Vulcan Ventures, the media venture capital firm that negotiates...

Vulcan Ventures, the media venture capital firm that negotiates investments for Paul Allen, co-founder of Microsoft, has agreed to invest $25 million, for a 12% stake in Island ECN. The investment is to help the 3-year-old company expand its infrastructure and pay costs associated with its planned filing to become a national securities exchange. Island ECN is an electronic order-matching system that allows brokerage firms to electronically display and match stock orders for its institutional investors. It handles more than $5 billion in transactions each day.