Just in case you didnt know. ----- Original Message ----- From: "ISLAND ECN" <Subscriber@island.com> To: "ISLAND ECN" <Subscriber@island.com> Sent: Thursday, October 16, 2003 5:15 PM Subject: Island MPID Change - Saturday October 25th Test Date Announcement > AUDIENCE > -------- > Anyone who trades on Island. > > > SUMMARY > ------- > On October 27, 2003, Island ECN (Island) will change its NASDAQ Participant > ID (MPID) from 'ISLD' to 'INET'. In anticipation of this change, Island is > offering you the opportunity to perform a full production test concurrently > with Island, Instinet ECN (Instinet), the Cincinnati Stock Exchange and > NASDAQ to review the production requirements for your systems. > > The test date is Saturday, October 25th, 2003. Island will be available at > 8:00 AM EST, and NASDAQ participation will begin at 9:00am for a > pre-opening. The simulated NASDAQ market open will begin at 9:30 AM EST. > > For additional information on the MPID change, access the below link or copy > and paste it into your browser. > > www.island.com/prodserv/developers/resources/emailarchive/20031001.asp > > > WHAT DO I NEED TO DO? > --------------------- > All of your Island production connections, e.g., OUCH, FIX, ITCH and DROP, > will be available for testing on Saturday, October 25th. > > In addition, your Instinet FIX order entry connections will be available to > simulate routing orders to Island. > > If you plan to participate in the test, please contact Island to confirm by > calling Trading Services at 212-231-5180, or by emailing testing@island.com. > Please contact Island NO LATER than Thursday, October 23rd, at 12:00 PM EST. > > > QUOTES > ------ > Orders on the Island book will be represented through the Island ITCH feed > and the Island BookViewer (www.island.com/bookviewer/index.asp). In > addition, Island's top of book will be represented by the Cincinnati Stock > Exchange as 'CINN' on your NASDAQ Level II workstation. > > > TRADE REPORTS > ------------- > Executions in exchange-listed securities will be reported to the tape as > INET and executions in OTC securities will be reported by the Cincinnati > Stock Exchange. For information on Island's trade reporting practices, > access the below link, or copy and paste it into your browser. > > www.island.com/toolsresearch/reporting/index.asp > > > EXECUTIONS > ---------- > For subscribers connecting directly to Island, the contra party to your > executions will be INET. > > For subscribers accessing Island via an Instinet connection, the contra > party to your executions will be INCA, as it is today. > > > ORDER ROUTING > ------------- > Subscribers that rely on NASDAQ data feeds to make routing decisions and > enter orders on Island when 'CINN' is high bid or low offer should test any > dependencies on MPIDs within internal or third party routing systems. > > > THIRD PARTY VENDORS > ------------------- > Subscribers that access Island or Instinet by using a third party software > vendor or service bureau should contact their vendor to discuss their > participation in the test. > > > QUESTIONS > --------- > If you have any additional questions or require support on the day of the > test, please contact Island Systems Operations at 212-231-5049, or email > testing@island.com. > > > Thank you, > The Island ECN, Inc. > Member NASD/CSE/SIPC
know in a week or by the end of the yr how it plays out wonder if INCA's and ISLD 's combined order book will have different trading hours after the merger is done?
SUMMARY On October 27, 2003, Island will temporarily eliminate sub-penny increments and move to penny increments for the following six (6) securities: JDS Uniphase Corporation (JDSU) Cisco Systems Inc. (CSCO) Flextronics International LTD (FLEX) Amgen Inc. (AMGN) Starbucks Corp. (SBUX) S&P Depository Receipts (SPY) This change only applies to the Island ECN. There will be no changes to the trading increment on Instinet. WHY ARE YOU DOING THIS? Instinet and Island currently have different policies with respect to sub-pennies. On the Instinet platform, generally only stocks priced less than $10 trade in sub-penny increments. On the Island platform, however, all stocks trade in sub-penny increments. As we recently announced, Instinet and Island are consolidating to form INET. As a result of this consolidation, we must reconcile their policies with respect to sub-penny trading. To assist us in our decision making process, we will conduct a pilot in order to study the merits of penny versus sub-penny trading. While the pilot will enable us to gather empirical information such as changes in trading volumes, we also welcome your comments on the most appropriate trading increment. WHAT DO I HAVE TO DO? For this pilot program, you will not need to do anything. If an order is entered in sub-pennies in these six securities, the Island system will automatically round bids down and offers up to the nearest penny increment. HOW LONG WILL THE PILOT LAST? We intend to conduct the pilot program until the consolidation of the Instinet and Island platforms to form INET is complete.
October 27, 2003 AUDIENCE All Island Subscribers. SUMMARY Beginning on Friday, October 31, 2003, Island (soon to be renamed INET ATS, Inc.) will begin representing its orders in QQQ, DIA, and SPY in the Consolidated Quote through the Cincinnati Stock Exchange. As a result, Subscribers will again be receiving market data via Island's ITCH data feed in these three ETFs. Subscribers are reminded that, as a result of Island's decision to publicly display its limit order book, all orders and executions are subject to the trade-through rule and the three-cent de minimis exemption. To better understand the implications of these rules, Subscribers are encouraged to review the brief examples in this notice. WHAT IS THE THREE-CENT DE MINIMIS EXEMPTION? In general, in exchange-listed securities, all broker-dealers that participate in the Intermarket Trading System are precluded from trading at a price inferior to that displayed by another market. This is more popularly known as the "trade-through rule." The SEC, however, adopted a temporary three-cent de minimis exemption exclusively for the QQQ, DIA and SPY. The de minimis exemption now allows market participants to trade-through by 3 cents or less.
October 31 AUDIENCE: Anyone who trades on Island. SUMMARY: On November 3, we will select 20,000 trades executed on Island during the previous two weeks and bust them. This will be done to replenish the trading accounts of organizations who have certain ownership relations with Island. We have been doing this on a regular basis in the past, but we used to bust trades no longer than 24 hours after their execution. This test will show how far we can push the "little guy" before he gets so fed up with us that he doesn't use Island anymore. WHAT DO I NEED TO DO? You do not need to do anything. The funds will be automatically taken out of your brokerage account. We also welcome all comments, but of course we never respond to e-mail from average people unless the take us to court.
I am seeing ISLD orderbook displayed for QQQ , SPY , DIA this is great news but I thought INCA and ISLD would become INET ? and there would only be one quote for INCA , ISLD orders? I now see Instinet NBBO as well as ISLD NBBO for these ETF's