Instinet, Island Divide on ITS
NEWS ANALYSIS
NEW YORK--Instinet and Island are now the same company but their exchange-traded funds (ETFs) strategies remain largely separate. This divergence reflects the clash between the auction models of traditional exchanges and the order-driven model of ECNs, say industry observers.
For starters, Instinet’s move early this month to publish quotes through Nasdaq’s CAES (Computer Assisted Execution System) gateway to the Intermarket Trading System (ITS) on the two largest ETFs, QQQ and SPY, allows the
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