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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (2939)	8/17/1999 8:36:00 AM
From: Rick Faurot	Respond to of 18137

MBT allows preferencing of ECNs via SNET. ARCA seeks ECNs before it resorts to preferencing MMs. Rick

To: Eric P who wrote (2939)	8/17/1999 12:14:00 PM
From: Eric P	Read Replies (2) \| Respond to of 18137

A very helpful and knowledgeable lurker passed along the following information regarding the ECN connections of various daytrading brokers. I was surprised to see that some of these brokers had direct connections to virtually all of the ECN's. I thought it might be a good information for the thread. See below. -Eric "Last I heard, Cornerstone Securities Corp. (which offers on-site and - I believe - remote trading too) was offering all the ECN's except Strike...? On-Line Investment Services Inc. currently (for on-site traders, doesn't offer remote or internet) offers full Instinet (terminals w/book in OSJ's), Island, Bloomberg, REDI, BRUT, and NexTrade direct connectivity, and is finishing its' applications to Strike and Archipelago (I'm told they should be connected within 2 months). They have no intention of, now or ever, hooking up to Attain (low liquidity, etc). Most of the other firms I know of/talk to have Island, some have full Instinet, and more and more have ARCA. Obviously, ARCA and REDI are popular among Terra Nova DBA's and Spear Leeds clearing correspondents, respectively. Bloomberg requires, like Instinet, minimum net capitalization and a Form BD copy, and Strike necessitates (so far) usage of a Java front-end for access. BRUT requires execution of a pretty complicated contract, and NexTrade currently has few ("NexToNo") subscribers. (Thats the industry joke, by the way.) So...each comes with its' own set of application nuances, with the lowest barrier to direct access being Island, and the highest (and the one that "rejects" applicants, even today) being Instinet."