ECN - Electronic Communication Network

Electronic Communication Network (ECN) - an electronic system for the implementation of transactions for the purchase and sale of exchange commodities, which tries to eliminate the role of intermediaries. ECN connects leading brokers and individual traders with each other, so they can trade directly, bypassing the exchange mechanisms of intermediaries.

Content:

Content :

Introduction

For a trader, using the services of direct online access to exchange trading, I care, what electronic communication network (electronic communication network, ECN) placed at his disposal. Some ECNs provide more flexibility in the execution of operations, others offer high-speed order dispatch, still others send orders as to the market Nasdaq, and on the stock exchange NYSE. In this way, having a number of similar characteristics, electronic communication networks have quite significant differences.

so, what is electronic communication networks? ECN – these are computer networks, which eliminate the need for market makers and directly link sellers and buyers of securities. To access ECN, an investor needs to conclude an agreement with a broker, who has a partnership with at least one ECN. Such Brokers called "direct access brokers", as they provide direct access to computer networks.

Active traders love ECN networks, since the latter make it possible to send restrictive orders within the spread between the bid and ask prices, supported by market makers.

Individual traders are not the only ECN users. Many institutional investors also route their orders through these systems.. According to Dana Stiffler (Dana Stiffler), analyst from financial research firm Meridien Research, transactions through ECN networks account for about 34% from all operations, implemented in the Nasdaq system.

At the moment, there are at least 11 ECN: Attain, Archipelago, Bloomberg Tradebook, Brut, Instinet, Island, Posit, MarketXT.com, NexTrade, RediBook и Tradepoint, moreover, the methods of processing orders in each of them are slightly different. Naturally, that the amount of commission is different, which are from a quarter of a cent or more per share.

Four networks - Instinet, Island, Archipelago and RediBook - almost 85% operations, carried out via ECN. An active trader shouldn't even consider any other options., since liquidity plays a big role in such a business: if the investor cannot find a sufficient number of offers, meeting his requirements, then he will have less chance of making a good deal.

History of ECN

In January 1997 of the year SEC adopted new Rules for processing and execution of orders (Order Handling Rules), who completely changed the way securities are traded in the market Nasdaq. The new rules made it possible electronic trading systems (Electronic Communications Networks, ECNs) go directly to the Nasdaq National Market System.

Term ECN is used to define any electronic system, which provides investors with access to order information, entered into the ECN by market makers operating on the exchange or over the counter and allows these orders to be executed against each other in whole or in part.

ECNs are a special case ATS (Alternative Trading System - alternative trading system) and they were created to process and execute limit orders, which could not be performed onstock market until, until their price becomes market.

All orders, introduced in ECN, enter a single order book, which is a database. Any ECN is based on a system of "matching orders" (order matching system), allowing to automatically perform opposite (to buy and sell) orders if some of their parameters match (asset, price, number).

ECN refers to direct access electronic trading systems, ie. through this system, the order, and on behalf of the client, goes directly to the market. This is the main difference between ECN and an online broker, which acts as an intermediary on the way of the order to the market, - processes the order in its internal system and brings it to the market on its own behalf.

Known, what market makers make money on the difference between buy and sell prices, the so-called spread. ECN allows you to trade “within the spread”, charging a fixed fee for the operation. In this way, ECNs not only save investor costs, but also increase the speed of execution of their orders.

Along with low prices, another advantage of ECN is the ability to trade around the clock. The emergence of a vast class of individual investors has led to the need to increase the trading session and even switch to 24/7 trading., to meet investor demand in other time zones. Therefore, the opportunity to trade around the clock is seen as a competitive advantage of ECN., able to increase the flow of customers without additional costs. Such an opportunity for a traditional exchange would be immeasurably high costs., associated with maintaining a huge infrastructure.

The third factor in the attractiveness of ECNs is their openness to investors., who previously did not have direct access to trading and could not compete with broker-dealers. Today, investor orders via ECN appear on the market and can influence its dynamics..

