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Technology Stocks : InfoSpace (INSP): Where GNET went!
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To: jon zachary who wrote (4112)4/20/1999 9:46:00 PM
From: GraceZ  Read Replies (1) of 28311
 
I did a little research on ECNs. Here is an article about e-trade moving to an ECN.
thestandard.net

ISLD is Island an ECN owned by Datek. E-Trade owns part of Archipelago, along with Goldman Saks and others. They differ from MMs in that they don't hold the stock, just match up orders electronically. The more people that use them, the closer the spreads will be. I read a negative article a few weeks ago by WSJ that covered some of the problems with using an ECN. They talked about an ex- Nasdaq MM turned trader that had gotten quite a few service charges taken off on orders he had placed on Datek (which uses ISLD) for bad execution. The guy had level II quotes and could see other firms that were traditional MMs executing at better prices on these trades.

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