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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 5 4:00 PM EST

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To: sam_o who wrote (56355)	7/11/2000 1:10:01 AM
From: Jon Tara	Read Replies (1) of 99985

ECN = Electronic Communication Network. Island, Instinet, Archipeligo, etc. ECNs keep an electronic order book of customer orders, and cross buy and sell orders that meet. ECNs also represent the top of their order books to the NASDAQ market. ECNs are NOT market makers, because they do not take an active role in trading. They don't hold inventory, don't buy/sell on speculation, etc. They simply execute and represent orders for clients. I have to laugh every time I read a complaint from somebody who doesn't know about ECNs, complaining about those durn manipulating market-makers. Half the time, they name one of the ECNs as the most coniving of the bunch. :)

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