In recent months, the SEC has approved rules that were intended to enable ECNs to compete in the NYSE-listed market. The final step is simply allowing ECNs to publish their quotations in the Consolidated Quotation System while providing open access to their marketplace. Currently, ECNs cannot compete on a level playing field with the traditional markets for NYSE-listed stocks. Allowing ECNs into the Consolidated Quote will bring true competition to the NYSE-listed market for the first time.
Island is an automated trading system for equity securities.
It gives brokers the power to electronically display customer orders. Island functions as a pure auction market - directly matching buy and sell orders.