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Ron Augustine wrote:
> ECN = Electronic Crossover Network
Electronic Communication Network
> It's the screen that shows the Market Makers and the alleged size of their
> current Bid/Ask -- It theoretically allows you to click on a Particular MM
> or other player (such as Island, Archipelago, etc.) and transact your trade
> directly with them as opposed to just giving the order to a Broker and
> having them execute it whenever and with whomever they wish.
Not exactly. What you are describing here is MM preferencing with trading
software, which means that a certain MM is chosen to fill your order. This
software generally offers a variety of execution options, including several
ECN's. The ECN's are the "other players," as you put it (Island, Terra Nova,
Bloomberg, etc.) - which are networks unto themselves, and allow subscribers
instantaneous execution on crossed orders along with MM preferencing and
autopreferencing (with TNTO).
A.J.
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