Island ECN Seeks Cincinnati Membership, Sidetracking Nasdaq
TRANSACTION SYSTEMS
NEW YORK--The Island ECN has applied to become a member of the Cincinnati Stock Exchange in an effort to avoid the fees charged to non-market makers on Nasdaq, says executive vice president Andrew Goldman.
Nasdaq recently implemented quote-update, order entry and access fees to stem the costs associated with building the SuperSOES system, a move that, when coupled with a rebate of access fees for liquidity providers, many ECN providers considered to be squarely aimed at them (TTW, Oct. 22). If
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