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ECNs Hurt the Market, Instinet Chief Charges

Traders Magazine, March 1999

Michael L. O'Reilly

Douglas Atkin, president and chief executive of Instinet Corp., has sharply criticized stand-alone electronic communications networks (ECNs), calling them "dead business models."

At a recent equity-trading conference in New York, Atkin said ECNs are a product of an inefficient market structure, contributing to the detrimental fragmentation of Nasdaq, a comment that reflects the views of some traders in a story in this month's Trading & Technology section.

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