Alternative Trading Systems ECNs

Archipelago - Order entry and execution system for Nasdaq and listed stocks. Features include anonymous access to all displayed Nasdaq market participants, SmartBook TM proprietary execution algorithm.

Bloomberg Tradebook - Institutional access only from Bloomberg terminal through B-Trade Services. Recent expansion deal with Credit-Lyonnais.

Brut - Covers the Nasdaq market providing proprietary access to trading liquidity.

ECN Direct - Direct access trading primarily for retail investors.

InstaQuote by Direct Access Financial Corp - Trading platform providing live streaming market data, point and click analytics and direct order routing for the domestic and international trader.

Instinet Corporation - One of the largest brokers in the electronic markets. Recent link up with virt-x exchange in the UK.

ITG Europe - European crossing network. Orders can be entered manually, imported from a trade order management system or loaded via an Excel spreadsheet. Accepts orders via email for forwarding to POSIT. Sales traders will accept orders via phone calls or fax.

Marco Polo Network - Online equity trading network linking developed countries of the world with emerging markets.

RealTick By Townsend Analytics, Ltd. - Research and direct access trading platform integrated with technical analysis and real time quote displays.

TrackECN - A division of Track Data Corp. Has trading technology that links to Nasdaq's SuperSOES.

Trade Desk America - Fully integrated, direct-access trading platform. Trade on the NYSE, NASDAQ, Island, Archipelago and all other ECN's.