More facts that you will deny: cnnfn.com
Fidelity, Schwab set ECN
Boston fund giant, Charles Schwab
among 4 partners in network
July 21, 1999: 10:42 a.m. ET
NEW YORK (CNNfn) - Fidelity Investments, Charles
Schwab & Co. and two other brokerage and financial
services firms announced plans Wednesday for a
new electronic communications network.
The agreement, which includes Donaldson, Lufkin
& Jenrette and Spear, Leeds & Kellogg, will allow the
companies to create a new trading platform to pool
their orders.
An electronic communications network, or ECN,
is a computerized trading network that matches buy
and sell orders.
The four companies plan to build the ECN, which
hasn't been named, on Spear, Leeds & Kellogg's
existing ECN, called REDIBook. REDIBook is the
third-largest of nine ECNs.
ECNs once were open only to institutional
investors, but after a change in trading rules they
became open to retail investors."
In case you do not understand the significance of the above, it means that the four HUGE players are forming a way to MAKE their own de facto VWAP. But you'll continue to deny the facts and argue inane points like any lawyer does.
Q: which client are you billing while you post to SI? |
