To: Matthew L. Jones who wrote (4717 ) 10/5/1999 11:04:00 PM From: Time Traveler Read Replies (4) | Respond to of 18137
The many ECNs and trading networks confuse me immensely. In the past few days, I have done a little research. The following is what I have compiled. Please feel free to correct and add more comments. SOES - Small Order Execution System ú Routing = MMs only ú Limit orders = yes ú Market orders = yes ú Tier size limited ú Times out (please elaborate) ú High possibility of being canceled (please elaborate) ú Advantage = ? ú Disadvantage = ? SNET - SlectNet System ú Routing = MMs first, then ECNs ú Limit orders = yes ú Market orders = yes (please correct if wrong) ú High possibility of being rejected by MMs ú Other advantages = ? ú Other disadvantages = ? ARCA -? Archipelago (an ECN, used to be TNTO) ú Routing = ARCA, other ECNs, MMs using SNET, then L2 ú Limit orders = yes ú Market orders = yes, but will not split orders ú Other advantages = ? ú Other disadvantages = ? ATTN ? Attain (an ECN) ú Routing = ATTN, then ? ú Limit orders = ? ú Market orders = ? ú Other advantages = ? ú Other disadvantages = ? BRUT - Brass Utility (an ECN) ú Routing = BRUT, then ? ú Limit orders = ? ú Market orders = ? ú Other advantages = ? ú Other disadvantages = ? BTRD - Bloomberg (an ECN) ú Routing = BTRD, then ? ú Limit orders = ? ú Market orders = ? ú Other advantages = ? ú Other disadvantages = ? INCA - Instinet (an ECN) ú Routing = INCA, then ? ú Limit orders = ? ú Market orders = ? ú Phone orders only, no online trading ú Other advantages = ? ú Other disadvantages = ? ISLD - Island (an ECN) ú Routing = ISLD only ú Limit orders = yes ú Market orders = no ú Excellent liquidity ú Other advantages = ? ú Other disadvantages = ? NTRD - ? (an ECN) ú Routing = NTRD, then L2 ú Limit orders = yes ú Market orders = no ú Other advantages = ? ú Other disadvantages = ? REDI - Spear Leeds and Kellogg (an ECN) ú Routing = REDI, ECNs, MMs using SNET, then L2 ú Limit orders = yes ú Market orders = yes ú Other advantages = ? ú Other disadvantages = ? STRK - ? (an ECN) ú Routing = STRK, then ? ú Limit orders = ? ú Market orders = ? ú Other advantages = ? ú Other disadvantages = ?