i guess the yahoo 'boreds' are worth a shit now and then. thanks for the tip, elroy.
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Island to Receive $25 Million Investment From Waterhouse
Tuesday May 11 7:02am
BusinessWire
NEW YORK--(BUSINESS WIRE)--May 11, 1999--The Island ECN, Inc. announced today that it has reached an agreement to receive a $25 million investment from Waterhouse Investor Services, Inc., whose discount brokerage business, together with its affiliates, comprise the world's second largest discount brokerage business.
The two companies have reached an agreement in principle, expected to close within 60 days, that gives Waterhouse a 12.5 percent stake in Island, the second largest alternative trading system.
The investment will be used to aid Island in building its infrastructure as it moves towards filing for stock exchange status. Island announced on April 30 that it had met with Securities and Exchange Commission officials to outline the initial regulatory framework for its proposed national securities exchange. Island expects to complete its filing with the SEC within two months and, if approved, will operate the nation's first proprietary stock exchange.
"Our partnership with Waterhouse is a natural fit," said Jeff Citron, co-founder of Island. "Both companies are committed to serving the retail market and helping investors achieve optimum execution of their trades." Matt Andresen, president of Island, added: "Waterhouse's investment will help solidify Island's position as a leading alternative trading system in the market today."
Waterhouse President Frank J. Petrilli said the relationship with Island will allow his firm to play an integral role in enhancing the investment capabilities of the individual investor. "We view this as a strategic investment, which underscores our belief in the value and future of ECNs and our confidence in Island as a leader in this industry," Petrilli said.
The Island ECN, Inc. is an electronic order-matching system that gives brokerage firms the power to electronically display and match stock orders for retail and institutional investors. Brokerage firms leverage Island's speed, reliability and efficiency for the ultimate benefit of the investor. The Island system currently transacts more than $5 billion in dollar volume each day. A pioneer in alternative trading, Island is located online at isld.com and is headquartered in New York City.
Waterhouse Investor Services, Inc. is a wholly owned subsidiary of The Toronto-Dominion Bank, North America's twelfth largest bank, whose stock (symbol TD) is listed on the New York Stock Exchange, and is the parent of Waterhouse Securities, Inc.
Waterhouse Securities and Green Line Investor Services, Canada's leading discount broker that is also owned by The Toronto Dominion Bank, serve over 2.6 million individual investors who manage their own investments and personal finances. |
