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disrupt institutional trading. An analysis of impact of ECNs on NASDAQ found "tighter spreads, greater depths, and less concentrated markets". ECNs provide historical orders and price data to subscribers. As a result, ECNs compete through their ability to attract "more informed orders" during "periods of high volume and return volatility". Professor
Terrence Hendershott argues that today "ECN's capture 40% of the volume in NASDAQ securities", and are considerably changing the securities trading market.
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Today, multiple FX ECNs provide access to an electronic trading network, supplied with streaming quotes from the top tier banks in the world. Their matching engines perform limit checks and match orders, usually in less than 100 milliseconds per order. The matching is quote driven and these are the prices that match against all orders.
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of the advances in computing. The spread of ECNs was encouraged through changes in regulatory law set forth by the SEC, and in 1975 the SEC adopted the
Securities Acts Amendments of 1975, encouraging the "linking of all markets for qualified securities through communication and data processing facilities".
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In a classic structure, the ECN will charge a small fee to all market participants using their network, both liquidity providers and removers. They also can attract volume to their networks by giving lower prices to large liquidity providers. Fees for ECNs that operate under a classic structure range
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In a credit structure ECNs make a profit from paying liquidity providers a credit while charging a debit to liquidity removers. Credits range from $ 0.002 to $ 0.00295 per share for liquidity providers, and debits from $ 0.0025 to $ 0.003 per share for liquidity removers. The fee can be determined by
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into the ECN via a custom computer terminal or network protocols. The ECN will then match contra-side orders (i.e. a sell-order is "contra-side" to a buy-order with the same price and share count) for execution. The ECN will post unmatched orders on the system for other subscribers to view. With ECN,
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In the past, many ECNs were "closed book"—i.e., allowing participants to interact only with other participants in that network. However, increasingly ECNs have adopted an "open book" format, addressing the potential fragmented liquidity by integrating orders with those of other ECNs or market makers,
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ECNs, as alternative trading systems, have increased competition with institutional trading systems. Alternative trading systems have been found to have lower execution costs, however as new ECNs emerge, some of this cost reduction has dissipated. Simultaneously, the growth of ECNs has been found to
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Automated negotiation is a key form of interaction in complex systems composed of autonomous agents. Negotiation is a process of making offers and counteroffers, with the aim of finding an acceptable agreement. During negotiation, each offer is based on its own utility and expectation of what other.
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to define, "any electronic system that widely disseminates to third parties orders entered therein by an exchange market maker or OTC market maker, and permits such orders to be executed against in whole or in part". The first ECN, the
Instinet, was released in 1969 and provided an early application
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formed in 1999. Back then, all the prices were created & supplied by
Matchbook FX's traders/users, including banks, within its ECN network. This was quite unique at the time, as it empowered buy-side FX market participants, historically always "price takers", to finally be price makers as well.
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ECN's fee structure can be grouped in two basic structures: a classic structure and a credit (or rebate) structure. Both fee structures offer advantages of their own. The classic structure tends to attract liquidity removers while the credit structure appeals to liquidity providers. However, since
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Spreads are discretionary but in general multibank competition creates 1-2 pip spreads on USD Majors and Euro
Crosses. The order book is not a routing system that sends orders to individual market makers. It is a live exchange type book working against the best bid/offer of all quotes. By trading
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study which estimated that errors in the processing of handwritten securities orders cost brokerage firms approximately $ 100 million per year. The NASDAQ system automated such order processing and provided brokers with the latest competitive price quotes via a computer terminal. In March 1994, a
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ECNs allow its customers to trade outside traditional trading hours. Some ECN brokers may offer additional features to subscribers such as negotiation, reserve size, and pegging, and may have access to the entire ECN book (as opposed to the "top of the book") that real-time market data regarding
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ECNs' transactions can be completed without broker-dealers. ECNs have influenced the stock market by eliminating dealer functions in order-matching. With the automation of orders on mass scale, the role of intermediary traders has been reconfigured. While the ECNs do not execute decision-making
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The third type of negotiation is automated argumentation, where agents exchange not only values, but also arguments for their offers/counter-offers. This requires agents to be able to reason about the mental states of other market participants.
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negotiation systems can only support price negotiations. Traditional negotiations typically include discussion of other attributes of a deal, such as delivery terms or payment conditions. This one-dimensional approach is one of the reasons why
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would simultaneously and consistently avoid using odd-eighth quotes without an implicit agreement to post quotes only on the even price fractions. However, our data do not provide direct evidence of tacit collusion among NASDAQ market makers".
239:. An ECN is generally an electronic system that widely disseminates orders entered by market makers to third parties and permits the orders to be executed against in whole or in part. The primary products that are traded on ECNs are
422:
are essentially mechanisms, bargaining is often the only choice in complex cases or those cases where no choice of partners is given. Bargaining is a hard, error-prone, ambiguous task often performed under time pressure.
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being filed against NASDAQ. As part of NASDAQ's settlement of the antitrust charges, NASDAQ adopted new order handling rules that integrated ECNs into the NASDAQ system. Shortly after this settlement, the SEC adopted
443:. If negotiations occur frequently, possibly on a minute per minute basis in order to schedule network capacity, or negotiation topics can be clearly defined it may be desirable to automate this coordination.
