Why does IB still use "Island"?

Discussion in 'Order Execution' started by telience, Oct 31, 2009.

  1. telience


    Island isn't around anymore, anyone understand what IB is doing with all these references to it in their fee schedules and routing column?

    Also, I'm trying to get a clear grasp of the exchanges available.

    Mostly I see


    Those are the top four main ones. Tape C (Nasdaq) has the leading volume with Tapes A and B coming in second and third.

    That sound right?
  2. not sure exactly when but for some discretionary trades they have been shown as executed on ISLAND when I used smart routing from IB
  3. GregoryG


    what is the difference between TAPE A, B & C

    how can you tell which stock is which?
  4. teun


    Island problably still exists, it just changed owner. New owner already owned an exchange btw...
  5. telience


    Guy at DTN says it doesn't exist anymore.

    Bit of a curve trying to figure out what's going on with these exchanges.
  6. Occam


    Instinet bought Island in 2002 to form INET, and then in 2005 Nasdaq bought INET. After Nasdaq's aquisition, it's my understanding that Nasdaq converted its matching engines to the INET/Island code base, and the same engine is used for their new options exchange.

    Don't quote me on this, but I think that of the three "source" code bases (Island, pre-2002 Instinet, and pre-2005 Nasdaq tech such as SuperMontage), the Island code base retains the greatest influence, and this results in many brokerages still "accidentally" referencing Island when discussing certain technical features of order submission/types/matching, etc.
  7. Friday I had 188 trades shown as Island by SMART routing...
    21% of my volume and virtually all ETF executions.
  8. kipster


    Island now goes by "Nasdaq"

    It probably just needs to be updated