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To: eDollar.com who wrote (4056)9/16/1999 9:42:00 PM
From: Bob Kim  Read Replies (3) | Respond to of 10027
 
ECNs are competitors of other ECNs, market makers, and exchanges.

ECNs compete against the others by offering an electronic limit order book that matches buy/sell orders for a fee. Market makers like NITE put up capital to execute an order and hope to make a profit based on the spread.