Engen, John
November 2004
Bank Technology News;Nov2004, Vol. 17 Issue 11, p46
Trade Publication
The article presents information on Edward Nicoll, CEO of Instine Corp., the world's largest ECN. He has become leader of a movement to overturn the century-old rule, arguing that it's "anti-competitive," and allows specialists to bilk some customers. Only speed and more-competitive markets, he argues, can ensure the best and fairest execution. "Clearly," he testified before the U.S. Congress earlier this year, "the time for reform is now." Critics dismiss Nicoll's efforts as tilting at windmills. In the 1980s, Nicoll, now 51, shook up the old-line brokerage world by co-founding discount brokerage Waterhouse Securities. As CEO of Datek Online in the late-1990s, he brought ever-faster execution to retail traders, altering the competitive landscape again.


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