Archipelago Holdings
From Freepedia
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In January 1997, the U.S. Securities and Exchange Commission (SEC) implemented new Order Handling Rules that revolutionized trading in securities on NASDAQ. The new rules created the opportunity for Electronic Communications Networks (ECNs) to interact directly with the NASDAQ National Market System. The Archipelago ECN was formed in December 1996 in response to these rules.
Using innovative technology provided by software developer Townsend Analytics, Ltd., the Archipelago ECN was launched in January 1997, as one of the four original ECNs approved by the SEC. Since its inception, Archipelago has offered its subscribers a best execution model (SmartBook®) that has effectively created a national limit order book for over-the-counter and listed stocks.
In April 2005, Archipelago merged with the New York Stock Exchange.
