Bare Knuckle Times for ECNs
FEATURE
Bear markets are terrible for everyone, but they hit ECNs, which rely on trading volume, the hardest. Instinet, the largest ECN on Wall Street, saw a drop of 11 percent in trading volume between the last quarter of 2002 and the first quarter of 2003 and a 20 percent drop from the first quarter of 2002. Conventional wisdom says that to survive in this economy ECNs need to reign in their costs by seeking exchange status and consolidate with their competitors to gain much-needed market share--two
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