Washington Viewpoint: Ambushed by ECNs?
Traders Magazine, November 1999
The epic struggle on Wall Street at the moment is not between the bull and the bear. The struggle is between the entrenched market mechanisms - the New York Stock Exchange and Nasdaq - and the upstart trading systems.
Before I examine the ability of the Big Board and Nasdaq to compete with the new mechanisms, let's consider why there are suddenly so many electronic communications networks (and other alternative trading systems). The order handling rules notwithstanding, there are three possible reasons, which are not mutually exclusive.
All TradersMagazine.com articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.