When Networks Become Stock Exchanges
Serval, Thomas
When Networks Become Stock Exchanges - 2001.
85
Created by the Securities Exchange Commission ( SEC ), Electronic Communication Networks ( ECN ) were designed as alternative trading systems to bypass the monopoly of the market makers on NASDAQ. ECNS allow investors to execute orders directly, with more discretionary power and theoretically at a lower cost. ECNS can be understood as a first step towards a global decentralized marketplace and the sign of a convergence between stock markets and financial information networks. Classification JEL: G14, G15
When Networks Become Stock Exchanges - 2001.
85
Created by the Securities Exchange Commission ( SEC ), Electronic Communication Networks ( ECN ) were designed as alternative trading systems to bypass the monopoly of the market makers on NASDAQ. ECNS allow investors to execute orders directly, with more discretionary power and theoretically at a lower cost. ECNS can be understood as a first step towards a global decentralized marketplace and the sign of a convergence between stock markets and financial information networks. Classification JEL: G14, G15
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