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An Embarrassing Discovery About Speed and the ECNs

Traders Magazine, March 2004

John A. Byrne

ECNs are not equal execution providers. That's what a new study by a research firm suggests. Instinet, for instance, offers some of the highest levels of price improvement. Island, which was acquired by Instinet, had the best overall propensity in all markets for price improvement. Attain had the fastest price improvement in the Nasdaq market. Brut offered the lowest implicit execution costs on Amex.

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