2001: ECNs Joined Exchanges to Battle Nasdaq, Instinet
TRANSACTION SYSTEMS
NEW YORK AND LONDON--Electronic communications networks closed out 2001 with a much bigger share of the Nasdaq pie than the year before, while Nasdaq put the finishing touches on its own competitive trading system, Supermontage.
As competitors gained ground and joined forces, doubts were raised about the primacy of Nasdaq as a liquidity pool and execution destination, and about old-guard electronic agency broker Instinet’s ability to stand its ground as the largest ECN by volume.
ECNs comprised
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