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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: TFF who started this subject	10/24/2002 1:39:19 PM
From: TFF	Read Replies (1) of 12617

Instinet on the slide as SEC subpoenas Island ECN 24 October 2002 - The Securities and Exchange Commission is investigating subscriber pricing and market rebate practices at Island, the electronic communications network recently acquired by Instinet. Shares in Instinet dropped by 6 per cent to $2.71 as the electronic interdealer broker confirmed that Island has received two subpoenas from the US regulator. The first subpoena relates to an investigation by the SEC into regulatory violations in pricing by alternative trading systems. The second demands information on Island trading and market rebate practices. Instinet says the Commission is looking at market practices in exchange traded funds. In a filing with the SEC, Instinet cautions that the probe "could have a significant adverse effect on our equity securities business".

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