Island Threatens Supermontage Snub Over Nasdaq Fees
TRANSACTION SYSTEMS
NEW YORK--The Nasdaq Stock Market is locking horns with Island ECN after Nasdaq announced plans to change its tape revenue (trade reporting) sharing plan. Island’s plan to participate in Nasdaq’s new trading platform, Supermontage, announced last month, is now in question, Island officials say.
The cause of the tiff is Nasdaq’s decision to change the way it shares tape revenue with participants trading Nasdaq-listed securities. Beginning June 3, instead of sharing 80 percent of net Level 1
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