The Fall and Rise of ECNs
TRADING SYSTEMS
After the New York Stock Exchange (NYSE) acquired the Archipelago Exchange and Nasdaq Stock Market acquired the Inet trading venue from Instinet in the first quarter of last year, Wall Street all but wrote the obituaries for the remaining electronic communication networks (ECNs). However, the industry forgot to mention this to the last surviving ECNs.
Over the past 12 months, Knight Capital purchased Attain ECN and re-branded it as Direct Edge ECN; Citigroup acquired OpenTrade from NexTrade; and
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