US-based electronic communications network (ECN) Island has taken its first steps into the European markets through an agreement with Madrid's ECN Access Europe.
Matthew Andresen, president of Island, comments: "By linking to Island, ECN Access Europe will provide European investors the ability to access the US markets at a significantly lower cost but with higher-quality service."
Island currently accounts for approximately 12 percent of Nasdaq volume. Trading volume over the system in the first quarter 2000 exceeded 12 billion shares, which accounted for a total dollar volume of more than $806 billion.