Matt:
Although ECN is an Electronic Communications Network, and SuperDOT does electronically communicate orders to the floor of the NYSE, it is not an ECN. The difference lies in how the orders are executed.
There are nine ECN's currently, including ISLD, ARCA, INCA, REDI, BRUT, BTRD, ATTN, STRK and NTRD. For each of these ECN's, the order matching is handled entirely electronically and virtually instantly, without human intervention. The NYSE SuperDOT system, on the contrary, merely routes the orders electronically to the floor of the exchange where it can be filled manually by the specialist (i.e. a slow human). For an ECN, typical marketable order fill times will range from less than 0.5 seconds (ISLD direct, fastest) to as slow as ~6 seconds (INCA via SNET, slowest). Since marketable SuperDOT orders are filled manually, it takes much longer to get an execution, typically between 15-60 seconds, and sometimes as long as a few minutes.
Good luck,
-Eric |
