Island Futures builds upon Island's proven record of delivering superior products and services to the professional investor. We're proud to offer this timely and innovative service to our subscribers,'' said Island Futures President, Matthew Andresen.
Island Futures will allow market professionals to electronically display and match orders for single stock futures and narrow-based indexes. Island Futures will utilize Island ECN's proprietary technology to offer this low-cost, rapid, and reliable order display and matching service. Regulatory services for Island Futures Exchange will be provided by the National Futures Association (NFA). Island Futures has also selected the Options Clearing Corporation (OCC) as its clearinghouse for its security futures products.
About Island Holding Company, Inc.
Island Holding Company, Inc. is the parent company of Island ECN and Island Futures Exchange, LLC. Island ECN is the technology leader in electronic marketplaces and the largest marketplace for Nasdaq securities.(2) Island ECN is also the largest single marketplace for the most heavily traded security in the world, QQQ.(3) For more information visit our website at www.island.com.
1. Source: Island Internal Data
2. Source: www.marketdata.nasdaq.com
3. Source: All volume information for the exchanges is provided by
Reuters; Island, Instinet, and RediBook information is provided by their designated sites; Archipelago information provided to Island by Archipelago. Data for all marketplaces was gathered between 9:30am to 6:30 pm.
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Contact:
The Island Futures Exchange |
