Island (ISLD)
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Island is the most liquid of the retail ECNs. Island has had days
when trading volume was greater than on Instinet. This is partly due
to the fact the institutional traders were hiding orders on Island and
did not want to post them on Instinet. In this way they can mask
their size (number of shares) and intentions. Like most ECNs, Island
is new, coming into existence in 1996. In a small amount of time it
has become one of the most active ECNs. Island allows you to enter
only limit orders, and because you can not specify all-or-none
orders, you may receive a partial fill. For example, you wanted to
sell 1,000 shares but were filled with only 500. Island will many times
fill you in odd lots (uneven number of shares). To avoid a partial fill,
make sure that your order reflects the size (number of shares)
posted at the bid and ask on the Level II screen. These posted bids
and offers (ask) represent the best bids and offers and are posted
on the Nasdaq Level II screen. When you route an order to ISLD, it is
posted into what is called the Island book. This book lists all buy and sell orders. Any buy or sell orders that arrive simultaneously
and are the same price are executed instantly. If you place a buy or
sell order on Island and currently there is no market at your price,
the order will sit on the book until it can be matched with another
order. Whenever you see an Island order posted on the Level II
screen, you are trading against another Island trader. Island will be
one of the most used and liquid ECNs. Island has extended its trading
hours in preparation for 24-hour trading.
Island is the most liquid of the retail ECNs. Island has had days
when trading volume was greater than on Instinet. This is partly due
to the fact the institutional traders were hiding orders on Island and
did not want to post them on Instinet. In this way they can mask
their size (number of shares) and intentions. Like most ECNs, Island
is new, coming into existence in 1996. In a small amount of time it
has become one of the most active ECNs. Island allows you to enter
only limit orders, and because you can not specify all-or-none
orders, you may receive a partial fill. For example, you wanted to
sell 1,000 shares but were filled with only 500. Island will many times
fill you in odd lots (uneven number of shares). To avoid a partial fill,
make sure that your order reflects the size (number of shares)
posted at the bid and ask on the Level II screen. These posted bids
and offers (ask) represent the best bids and offers and are posted
on the Nasdaq Level II screen. When you route an order to ISLD, it is
posted into what is called the Island book. This book lists all buy and sell orders. Any buy or sell orders that arrive simultaneously
and are the same price are executed instantly. If you place a buy or
sell order on Island and currently there is no market at your price,
the order will sit on the book until it can be matched with another
order. Whenever you see an Island order posted on the Level II
screen, you are trading against another Island trader. Island will be
one of the most used and liquid ECNs. Island has extended its trading
hours in preparation for 24-hour trading.