The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Archipelago: Best equities ECN

This year Archipelago is recognized as the best equities ECN because it has proven itself to be more flexible and responsive to the needs of its users than arch-rival Island.

The two ECNs handle a similar turnover but concentrate on different securities. Island is focused on Nasdaq securities and exchange-traded funds while Archipelago is concentrating its efforts on adding non-Nasdaq listed securities to the Nasdaq stocks it already handles.

Archipelago has had a very busy year, both buying REDIBook ECN and merging with the Pacific Stock Exchange. This has helped Archipelago to boost its volumes, which now outstrip Island's on a regular basis.

Archipelago is widely praised by traders for its market structure, which sends orders to whichever market centre offers the best price. If the price on a security offered by Archipelago is inferior to that of another market centre, the Archipelago system automatically re-routes the order to help users achieve the best price. Island, which is criticized by many traders for its policy of internalizing all order flow, is responding with a plan to offer cost-efficient outbound routing in the future.

The trading interfaces of both Archipelago and Island are easy to use and flexible.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree