ECN A New Force in the Stock Markets?

Millman, Gregory J.
May 2002
Financial Executive;May2002, Vol. 18 Issue 3, p23
Academic Journal
The article focuses on innovation in markets and trading systems, the development of electronic communications networks (ECN), and the merger of Archipelago LLC and RediBook ECN LLC. Before the merger, Archipelago was regulated by competitors in the National Association of Securities Dealers. As an ECN with stock exchange status, it will be regulated by a self-governing organization and save millions of dollars in clearing costs. The Supermontage system of Nasdaq, a comparison of Nasdaq and the New York Stock Exchange (NYSE), decimal pricing, day trading, the Pacific Stock Exchange, and order-handling rules are mentioned. Chris Keith--who implemented the DOT electronic trading system at NYSE and is chief executive officer at Exchange Lab--comments on ECN and securities trading.


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