In particular, there is now the opportunity for market participants to realize greater efficiency, depth, and liquidity in the Nasdaq market. With today's announcement, market participants will face a clear choice in terms of how best to route their orders to get the fastest, cheapest and best execution. Broker-dealers could pay hundreds of thousands of dollars in redundant connectivity to Nasdaq and even more in both dollars and technical resources to reprogram their Nasdaq integration. Given Island's unique ability to build upon this opening created by the SEC, market participants will always be better off by first sending all their limit orders to Island. We've built our business on simplifying and expediting complex market structures.
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.