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Non-Tech : Littlefield Corporation (LTFD) -- Ignore unavailable to you. Want to Upgrade?

To: Musya who wrote (5334)	12/9/1997 5:02:00 PM
From: Que	Read Replies (1) \| Respond to of 10368

An ECN in SEC speak is an Electronic Communications Network. Pretty meaningless huh? All it means is that it is a parallel network to NASDAQ itself where bids and asks can be entered by any party with a hookup. If a bid and ask match on the ECN it clears immediately without ever going to the NASDAQ - no exchange fees. More commonly, the bid and ask on the ECN is represented to the market. Its like a brokerage house, but with no brokers there. In fact, there is no there, there. The SEC has written guidelines for the operation of these ECNs, but the Island is the only one that I know of. I think they're great... If everyone put there trades in through the Island, NASDAQ would be a truly democratic market. Hopefully they are the future of NASDAQ. If you do a lot of trading you could get a direct hookup and have no broker at all! - for every trade that clears on the Island in parallel to NASDAQ (bid matched directly with ask) you would pay only $1! Unfortunately you would need NASD registration first. Oh well...some day. For info check out the website: isld.com L.L. & P.