AND, finally, ECNs are transparent, ie. all received orders are reflected in the system, and information on them is available to all subscribers. Besides, the best bid hits the market (to a specific trading platform) on behalf of ECN, having the status market maker.

ECN regulation

One of the main problems of Internet trading is the technology of market access itself., imperfect, if the possibility of disconnection is allowed, and the latter happens quite often, after all, most individual investors work from home through regular dial-up telephone lines.

Besides wasting time, spent on rebooting the system, the data entered may be lost, as a result of which the client's order will not be executed or will be executed twice. Besides, access to information and trading systems of online brokers is carried out through ordinary web browsers, for example, Internet Explorer, which does not guarantee that the system will return to that state after a reboot, which was before the failure.

In fact, client orders are sent to the online broker by email. Then orders are processed in the internal system of the online broker and sent for execution to one of the trading platforms.

Alternative trading systems work independently of web browsers and do not use the HTML protocol. They provide their members-subscribers with access to information and trading on various platforms through special software.. In this way, PBX technology is faster and more reliable in that, regarding the processing and execution of orders, Besides, it provides for automatic restoration of the connection with the return of the system to the state that existed at the time of the failure.

Since April 1999. new rules and amendments to the ATS Regulations entered into force, defining the changed procedure for registration and functioning of electronic trading systems.

In the past few years, the SEC has undertaken a revision of its concept of stock market regulation due to significant changes in the very way securities are traded.. Market participants began to use new technologies in their activities, designed to broaden the spectrum, quality and price component of services provided to investors. In particular, market participants have developed various alternative trading systems, providing services, which have traditionally been the exclusive prerogative of registered stock exchanges.

Currently, alternative trading systems account for about 30% orders for securities, listed on the Nasdaq Stock Market (“Nasdaq“), and almost 7% orders for securities, listed stock exchanges. Already in the near future ATS may become the main market for some categories of securities. In the meantime, these are private trading systems., available to member-subscribers only and subject to regulation as brokers / dealers, not like listed stock exchanges and the Nasdaq.

National system stock markets in the USA was conceived on the principles of centralization, liquidity and competition. For a long time, ATS remained outside the national market system and were outside the control of regulatory authorities, which created discriminatory conditions for ordinary investors and breeding grounds for abuse, fraud and price manipulation. Therefore, the SEC decided to fill the gap in the legislation, since ATS have become serious competitors for traditional exchanges, while not subject to regulation for stock exchanges.

Smartlabovtsy burned ;)

One of the main ones introduced in April 1999. changes affected the definition of "exchange" (new rule 3b-16). The traditional definition was “a place for trading or a collection of means and opportunities for bringing together sellers and buyers of securities or for performing other functions in relation to securities, traditionally carried out by stock exchanges "

The new definition of "exchange" began to sound like this:

“Any organization, association or group of persons, That:

brings together orders from multiple buyers and sellers;
uses strict peremptory norms (through the provision of trading opportunities or through the establishment of rules), on the basis of which these orders interact with each other, and buyers and sellers, placing these orders, agree to abide by these terms of business ”.

Today, legislation allows most alternative trading systems to choose between registering as an exchange and registering as a broker / dealer., choice, which will determine the applicable law. However, the trading system, performing self-regulatory functions, will not be allowed to register as a broker / dealer.

Besides, The Commission may decide, that the dominant electronic trading system in the market should be registered as an exchange. When the trading volume in ATS exceeds a certain level, The Commission may conclude, that its exemption from regulation as an exchange is not in the public interest or investor protection objectives.

