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The Evolution of an ECN: Archipelago ECN is joining forces with the Pacific Exchange to form an el

Traders Magazine, January 2001

Peter Chapman

Here's a riddle. What's the difference between a stock exchange and an electronic communications network? The answer could soon be not much' if the Securities and Exchange Commission approves the Archipelago Exchange.

Chicago's Archipelago ECN has allied with San Francisco's Pacific Exchange (PCX) to form a totally electronic, for-profit, competing-dealer U.S. stock exchange to be called the Archipelago Exchange. It will trade both listed and Nasdaq securities. The proposal, submitted to the SEC in July 2000, has cleared the public comment period and now awaits a yea or a nay from the regulator.

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