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The Piecing Together of a Fragmented ECN Market Will Goal of NASD's Agency-Quote Proposal Be Acco

Traders Magazine, March 1999

by Shailaja Neelakantan& John A. Byrne

How many electronic communications networks (ECNs) can the equity markets support? By the sound of some Nasdaq and institutional traders, the answer is very few.

"The Securities and Exchange Commission has spawned a mini-cottage industry," complained Nick Karos, managing director of Nasdaq trading at U.S. Bancorp Piper Jaffray in Minneapolis. "The problems with them can only get worse."

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