The Island ECN Inc, a New York-based automated trading system for equity securities that enables brokers to electronically display customer orders, has announced that it is to form a joint venture with Uclick Co Ltd, a South Korean financial Internet portal and technology company, creating the first electronic communication network (ECN) in the Korean securities market.
The venture is subject to regulatory approval in South
Korea and if it is granted, the new ECN will trade
securities listed on both the Korean Stock Exchange
and the KOSDAQ, the country's Nasdaq equivalent. It
will also enable South Korean investors to access
Island's current market for U.S. equities.
Matthew Andresen, Island's President, said '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. This is the first of many endeavors by Island to bring the benefits of its open and accessible marketplace to other parts of the world.' Island was founded in 1996 and its objective is to enable everyone, ranging from individual investors to large financial institutions, to execute transactions at a low cost without the need for intermediaries or dealers. During the first quarter 2000, Island's trading volume exceeded 12 billion shares, which accounted for a total dollar volume of more than $806 billion. Visit Island at www.islandecn.com
The South Korean financial markets scene is growing rapidly and extensively and the joint venture will mean that Island and Uclick will be able to get a piece of the action. Indeed, more than 50% of Korean share transactions already take place online. The partnership will also serve as a base for the launch of a Pan-Asian ECN.
Han Kim, President of Uclick, said 'Uclick is very excited about this partnership with the leading force in America's electronic marketplace. We now have the chance to offer Island's superior technology to the Asian financial markets.' Visit Uclick at www.uclick.co.kr
.
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