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To: Kathryn Anshutz who wrote (2979)	6/17/1999 11:31:00 AM
From: Jim S	Read Replies (1) \| Respond to of 17683

Thanks for the link, Kat, the article was a good read. Like many such articles, though, it glosses over what I think is the most important element of an ECN, namely the removal of the people who skim() eigths and teenies from every trade, and who define "making a market" as "moving the market to their own benefit." I see "liquidity" as meaning more than narrow spreads; I think it also means honest and forthright buys and sells, unmanipulated by intermediaries with the power to do so. ECNs, in other words. Thanx again for the article, jim () oops, sorry. Drug dealers and embezzlers skim; brokers and market makers "employ the use of a spread."