A Perfect ECN Match?
Traders Magazine, January 2001
Richard Kelly is the creator and chief executive of New York-based start up WOFEX. The firm operates the WOFEX (for World Financial Exchange) trading system. The system marries an electronic communication network with a crossing system. Orders post on the ECN, entering the cross periodically. An ECN is an open order matching system that runs continuously all day and is typically used for small trades. A crossing system is a closed order matching system that runs at set times throughout the day and typically matches the larger blocks of stock.
Kelly's preparation for the 18-month-old venture includes three years as a director with Anderson Consulting, where he advised broker dealers on electronic trading, and three years as a strategic planner at Instinet. His Instinet accomplishments include the plans for an expansion into the retail business and a fixed-income trading platform.
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