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ECNs are generally facilitated by electronic negotiation, a type of communication between agents that allows cooperative and competitive sharing of information to determine a proper price.
247:. ECNs are generally passive computer-driven networks that internally match limit orders and charge a very small per share transaction fee (often a fraction of a cent per share).
254:, was created in 1969. ECNs increase competition among trading firms by lowering transaction costs, giving clients full access to their order books, and offering
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ECNs are used as stock exchanges for off-the-floor trading. To trade with an ECN, one must be a subscriber or have an account with a broker that provides
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has some potential to facilitate negotiation processes which are analyzed in research projects/prototypes such as INSPIRE, Negoisst or WebNS.
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were larger than was statistically likely, indicating "We are unable to envision any scenario in which 40 to 60 dealers who are competing for
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for the next generation of electronic markets and, more generally, for all types of electronic exchanges. This is what the second type of
316:, which permitted ECNs the option of registering as stock exchanges or else being regulated under a separate set of standards for ECNs.
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algorithms to the extent of algorithmic trading, nevertheless they have impacted the role of human traders in financial exchange.
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both removers and providers of liquidity are necessary to create a market, ECNs must choose their fee structures carefully.
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the monthly volume provided and removed, or by a fixed structure, depending on the ECN. This structure is common on the
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235:) is a type of computerized forum or network that facilitates the trading of financial products outside traditional
354:, which required "trade through" protection of orders in the market, regardless of where those orders are placed.
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buyers and sellers are able to trade anonymously, with the trade execution reports listing the ECN as the party.
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Fink, Jason (2006). "Competition on the NASDAQ and the Growth of
Electronic Communication Networks".
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from $ 0 to $ 0.0015, or even higher depending on each ECN. This fee structure is more common in the
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One research area that has paid particular attention to modeling automated negotiations is that of
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depth of trading interest. ECNs are also considered to be effective for handling small orders.
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also reduce their costs as there is less manual effort involved in using an ECN for trading.
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Please help update this article to reflect recent events or newly available information.
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This article is about the stock market concept. For digital communication networks, see
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492:. Traders commonly quote the fees in millicents or mils (e.g. $ 0.00295 is 295 mils).
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This means that a multi-criteria decision making is need to be taken for each offer.
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Conrad, Jennifer (2003). "Institutional
Trading and Alternative Trading Systems".
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study by two economists, William
Christie and Paul Schultz, noted that NASDAQ
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Barclay, Michael. "Electronic
Communications Networks and Market Quality".
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outside traditional exchange hours. ECNs are sometimes also referred to as
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Special Study: Electronic
Communication Networks and After-Hours Trading
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through an ECN, a currency trader generally benefits from greater price
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ECNs have complicated stock exchanges through their interaction with
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718:"How Do Electronic Communications Networks Relate to Stock Trading?"
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Capital Markets, Financial Management, and Investment Management
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The first ECN for internet currency trading was New-York based
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mechanisms are emerging to allow further types of negotiation.
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282:. One of the key developments in the history of ECNs was the
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For stock trading, ECNs exist as a class of SEC-permitted
459:(ATS). As an ATS, ECNs exclude broker-dealers' internal
327:(part of Instinet was spun off, merged with Island into
658:"Statement on the Structure of the Nasdaq Stock Market"
667:, Financial Economists Roundtable, September 18, 1995.
641:"Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?"
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Support for complex multi-attribute negotiations is a
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ECNs enjoyed a resurgence after the adoption of SEC
137:. Unsourced material may be challenged and removed.
923:Fabozzi, Frank J.; Drake, Pamela Peterson (2009).
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319:At that time major ECNs that became active were
418:, namely Negotiation Support, addresses. While
403:struggle for acceptance. Multiattributive and
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358:thus increasing the overall pool of orders.
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390:The most common paradigm is the electronic
64:Learn how and when to remove these messages
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639:Christie, William G. and Schultz, Paul H.
525:and more availability in the marketplace.
929:. New Jersey: John Wiley & Sons Inc.
882:"Electronic Trading in Financial Markets"
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678:Soft Dollars and Other Trading Activities
648:49:5 (December 1994), pp. 1813–1840.
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592:"Regulation NMS SEC Act Release No 51808"
579:Soft Dollars and Other Trading Activities
215:Learn how and when to remove this message
197:Learn how and when to remove this message
783:"ECN (electronic communication network)"
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581:, §2:27 (Thomson West, 2013-2014 ed.).
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290:. NASDAQ was created following a 1969
16:Network for trading financial products
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610:Equity Markets and Portfolio Analysis
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135:adding citations to reliable sources
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146:"Electronic communication network"
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262:or alternative trading networks.
45:This article has multiple issues.
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956:ECNs/Alternative Trading Systems
840:Journal of Banking & Finance
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680:, §2:27 (Thomson West, 2013 ed.)
