Serval, Thomas <br/><br/>
When Networks Become Stock Exchanges 

 -  2001.<br/>							 
<br/><br/> 85 
<br/><br/> 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