Island forms ECN joint venture in South Korea with Uclick
22 June 2000 | 3447 views | 0
Electronic communications network (ECN) Island is to form a joint venture with Uclick, a South Korea-based financial Internet portal and technology company, to create the first ECN in the Korean securities market.
Pending South Korean regulatory approval, the new ECN will trade securities listed on both the Korean Stock Exchange and the Kosdaq, as well as provide South Korean investors access to Island's current market for US equities.
The intiative marks the first move by Island to tap into burgeoning online markets beyond US borders. More than 50 percent of transactions in the South Korean market are conducted online.
"The speed, reliability, and efficiency of Island, in combination with Uclick's expertise in the Korean financial markets, will allow us to provide the best service possible to the individual investor," cliams Matthew Andresen, president of Island. He says the partnership will also serve as a base for the launch of a Pan-Asian ECN.
During the first quarter 2000, Island's US trading volume exceeded 12 billion shares, which accounted for a total dollar volume of more than $806 billion.