Island Largest ECN for Fourth Consecutive Month
April 2, 2002
New York, – Island ECN, the leading electronic marketplace, announced today that for the fourth consecutive month it was the largest electronic marketplace for Nasdaq securities, with 11.0% of Nasdaq share volume and 24.8% of Nasdaq trade volume.
In February 2002, Island’s 11.0% of market share of total Nasdaq volume was achieved by executing 8.3% of Nasdaq market share through Nasdaq, according to Nasdaq’s February 2002 market share data released today, while executing an additional 2.7% of total Nasdaq market share through the Cincinnati Stock Exchange (CSE).
Beginning in February, as part of its market data revenue sharing plan, Island began reporting trades in Nasdaq securities through the Cincinnati Stock Exchange. This initiative was launched in order to provide Island subscribers with a significant new source of revenue and a significant reduction in costs. As a result of reporting through Cincinnati, Island’s total volume for executions in Nasdaq securities is only partially accounted for in Nasdaq’s official accounting. As a result, the complete trade volume and market share numbers for Island must add Nasdaq trades reported to Cincinnati to the Nasdaq reported number (see table below). In February, Island reported over 913 million shares to the Cincinnati Stock Exchange, which accounted for the approximately 2.7% of additional market share above and beyond the Nasdaq reported numbers.
"Island is proud to be the leading electronic marketplace for professional traders, and thanks all of its loyal subscribers for their business. Just this year, Island has launched an innovative market data revenue sharing program, started reporting OTC trades to the Cincinnati Stock Exchange, implemented a 47 percent price reduction, and continued to grow its liquidity. This means greater profitability for those trading on Island," said Island CEO Matthew Andresen.
In order to provide greater value to its subscribers, Island has continued to report an increasing number of its trades to Cincinnati through the month of March. Consequently, all future Nasdaq market share data will need to be adjusted to reflect this fact and to produce full and complete ECN market share numbers. |
