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Strategies & Market Trends : After Hours Trading(ECN)-The Coming 24/7 Trading Explosion -- Ignore unavailable to you. Want to Upgrade?

To: esecurities(tm) who wrote (246)	6/10/1999 1:07:00 PM
From: esecurities(tm)	Read Replies (1) \| Respond to of 314

MSFT and TSCN Controlling Shareholder Paul Allen invests $25M in Island ECN. "...The investment, which gives Allen a 12 percent stake in Island, comes less than three weeks after Allen and other investors put up $300 million for Island's parent company, Internet brokerage Datek Online Holdings Inc. It also marks the latest in a series of high-powered investments in electronic communications networks (ECNs), trading systems that compete with U.S. exchanges by matching stock orders. ''This validates the importance of the electronic networks,'' said Matt Andresen, Island's president. ''In the end, it's all an endorsement of this business model.'' Just this week, brokerage firm Merrill Lynch and Co. Inc. and investment bank Goldman Sachs Group Inc. announced they would form a partnership with stock trader Madoff Securities to develop an electronic trading system that would reduce the costs of buying stock. Both Merrill and Goldman previously invested in a range of ECNs. In addition, investment and commercial bank J.P. Morgan & Co. Inc. said Wednesday it would take a 20 percent stake in another ECN, Archipelago. Previously, Internet brokerage E+Trade Group Inc. and Goldman had taken minority stakes in Archipelago..." SOURCE: dailynews.yahoo.com