|
|
|
|
|
|
|
Figure 1.4
ECN Level II Screen |
|
|
|
|
|
|
|
|
their customers with pricing and liquidity that was an improvement on the traditional market. |
|
|
|
|
|
|
|
|
As of April 2000, there are ten ECNs: Island, Instinet, Archipelago, B-Trade, Strike, Redi, Brut, Next, Attain, and Market XT. |
|
|
|
|
|
|
|
|
Although active day traders were the original customers for the ECNs, a large and increasing number of online traders, using Level II capabilities, have embraced the Fifth Market as well. |
|
|
|
|
|
|
|
|
Until now, the big advantage of the ECNs was largely confined to the Nasdaq. Recently, the NYSE has voted to repeal Rule 390. Pending approval by the Securities and Exchange Commission, this decision would allow NYSE member firms to trade NYSE-listed stocks away from an exchange, an unprecedented event. With the elimination of Rule 390, all NYSE-listed stocks could be traded through the ECNs in the Fifth Market as early as the second quarter of 2000. |
|
|
|
|
|
