EDIT TORIAL

EDIT TORIAL

Not All ECNs Are Created Equal

ECN volume figures are this industry's box office receipts--widely followed and loudly trumpeted (ok, so we're as guilty as the next guy, see related article, this issue). But just like the numbers that pop up every week from the biggest theater chains, demographics aren't included. Nor are the inherent differences between products, or the way the numbers are reported.

When Island posted more trades on Nasdaq than Instinet, stories popped up in just about every paper

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