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The Mother of all IPOs

Traders Magazine, July 1999

Avital Louria Hahn

Aplethora of firms operating so-called electronic communications networks (ECNs) is shaking up competition among traditional stock exchanges in the U.S. as never before.

At the moment, the volume of stock orders matched electronically by ECNs is just over 30 percent of overall U.S. equity order flow. Before the onslaught of ECNs about two years ago, one computer system, Reuters Group's Instinet, electronically matched around 20 percent of Nasdaq order flow. Significantly, Instinet still matches roughly 15 percent of Nasdaq stock orders though its overall volume has increased.

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