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Can anyone explain whether this will impact the volume numbers we see
reported?
http://biz.yahoo.com/rf/020130/n30113299_1.html
Island ECN to send trade reports to Cincinnati market
WASHINGTON, Jan 30 (Reuters) - Island ECN Inc. said on Wednesday that it
will start reporting most trade reports through the Cincinnati Stock
Exchange early next month instead of the Nasdaq Stock Market.
``It's an electronic function, it's where the trade gets reported. We
will now report that information to Cincinnati,'' said Andrew Goldman,
executive vice president of the New York-based electronic communications
network.
Currently, Island, which allows buyers and sellers to trade securities
over the Internet, reports electronically its market data generated from
consummated trades of Nasdaq-securities to Nasdaq, which then sells the
data.
Goldman said Cincinnati will return the revenue, which will be split
equally among the sellers, buyers and Island, which has become the
largest ECN by trade volume.
``This really comes down to being able to deliver greater economic value
to our subscribers,'' Goldman said. "This is a win-win for them.
The move to re-route market data through Cincinnati will be phased in
starting next week and approval by the market-regulating Securities and
Exchange Commission is not needed, Goldman said.
Under the plan, Island will report to Cincinnati all transactions in
Nasdaq securities of 100 shares or larger that do not involve Nasdaq's
SelectNet system and subscribers will not have to pay certain Nasdaq
fees, Island said.
All Island trades will continue to appear on the Consolidated Tape.
Standing to lose from move, Nasdaq, the No. 2 U.S. stock market behind
the New York Stock Exchange, said it was expecting the move.
``We've been planning for it. As a matter of fact, we've budgeted for
it.'' Nasdaq spokesman Scott Peterson said, adding that Island's bid and
asks will still be posted on Nasdaq's system.
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