Characteristic

ECN name	Owners (share of ownership in %)	Clients	Opening hours(Eastern time)
Instinet	Acquired by Reuters Group PLC (100) in 1987.	Institutional investors make up the bulk. Access to private investors is possible through discount brokers	24 o'clock
Island	Datek Online Holdings (85);TA Associates (7,5);Euro @ Web (7,5); TD Waterhouse (12,5)	Access to private investors is possible through the Internet broker Datek Online	8:00-20:00
Rating & Execution Dot Interface Book (RediBook)	Spear, Leeds & Kellogg (100% at the founding); Fidelity Unvestments (25);Donaldson, Lufkin & Jenrette (25);Charles Schwab (25).	Mostly professional market participants	8:00-19:00
BloombergTradebook	Bloomberg LP (100)	Institutional Investors	8:00-17:15
Archipelago	CNBC (12,4);E*Trade (12,4);Gerald Putnam/GDP, Inc (12,4); Goldman Sachs Group (12,4); Instinet (12,4); Merrill Lynch (12,4); J.P.Morgan/ American Century (12,4); Townsend Analytics (12,4); Southwest Securities (1)	Professional participants. Access to private investors through MB Trader trading systems, AB Watley, Polar Trading	9:00-18:15
BRUT (BRASS Utility)	Sunguard Data Systems (56);Knight/Trimark Group (14);Merrill Lynch (10); Morgan Stanley Dean Witter (10); Goldman Sachs Group (10)	OTC market participants	8:00-17:15
NexTrade	John Schaible; Mark Yegge (founders)	Access to private investors through registered brokers - members of the network	around the clock
Attain	All-Tech Investment Group, Inc. (100)	Access to private investors through registered brokers - members of the network	9:00-16:40
Strike	24 owner, including Bear, Stearns & Co; Lehman Brothers Holdings; Paine Webber; Donaldson, Lufkin & Jenrette; Salomon Smith Barney и др.	Access to private investors through registered brokers - members of the network	8:00-17:15

Description

Instinet (INCA) - the first ECN, owned by the agency Reuters, started working in 1969. Initially, Instinet only served financial institutions, who wanted to trade with other financial institutions. Later, some brokerage companies were also allowed to use this network.. Since its inception, Instinet has been viewed as a standalone trading system for institutional investors and brokerage houses., this gave a clear advantage to a closed group of professional market participants and went against the rules and regulations of the US Securities Commission. Until now, Instinet does not allow individual traders to trade.. However, this situation, probably, will change in the coming months, after the Instinet.com website is launched, intended for private investors. Instinet accounts for approximately 40% on the volume of transactions, made through all ECNs, therefore Instinet provides the highest level of liquidity. In addition, Instinet provides its customers with the opportunity to conduct transactions for about 40 stock markets around the world. And since the earth is round and different stock exchanges trade at different times, then traders have the opportunity to participate in trading on the stock markets through Instinet at any time of the day.

ADR

Island network, which accounts for about 20% volume of trade transactions in electronic systems, ranks second in the ECN rating. She is currently looking for expansion opportunities, trying to attract institutional traders and provide access to foreign exchanges. However, while the Island system is used, mostly, “Legions” of individual traders, leading active operations in the stock market. Many traders spend all day at Island, buying and selling volatile technology stocks.

Island's order book is pretty much the same as the Nasdaq tier 2 quote system (Nasdaq Level II quote system). The offers for buying and selling are presented in it next to each other., moreover, they are arranged depending on the offer price, starting with the most profitable. But unlike the Nasdaq Level II system, the cost of access to which is $50 per month, Island order book is free. Another advantage of Island is its accessibility.. Almost every “direct access broker” transacts through this network. One of these firms is Datek.com, Island brokerage subsidiary. Datek provides its customers

Island network (ISLD) - was founded in 1996 to provide all market participants (from private investors to institutional) the ability to trade at the lowest cost without intermediaries and dealers. Island – член National Association of Securities Dealers (NASD) and the Corporation for the Protection of Investors in Securities (Securities Investor Protection Corporation (SIPC)). Island's advantage is its availability. Almost every “direct access broker” offers trading through this network. It currently accounts for about 20% volume of trades in ECN.

