Electronic Communications Networks (ECNs) are commanding considerable attention and producing substantial costs for major financial services players. American Century Investments along with J.P. Morgan, which owns a 45 percent stake in American Century of Kansas City, Mo., is the latest in a series of industry firms to announce they have bought stakes in electronic trading firms.
J.P. Morgan purchased a 15 percent direct interest in Archipelago Holdings of Chicago, an alternative electronic trading platform that allows for the trading of NASDAQ stocks. J.P. Morgan purchased an additional indirect five percent share on behalf of American Century. Terms of the deal were not disclosed.