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ECNs and Profitless Prosperity

Traders Magazine, December 2002

Duncan Niederauer

The past 12 months, a time of disappointing returns, is remembered for more regulatory reforms and market structure changes. Traders want unprecedented access to liquidity. It is an environment that portends both challenges and opportunities in direct access trading. Some ECNs have become strong competitors of the dominant market centers - the NYSE and Nasdaq. However, as broker dealers regulated under Reg ATS, these ECNs can also compete for institutional business.

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