REDIBook - REDI Products was created to conduct electronic options trading, futures, shares on exchanges and in the OTC market and started with the REDI Classic Dot system in 1992 year, designed for SLK traders and individual clients. REDI Products later developed a programming interface, which is currently known as REDIPlus. It allows access to major exchanges, on which stocks and options are traded, на Nasdaq, REDIBook ECN. Trade volume via REDIBook - 70 million. shares per day. Through it, the largest number of electronic orders gets to NYSE and AMEX. REDIBook ECN is currently offering an extended trading session for certain NYSE and AMEX stocks. Additional trading hours for stocks are set from 8:00 to 9:15 AND и с 16:15 to 22:00 AND. NASDAQ Securities Orders can be placed on SelectNet from 8:00 to 18:30 ET and Island with 8:45 to 18:00 ET. Beginning with 18:30 to 10:00 ET "flattening" of orders occurs only between REDI subscribers. All orders, introduced after 16:00 ET, must be limit orders.

Archipelago (ARCA) - one of four ECNs, whose formation was approved by the SEC in January 1997 of the year. In the beginning, it only traded stocks on NASDAQ. Currently, the network has access to other ECNs and allows market participants to simultaneously interact with all ECNs and with the market- makers. Archipelago's clients are institutional investors, market makers NASDAQ, broker-dealers, individual investors. Essentially a stock exchange, Archipelago unlike other ECNs, can trade in shares through the National Market System (National Market System, NMS). Most of the shares, listed stock exchanges, traded on NYSE, and only a very small number of them are traded through ECN networks. This provides Archipelago with an added benefit..

trader

It all sounds great, but there is one "but". To use SmartBook services, the investor must enter into an agreement with the broker, directly accessible. In the meantime, none of the leading traditional brokers have partnered with Archipelago. (here you can see a list of brokers, working with Archipelago http://www.tradearca.com/company/broker_access.asp).

Tradebook ECN provides access to information and analytical resources of Bloomberg. Through it, NASDAQ securities are traded. Within the framework of the system, it is possible to hide the real size of the client's position (portioned execution) or price, by which the order must be executed. The client is given the opportunity to set a price range, within which his application can be executed. Tradebook clients have access to other ECNs.

NexTrade – was founded in 1990 and is owned by Professional Investment Management . This is the first ECN to provide 24 hourly access to trading. His clients mutual funds, hedge fonls, traders, market makers, traditional broker-dealers, online brokers and professional trading companies. IN 1990 year was officially registered with the SEC as a fully functional trading network with 24 hourly access.

Instinet network created by REUTERS Group in 1969 year, long before other ECNs appeared. Initially, Instinet was considered as an independent platform for large participants – financial institutions and brokerage houses. Thanks to the pressure of the SEC, the situation has changed: most Instinet orders are placed on NASDAQ. Private investors, having access to Level 2 quotes, can observe orders and deals of this ECN and put their own quotes in it through a broker. Instinet is not only the oldest, but also the most liquid ECN. According to some estimates, through this network is executed until 50% all transactions, committed in NASDAQ. Besides, stocks listed on the New York Stock Exchange and the American Exchange are also traded here. Trading volume, average, 700 – 800 million. shares per day, ie. about 45% on the trading volume of all ECNs. Instinet is, perhaps, the best system for institutional and broker-dealers when trading large blocks of NASDAQ shares. The system is currently on NASDAQ Level 2 under the INCA index. Instinet network - with 1987 years property of Reuters.

Island network, introduced in 1996 year, oriented, mostly, to clients of Datek online broker and its owner SmithWall Associates. Network users are more than 300 brokerage firms, as well as private investors. It is presented at the level 2 NASDAQ ISLD. Island accounts for about 20% volume of trade transactions in electronic systems, thus occupies the second place in the ECN rating. Island order 40% incoming orders are executed within the network. If this does not happen, order is redirected to other ECNs, SOES and to stock exchanges; at the same time, order matching does not depend on the number of shares in the lot. Island became the first network, providing discounts for placing orders, regardless of the place of their further execution. The daily turnover of this network reaches 8 billion. Shares.

Archipelago Electronic Network created in December 1996 years to ensure access to NASDAQ trading in accordance with the new SEC rules by the Chicago-based Terra Nova. The turnover of the network is equally provided by the institutions, brokers and dealers, submitting their own bids, as well as private investors and clients of brokerage houses.