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229:electronic communication network
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813:Journal of Financial Economics
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1233:Multilateral trading facility
825:10.1016/s0304-405x(03)00143-0
624:"The 1975 SEC Act Amendments"
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270:The term ECN was used by the
1656:Returns-based style analysis
1452:Post-modern portfolio theory
1358:Security characteristic line
370:. ECN subscribers can enter
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1410:Efficient-market hypothesis
1314:Capital asset pricing model
1251:Straight-through processing
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457:alternative trading systems
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339:(which was acquired by the
260:alternative trading systems
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1227:Alternative Trading System
608:Johnson, Stafford (2014).
347:(now acquired by NASDAQ).
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612:. John Wiley & Songs.
84:This article needs to be
1291:Arbitrage pricing theory
744:Fabozzi & Drake 2009
307:These results led to an
1570:Initial public offering
1431:Modern portfolio theory
1326:Dividend discount model
1209:List of stock exchanges
880:Hendershott, T (2003).
867:SSRN Electronic Journal
412:critical success factor
394:type. As of 2005, most
292:American Stock Exchange
1458:Random walk hypothesis
900:Cite journal requires
645:The Journal of Finance
539:Extended hours trading
425:Information technology
416:electronic negotiation
1596:Market capitalization
1405:Dollar cost averaging
758:"After-Hours Trading"
405:combinatorial auction
368:direct access trading
1416:Fundamental analysis
1400:Contrarian investing
1363:Security market line
1268:Liquidity aggregator
1245:Direct market access
1156:Quantitative analyst
337:Archipelago Exchange
131:improve this article
1661:Reverse stock split
1606:Market manipulation
1530:Dual-listed company
1390:Algorithmic trading
1320:Capital market line
1122:Inter-dealer broker
787:deutsche-boerse.com
451:In the stock market
1701:Stock market index
1540:Efficient frontier
1479:Technical analysis
1437:Momentum investing
1259:(private exchange)
1149:Proprietary trader
1091:Shares outstanding
1081:Authorised capital
663:2010-06-03 at the
401:electronic markets
331:, and acquired by
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1550:Flight-to-quality
1302:Buffett indicator
992:Financial markets
936:978-0-470-40735-6
490:NASDAQ Price List
461:crossing networks
441:autonomous agents
386:Negotiation types
309:antitrust lawsuit
286:over-the-counter
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1489:Value averaging
1484:Trend following
1469:Style investing
1464:Sector rotation
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148: –
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1762:Stock market
1721:Tender offer
1641:Public float
1611:Market trend
1601:Market depth
1421:Growth stock
1395:Buy and hold
1304:(Cap-to-GDP)
1238:
1144:Floor trader
1134:Market maker
1117:Floor broker
1105:Participants
1048:Golden share
1043:Common stock
1019:Third market
925:
917:Bibliography
893:cite journal
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795:. Retrieved
791:the original
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766:. Retrieved
762:Investopedia
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725:. Retrieved
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519:transparency
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510:Matchbook FX
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129:Please help
124:verification
121:
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85:
61:
54:
48:
47:Please help
44:
1726:Uptick rule
1706:Stock split
1686:Squeeze-out
1681:Speculation
1626:Open outcry
1515:Block trade
1447:Pairs trade
722:dummies.com
1731:Volatility
1711:Stock swap
1631:Order book
1382:strategies
1308:Book value
1176:Arbitrager
1171:Speculator
797:2020-07-29
768:2020-08-03
727:2020-08-04
700:2020-07-29
695:Britannica
565:References
559:Island ECN
396:e-business
301:order flow
245:currencies
157:newspapers
50:improve it
1347:Fed model
1342:EV/EBITDA
1257:Dark pool
1188:Regulator
1033:Types of
999:Types of
549:NYSE Arca
523:liquidity
56:talk page
1756:Category
1676:Slippage
1636:Position
1621:Momentum
1525:Dividend
1204:Exchange
1161:Investor
661:Archived
533:See also
488:market.
420:auctions
362:Function
321:Instinet
252:Instinet
96:May 2015
1565:Haircut
1369:T-model
1181:Scalper
1001:markets
392:auction
266:History
171:scholar
86:updated
1586:Margin
1454:(PMPT)
1316:(CAPM)
1166:Hedger
1139:Trader
1112:Broker
1035:stocks
933:
544:NASDAQ
486:NASDAQ
372:orders
343:) and
333:NASDAQ
325:Island
284:NASDAQ
280:NASDAQ
241:stocks
173:
166:
159:
152:
144:
1741:Yield
1716:Trade
1651:Rally
1572:(IPO)
1460:(RMH)
1433:(MPT)
1412:(EMH)
1365:(SML)
1354:(NAV)
1328:(DDM)
1322:(CML)
1293:(APT)
1286:Alpha
1253:(STP)
1247:(DMA)
1241:(ECN)
1235:(MTF)
1229:(ATS)
885:(PDF)
627:(PDF)
595:(PDF)
527:Banks
178:JSTOR
164:books
1576:Long
1380:and
1310:(BV)
1297:Beta
931:ISBN
906:help
554:Inet
498:NYSE
345:Brut
341:NYSE
329:Inet
323:and
243:and
150:news
23:and
848:doi
821:doi
335:),
272:SEC
233:ECN
227:An
133:by
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