"This merger will provide customers with broader and deeper liquidity and offer them better execution opportunities and improved performance across multiple markets in the U.S. and around the globe. We look forward to setting the standard for delivering the most innovative products and services to our customers," said Ed Nicoll, Instinet's newly appointed Chief Executive Officer.
About Instinet:
Instinet, through affiliates, is the largest global electronic agency securities broker and has been providing investors with electronic trading solutions for more than 30 years. Our services enable buyers and sellers worldwide to trade securities directly and anonymously with each other, have the opportunity to gain price improvement for their trades and lower their overall trading costs. Through our electronic platforms, our customers also can access over 40 securities markets throughout the world, including Nasdaq, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich. We also provide our customers with access to research generated by us and by third parties, as well as various informational and decision-making tools. Unlike most traditional broker-dealers, we act solely as an agent for our customers and do not trade securities for our own account or maintain inventories of securities for sale.
About Island:
Island ECN is a technology leader in electronic marketplaces, handling approximately one out of every five trades in Nasdaq securities.1 Island ECN is also the largest single marketplace for the most heavily traded security in the world, QQQ.2
1 Source: Market share for Island calculated from internal data. Island reports a majority of its trades in Nasdaq securities to the Cincinnati Stock Exchange. Nasdaq's Economic Research Department excludes such trades from their calculations of market share. Island calculates its market share by adding total trades reported to Nasdaq with total trades reported to the CSE.
2 Source: Consolidated volume from AmexTrader, volume for NYSE and AMEX acquired from Reuters terminal, Island volume from Island internal data. Island percent market share of QQQ trading calculated by dividing Island total reported QQQ share volume into consolidated volume. AMEX and NYSE market shares calculated by dividing the volume reported.