In July 2000 years Archipelago and Pacific Exchange have signed an agreement to create a single, a fully automated stock exchange for the New York Stock Exchange, American Stock Exchange и NASDAQ. After SEC approval, the agreement entered into force. Archipelago connects clients with other ECNs through the use of SmartBook technology (“smart” order router program). SmartBook network connections are faster, since Archipelago servers communicate with each of the ECNs through high-speed backbones.

RediBook or REDI (Routing and Execution Dot Interface) created by Spear, Leeds & Kellogg (SLK), the largest NYSE specialist, for electronic trading of stocks on stock exchanges and over-the-counter market. Clients of the network get direct access to trading on the NYSE, AMEX и в NASDAQ. SLK has attracted three large market operators to co-founders - Fidelity Investments, DLG, Charles Sсhwab. Thanks to this, the network has shown record rates of development.: if in 1998 year REDI's market share was 6,5%, now it belongs to her 18% ECN market.

Trading is carried out with 8:00 a.m. to 10:00 p.m. EST Monday to Friday. System Clients, as institutions, and professional traders, can trade securities as during normal NASDAQ business hours, so on before- and the postmarket. During trading before and after a regular trading session, it is possible to use limit orders.

SOES – small order execution system. SOES - trading system, intended for a small private investor with direct access to Level 2 NASDAQ and a group of market makers. It has become the main trading tool for day traders. (day-traders), making deals in the amount of up to 1000 NASDAQ shares at the same time.

Traders, using SOES are subject to the following rules:

the number of shares in the order cannot exceed 1000 pieces and must be a multiple 100;
the order can only be executed at the price, already existing on the market (Bid и Ask), ie. the trader does not have the ability to trade within the spread;
bid and ask prices are set only by market makers;
only the market applies- and limit orders;
opening the next position on the same stock in the same direction is possible at least, than five minutes later 5 minutes;
an order not executed within three minutes is canceled.

SuperSOES. At the end of July 2001 NASDAQ Stock Market Announces Successful Commissioning of New Automatic Trading System SuperSOES. Now orders for more than 3500 NASDAQ shares are automatically executed through the SuperSOES system. The first experimental phase of the project has started 9 July 2001 G. A week later, according to numerous requests from trading participants, to the list of shares, available through SuperSOES, traditional NASDAQ volume favorites were included: Intel Corporation (INTC), Cisco Systems (CSCO), Dell Computer (DELL), Oracle Corporation (ORCL). And finally, 30 July SuperSOES becomes the primary execution system for all NASDAQ National Market stocks (NNM).

SelectNet trading system. IN 1988 year, a system of electronic filing of applications and automatic confirmation of a transaction by market makers appeared order Confirmation Translation service (OCT), which in 1990 year was renamed SelectNet. 2002 the system has been improved, and at the same time renamed SuperMontage. As a matter of fact, she combined SOES and SelectNet systems.

The main difference between the SelectNet trading system is, that it allows traders to choose the best price for themselves not over the phone, and through the NASDAQ trading system. It means, what all traders have, using this system, it is possible to set the price within the spread when entering an order. The characteristics of SelectNet are very similar to ECN with the exception of a few very important differences.:

You can send your orders only to market makers.
The limit orders you have placed are not protected and may not be executed due to the lack of confirmation from the counterparties to the transactions, i.e. they will not be executed automatically.
Orders via the SelectNet channel can be sent to all market makers at once, and a certain number of them through the system of preferences (preference). The choice is determined by the trader himself due to the lack of either the right, or a desire to use the SOES system to execute a transaction at the current price.

BTrade trading system. The network started working in December 1996 of the year, is a member of NASD and SIPC. Its owner is Bloomberg's Tradebook – provides users with a full range of necessary information. BTrade provides financial institutions, brokerage agencies and market makers a system of access to the US stock market and more 24 countries of the world. It implements the functions, allowing participants, if necessary, to hide the real size of the position, or the bid price, with which they want to enter the market. Besides, a special option of the trading system allows the user to set the size of the spread, within which he agrees to the execution of his application, which increases the likelihood of its execution. Users can both trade with each other within the network, and sweep the market with orders, which are output to other ECNs, mostly in SelectNet.

