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This article analyses the emergence of what we call ‘insurgent capitalism’ in finance. We examine the case of Island, an electronic communications network (ECN) founded in 1996 that challenged the dominance of the New York Stock Exchange (NYSE) and the Nasdaq. Island’s founders were committed to disrupting established market structures and promoting greater competition and transparency in trading. They drew on a bricolage of existing and novel technologies, regulatory loopholes and market knowledge to create a platform that offered faster and cheaper execution of trades. Island’s success attracted a diverse range of participants, including hedge funds, day traders and institutional investors, who were drawn to its innovative approach and its potential to disrupt the established order. However, Island’s insurgent strategy also faced resistance from incumbent players, who sought to protect their market share and maintain control over trading practices. The article explores the complex interplay of technological innovation, regulatory arbitrage and market competition that shaped the rise of Island and its eventual acquisition by Instinet, another electronic trading platform. We argue that Island’s story provides insights into the dynamics of insurgent capitalism in finance, highlighting the role of bricolage, regulatory arbitrage and the contestation of established market structures.

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