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To: David Lee who wrote (414)5/14/1998 5:50:00 PM
From: Kimberly Lee  Respond to of 6847
 
David,

INCA stands for Instinet, an ECN owned by Reuters. I see quite a few helpful readers of this thread already gave very good info on it.

ISLD (Island) is another ECN, created by Datek's current CEO Jeff Citron, and it serves similar functions as INCA, enabling, at least theoretically, the individual users to act as his/her own market maker in the Nasdaq market.

ARCH (Archapelago) is Terra Nova's comprehensive trading device. It tries to match your orders by looking through all the ECNs first. If it fails to find a match, it will then use SNET to preference specific market makers on your behalf. TNTO is Terra Nova's ECN, similar to ISLD and INCA though not as liquid.

Currently there are 3 more ECNs, BTRD and REDI and ATTN. I don't use them much as REDI and ATTN are not very liquid, and BTRD charges exorbitant fees.

Hope that helps
Kimberly