STRIKE trading system. This network, representing the next generation of ECN, began to function only at the beginning 1999 of the year. Its software is based on JAVA applets, downloadable via WEB, and works on Windows NT and UNIX operating systems. The system is installed on Sun Microsystem servers, having access to national communication networks. STRIKE is open to all credit institutions, professional investors, market makers and brokers / dealers.

The network offers a flexible system of payment for executed transactions. As with other ECNs, STRIKE charges a flat fee per share (thus, total fee is proportional to the number of shares, involved in the transaction). However, in STRIKE, this commission is reduced for large transactions.. STRIKE, in order to attract clients, takes a commission only for executed transactions. The disadvantage of the network is the lack of advanced analysis tools, for this you have to use other resources. The network has a direct connection to RediBook.

BRUT trading system. BRASS Utility Network, L.L.C. was created as a trading system for market makers, working in the over-the-counter market OTC (Over The Counter Market). Most BRUT users are members of the BRASS system at the same time (Brokerage Real-Time Applications System). BRUT uses the quote stream from BRASS and actually complements it in terms of functionality.

ATTAIN trading system. Typical retail chain, created with the aim of attracting as many individual investors as possible and focused on day traders. Works primarily with NASDAQ stock. Any personal computer with Pentium II is enough to install the software., 64 MB of memory and installed Windows 95, 98 or NT. Entry of orders is simplified as much as possible. The chain is owned by All-Tech Securities, Inc.

Orders, received from network clients, can be executed both inside the system, as well as outside. The network is open to enter orders from other brokers / dealers and ECN, but such orders, unlike customer orders, are executed only within the system. The client of the network receives a high-quality package of analytical support, including technical analysis. The stream of quotes is based on DBC data (Data Broad Corporation), with which Attain has a strategic agreement. The network has direct access to Island and Archipelago, Brut, Strike и Redi BOOK.

POSIT trading system. Alternative trading system of a different type (not ECN), works on the principle of onchool (salvo) auction. POSIT is a system, in which crossing is carried out (offsetting) market orders in 10:00, 11:30, 12:30, 13:30 And 15:00 at average prices, established at the moment in the market.

ECN benefits

Let's name a few of them: anonymity, automation, speed and quality of order execution, low cost of use. Buyers and sellers of shares can place their orders through ECN not worrying, that information about the ownership of these orders will be leaked and could affect the “market” - a phenomenon known on Wall Street as the “Name Effect”. When trading through ECN the human factor is completely absent, as long as the computer accepts and serves orders, and the computer does not spread rumors. By automating the transfer and execution of orders, ECN not only speeds up the process, but also significantly saves money for investors, T. to. as opposed to the traditional route Broker - Market maker of the NASDAQ system, ECN does not try to earn in excess of the commission charged by the difference between the execution price of the client's order and the real market price.

Today, many ECNs offer trading before and after the day market session.. Moreover, the time of "post-market" trading is constantly moving apart. Obviously, that in the near future, trading via ECN will become 24/7.

Source of earnings ECN

Usually ECNs are charged either from one, either from both parties to the transaction. This fee ranges from 0,25 cents to 3,5 cents per share. Some ECNs as Initiatives to Increase Trade Volumes (liquidity) do not charge from the other side, which initiates the deal, but take only from the opposite side, which closes the deal.

Disadvantages of ECN

ECN trading is extremely efficient for highly liquid stocks, which have one-time buy and sell orders, which significantly increases the likelihood of finding and matching counter orders. For less liquid shares, ECN is much less likely to function as an electronic exchange, and sometimes it is preferable to direct orders to the traditional well-known market makers of the NASDAQ system.

Obviously, that even with high volumes of transactions per share, not all ECNs have the same high liquidity for this share. More liquid ECNs are preferred.

