Electronic Communications Network Archipelago has opened an office in London to market its transactional services for US equity investing to European broker dealers and institutional investors.
The company says it will be promoting the ability to trade Nasdaq and listed stocks on the Archipelago ECN as well as access to trade on the Archipelago Exchange, which is scheduled to launch later this year.
"We have already developed relationships with a number of international clients who are currently using the services of the Archipelago ECN to trade US equities," says Sam Long, general manager, Archipelago Europe. "By establishing Archipelago Europe and opening a London office, we can extend the services of the Archipelago ECN to the UK and European subsidiaries of existing subscribers and, at the same time, develop new relationships and introduce the services provided by Archipelago Holdings."
Archipelago uses a proprietary algorithm to find the best price for orders and provides an open limit order book for Nasdaq and listed stocks. Later this year, the company expects to open a fully electronic national stock exchange for New York Stock Exchange, American Stock Exchange and Nasdaq stocks, in partnership with the Pacific Exchange.