An Electronic Communication Network (ECN
) for clearing stock trades. island match orders between buyers and sellers and executes a trade whenever a match is found.
island was started in 1997 and handles more than 10% of all Nasdaq trades.
"In the first half of 2000 Island handled trades of more than 23.8 billion shares, worth $1.62 trillion"
Operating hours are 07:00 to 20:00 EDT.