ECN Commission

ECN	Adding liquidity	Withdrawing liquidity
ARCA (NASDAQ)	$0.0023	$0.0030
ARCA (AMEX)	$0.0022	$0.0030
ARCA (NYSE)	$0.0023	$0.0030
BATS (NASDAQ)	$0.0000	$0.001
BATS (NYSE)	$0.0000	$0.001
BATS (AMEX)	$0.0000	$0.001
EDGX (NASDAQ)	$0.0025	$0.0028
EDGX (NYSE)	$0.0025	$0.0028
EDGX (AMEX)	$0.0030	$0.0028
EDGA	$0.0002	$0.0002
FLOW	$0.0023	$0.0028
NASDAQ Displayed	$0.0020	$0.0030
NASDAQ Hidden	$0.0010	$0.0030
NASDAQ (NYSE)	$0.0020	$0.0030
BOSX (NYSE)	$0.0008	$0.0004
BOSX (NASDAQ)	$0.0008	$0.0004
BOSX (AMEX)	$0.0009	$0.0021
NYSE	$0.0010	$0.0018
NYSE AMEX	$0.0010	$0.0030
ARCA (OTCBB)	$0.0000	$0.0030
NITE (OTCBB)	$0.0000	$0.0000
BELZ(NYSE)	$0.0041	$0.0047
BELZ (NASDAQ)	$0.0041	$0.0047
BELZ(AMEX)	$0.0041	$0.0047
BLZX (NASDAQ)	$0.0041	$0.0047
BLZX (NYSE)	$0.0041	$0.0047
BLZX (AMEX)	$0.0041	$0.0047
BRUT (NYSE)	$0.0010	$0.0035
BRUT (NASDAQ)	$0.0020	$0.0030
CDRG (NYSE)	$0.0000	$0.0000
CDRG (NASDAQ)	$0.0000	$0.0000
DATA (NYSE)	$0.0020	$0.0030
DATA (NASDAQ)	$0.0025	$0.0030
GFLO	$0.0000	$0.0000
ISEO	$0.0000	$0.0000
ISEQ (NYSE)	$0.0029	$0.0025
ISEQ (NASDAQ)	$0.0029	$0.0025
ISEQ (AMEX)	$0.0000	$0.0025
ISLD (NYSE)	$0.0020	$0.0030
ISLD (NASDAQ)	$0.0020	$0.0030
ISLD (AMEX)	$0.0020	$0.0030
MLCO	$0.0005	$0.0035
MLNX	$0.0005	$0.0035
MLOP	$0.0000	$0.0000
NITE	$0.0010	$0.0010
NQBX	$0.0000	$0.0000
NSXX	$0.0025	$0.0030
NYFD	$0.0005	$0.0030
OESD	$0.0035	$0.0035
PPLN	$0.0000	$0.0000
SHMR	$0.0020	$0.0020
SOES	$0.0005	$0.0030
TRAC	$0.0025	$0.0028
UBSS	$0.0000	$0.0000
VWAP	$0.0020	$0.0030

Most profitable routes and ECN

NYSE shares: put on the limit order Nasdaq, ARCA (in this case, you will receive a rebate for adding liquidity), on the market order NQBX (almost free ECN).

NASDAQ Stock: put on the limit order Nasdaq, ARСA (in this case, you will receive a rebate for adding liquidity), on the market order NQBX (almost free ECN).

Most popular ECN:

Archipelago ECN (ARCA) www.tradearca.com became part of NYSE
ATTAIN ECN (ATTN) renamed to DirectEdge
BATS Global Markets (BATS) batstrading.com
Belzberg (BELZ) www.belzberg.com
BLOOMBERG TRADEBOOK ECN (BTRD) www.bloombergtradebook.com
Brut (Brass Utility)ECN (BRUT) acquired
Direct Edge (EDGA EDGX) www.directedge.com
Instinet ECN (INCA) www.instinet.com
Island ECN (ISLD) acquired by NASDAQ
Knight BondPoint ECN (NITE) www.knightbondpoint.com
Market XT (MKXT)
Pipeline (PPLN) www.pipelinetrading.com
Redibook ECN (REDI)
Track ECN (TRAC) www.trackecn.com