Announcing Island!

Island is our new trading system that will change the world. Combining the best features of SelectNet & Instinet, Island has already taken the marketplace by storm.

• Island lets any participant trade with any other participant on equal ground. SelectNet only allows NASDAQ Market Makers to execute most orders and thus prevents many possible trades between non-Market Makers.
• All participants on Island are anonymous. SelectNet discloses the contra party on execution.
• All orders on Island are visible to all participants. You can view the entire depth and breadth of the book. The book is also available in computer readable form. Instinet does not permit databasing or display of their book.
• Island has very, very low transaction costs. There is no cost for order entry or order viewing. Executions are billed at the rate of $1 per trade executed for NASD member broker dealers. SelectNet costs $2.50 per trade.
• All Island orders are automatically mirrored on NASDAQ's SelectNet system giving them exposure to every NASDAQ Workstation in the world. If the representative SelectNet order is executed, that execution is instantly transmitted to the Island order entry firm. The cost of the trade is still only $1. Instinet orders are only exposed to those select few who have Instinet terminals and happen to be watching the stock.
• Island matches incoming orders. SelectNet allows a buyer and a seller to enter overlapping orders without giving anyone an execution.
• Island orders can be price improved. An incoming order is matched to the best available order on the book, and is executed at the superior price.
• Island allows Fill-Or-Kill orders. Island also allows Time-In-Force as short as one minute. SelectNet only allows orders with a three minute lifetime or longer.
• Island is available to any NASD member firm who can clear trades on ACT. Instinet's lengthy and arrogant selection process rejects any firm who they feel "does not do the kind of business [Instinet] is looking for." Even if your application is eventually accepted, you'll be waiting months…
• We can usually get firms up and running in a matter of days on normal, inexpensive, PC based hardware. NASDAQ's mindless specs dictate that you must use very specific, often outdated brands and configurations. Why am I buying 5 1/2 floppy drives in 1996? Because NASDAQ says I have to. I don't even bother plugging them in, but I have to pay for them...
• Island has a simple, open API interface. We can help your computer guys to seamlessly integrate Island into your existing systems, or you can make Island appear any way you like it with a customized front end. The API specification is only about 5 pages long and it's right here, on this web site. The NASDAQ Workstation II SelectNet API is long and hard. There are parts of it that they don't even understand. Really. Heck, I can hardly even lift it. The Instinet API isn't. Well, it was, but they were too embarrassed so they discontinued it forever.
• Best of all, Island is run by us. We want Island to be good and fair and cheap and fast. We care. We are nice. SelectNet is run by NASDAQ. They don't care. Instinet is run by Reuters. They aren't nice.
  
  

If my order gets executed on SelectNet it costs you $2.50 but you only charge me $1.00. Are you dumb or just stupid?
Both.

Come on, what gives?
Here's how it works. We already have more than half of all SelectNet orders on our book. Chances are your order will match on Island and we get to keep your buck. If, every once and a while, your order gets hit on SelectNet and I lose $1.50, that's ok. The way I see it, for an occasional $1.50 I know that you will never have to choose what system to enter your orders on, you'll just always use Island.

What if I don't have any computer guys to set up my Island terminal?
We can help. We can even lend you a computer to try Island out for a few days risk free. If you don't like it, just send it back and you owe nothing. If you do like it, keep it and you will be billed monthly for the trades you execute. Cancel at anytime. Your satisfaction is 100% guaranteed. All you need to get started is a phone line and the will to change your life. You have to take the first step. Won't you join us at Island?

How have I lived all this time without Island?
Don't be so hard on yourself. We only invented Island a couple of months ago. Then there were all those SEC filings to be made, hammering out the reporting rules with the NASD, and, of course, picking the official Island spokesmodel.

How do I get my Island?
Just send E-Mail to Josh@Josh.Com telling me your MMID symbol and your phone number. Your E-Mail must contain the text "ISLAND IS GONNA MAKE ME RICH!" and must be heartfelt or I may not respond.