Island Sells 12.5% Stake To Waterhouse
ATS/ECN UPDATE
NEW YORK--Discount Brokerage T.D. Waterhouse is set make a $25 million investment in Island, the Electronic Communications Network owned by Datek Securities. Waterhouse, the second largest discount brokerage, will come away with a 12.% stake in Island.
Waterhouse had delayed its decision after Vulcan Ventures, a venture capital firm headed Microsoft co-founder Paul Allen, cancelled its plans to invest $300 million in Datek Online. Datek has been hampered by a series of investigations and
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