The many ECNs and trading networks confuse me immensely. In the past few days, I have done a little research. The following is what I have compiled. Please feel free to correct and add more comments.
SOES - Small Order Execution System
ú Routing = MMs only
ú Limit orders = yes
ú Market orders = yes
ú Tier size limited
ú Times out (please elaborate)
ú High possibility of being canceled (please elaborate)
ú Advantage = ?
ú Disadvantage = ?
SNET - SlectNet System
ú Routing = MMs first, then ECNs
ú Limit orders = yes
ú Market orders = yes (please correct if wrong)
ú High possibility of being rejected by MMs
ú Other advantages = ?
ú Other disadvantages = ?
ARCA -? Archipelago (an ECN, used to be TNTO)
ú Routing = ARCA, other ECNs, MMs using SNET, then L2
ú Limit orders = yes
ú Market orders = yes, but will not split orders
ú Other advantages = ?
ú Other disadvantages = ?
ATTN ? Attain (an ECN)
ú Routing = ATTN, then ?
ú Limit orders = ?
ú Market orders = ?
ú Other advantages = ?
ú Other disadvantages = ?
BRUT - Brass Utility (an ECN)
ú Routing = BRUT, then ?
ú Limit orders = ?
ú Market orders = ?
ú Other advantages = ?
ú Other disadvantages = ?
BTRD - Bloomberg (an ECN)
ú Routing = BTRD, then ?
ú Limit orders = ?
ú Market orders = ?
ú Other advantages = ?
ú Other disadvantages = ?
INCA - Instinet (an ECN)
ú Routing = INCA, then ?
ú Limit orders = ?
ú Market orders = ?
ú Phone orders only, no online trading
ú Other advantages = ?
ú Other disadvantages = ?
ISLD - Island (an ECN)
ú Routing = ISLD only
ú Limit orders = yes
ú Market orders = no
ú Excellent liquidity
ú Other advantages = ?
ú Other disadvantages = ?
NTRD - ? (an ECN)
ú Routing = NTRD, then L2
ú Limit orders = yes
ú Market orders = no
ú Other advantages = ?
ú Other disadvantages = ?
REDI - Spear Leeds and Kellogg (an ECN)
ú Routing = REDI, ECNs, MMs using SNET, then L2
ú Limit orders = yes
ú Market orders = yes
ú Other advantages = ?
ú Other disadvantages = ?
STRK - ? (an ECN)
ú Routing = STRK, then ?
ú Limit orders = ?
ú Market orders = ?
ú Other advantages = ?
ú Other disadvantages = ? |
