Archipelago Reaches Record Volume Highs on the ECN and Exchange - Archipelago Volume Records Broken Repeatedly in October: ECN Breaks Previous High - Volume Marks, ArcaEx Achieves Significant Milestone In Listed Trading Volume

Archipelago announced on November 5 that throughout October it reached new volume highs on both the Electronics Communication Network (ECN) and on the Archipelago Exchange (ArcaEx). During the month, Archipelago recorded its top ten record volume days in terms of combined shares for the ECN and ArcaEx.

These records were aided by the volume on popular products such as exchange traded funds, or ETFs, and the combination of the Archipelago and REDIBook ECN OTC order books. The Archipelago ECN surpassed the 400 million OTC share volume mark twice in the month of October and ArcaEx reached new highs by surpassing the 45 million share mark for customer executions during the month.

"These milestones validate our mission to make trading as transparent, efficient and cost effective as possible," said Archipelago CEO Jerry Putnam. "The support we have received from our client base has expanded our presence as a major liquidity destination, demonstrating a commitment to electronic trading and our best execution model."

Currently, ArcaEx trades all listed stocks and is expected to begin the transition of all OTC stocks from the Archipelago ECN platform to the ArcaEx platform in the first quarter of 2003. In late September, the Archipelago and REDIBook ECNs completed the integration of OTC symbols to a single platform as a result of their merger.