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At Deadline

Traders Magazine, November 2001

Editorial Staff

Island *The Island ECN, striking out as an exchange, is nearing completion of its Form-1 application with the Securities and Exchange Commission. And it marks the first time an ECN has filed a full-fledged application for exchange status under the SEC's Reg. ATS. Island officials are awaiting comments back from the agency on covenant issues as well as on their proposed rule book. Island is also still discussing with SEC officials what constitutes an exchange. Island's application is the most direct one made by an ECN to date. The indirect route for stock exchange status was used by the Pacific Exchange. It recently gained approval for Archipelago as its trading arm. The SEC approval of that application transforms Archipelago, an ECN, into an exchange.

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