Strike and Brut Move Up The Ladder In ECN Merger
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NEW YORK--In January, the ECN count stood at ten. Now it's back to nine again as the long-rumored merger between Strike and Brut has been finalized. Originally dubbed Brokers Utility, the new company will be called Brut ECN.
Exactly where the new ECN fits in the pecking order is unclear. A Brut spokesperson claimed that "the merger creates the third largest ECN." Based on Nasdaq's figures, however, the new entity would be loosely competitive with Archipelago, Bloomberg TradeBook and REDIBook ECN
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