Traders Magazine, August 2000
In early 1997, a little-known electronic communication network called Archipelago approached CooperNeff Group asking for its Nasdaq business. The basket trader, frustrated in its dealings with market makers, was all ears.
Dealers shunned CooperNeff's savvy order flow, preferring the "uninformed" orders of long-term retail investors, according to Cavallaro. Archipelago offered CooperNeff anonymous access to those same dealers over SelectNet as well as a pool of liquidity of its own. CooperNeff became one of Archipelago's first big institutional customers.
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