Morgan Buying into Network for On-Line Security Trades
Senior, Adriana, American Banker
J.P. Morgan & Co. said Thursday that it had agreed to acquire a 20% interest in Archipelago, one of a new breed of networks that is bringing rapid change to securities trading processes.
The dollar amount to be invested in Archipelago Holdings LLC of Chicago was not disclosed. The Morgan investment would follow similar ones by Goldman Sachs Group and E-Trade Group, indicating the high level of interest in such electronic communications networks, or ECNs, from the investment banking community.
J.P. Morgan has a history of participating in trading and clearing infrastructures and sees its involvement in Archipelago as part of an effort "to pull a fragmented marketplace together," said Robert C. Gasser, the …
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Publication information:
Article title: Morgan Buying into Network for On-Line Security Trades.
Contributors: Senior, Adriana - Author.
Magazine title: American Banker.
Volume: 164.
Issue: 111
Publication date: June 11, 1999.
Page number: 1.
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COPYRIGHT 1999 Gale Group.
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