Would-Be Instinet, Selectnet Competitor Pushes Harder

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DATEK Securities says that the automated Nasdaq limit-order trading mechanism--known as The Island System--that it launched in April is attracting increased interest on the part of broker/dealers. Meanwhile, the firm has recently released a World Wide Web browser-based version of the service, called Datek Online.

Datek is among the most active of the controversial so-called SOES-bandit firms, which use Nasdaq's Small Order Execution System to take advantage of market momentum. The Island

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