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Study Narrows Spread between ECNs & Market Makers

Traders Magazine, August 2005

Gregory Bresiger

(Traders Magazine, August 2005) -- Everything you assumed about ECNs could be wrong. Using factors such as price improvement, speed and fill rates, market makers and NYSE specialists can hold their own with ECNs, according to a veteran market observer. Octavio Marenzi, CEO of Celent, said that he has found that specialists have "surprisingly good" performance. He also argued that ECNs had low fill rates and execution times often were very slow.

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