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class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/Electronic_Communication_Network" title="Electronic Communication Network – Bulgarian" lang="bg" hreflang="bg" data-title="Electronic Communication Network" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Electronic_communication_network" title="Electronic communication network – Czech" lang="cs" hreflang="cs" data-title="Electronic communication network" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Electronic_Communication_Network" title="Electronic Communication Network – German" lang="de" hreflang="de" data-title="Electronic Communication Network" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Electronic_communication_network" title="Electronic communication network – Spanish" lang="es" hreflang="es" data-title="Electronic communication network" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B3%DB%8C%D8%B3%D8%AA%D9%85%E2%80%8C%D9%87%D8%A7%DB%8C_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D8%A7%D8%AA%DB%8C_%D8%AC%D8%A7%DB%8C%DA%AF%D8%B2%DB%8C%D9%86" title="سیستم‌های معاملاتی جایگزین – Persian" lang="fa" hreflang="fa" data-title="سیستم‌های معاملاتی جایگزین" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Electronic_Communications_Network" title="Electronic Communications Network – Italian" lang="it" hreflang="it" data-title="Electronic Communications Network" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%A7%81%E8%A8%AD%E5%8F%96%E5%BC%95%E3%82%B7%E3%82%B9%E3%83%86%E3%83%A0" title="私設取引システム – Japanese" lang="ja" hreflang="ja" data-title="私設取引システム" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/Electronic_Communication_Network" title="Electronic Communication Network – Russian" lang="ru" hreflang="ru" data-title="Electronic Communication Network" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/M%E1%BA%A1ng_l%C6%B0%E1%BB%9Bi_truy%E1%BB%81n_th%C3%B4ng_%C4%91i%E1%BB%87n_t%E1%BB%AD" title="Mạng lưới truyền thông điện tử – Vietnamese" lang="vi" hreflang="vi" data-title="Mạng lưới truyền thông điện tử" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1326063#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div 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dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Network for trading financial products</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the stock market concept. For digital communication networks, see <a href="/wiki/Computer_network" title="Computer network">Computer network</a> and <a href="/wiki/Telecommunications_network" title="Telecommunications network">Telecommunications network</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output 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//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Electronic_communication_network" title="Special:EditPage/Electronic communication network">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Electronic+communication+network%22">"Electronic communication network"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Electronic+communication+network%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Electronic+communication+network%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Electronic+communication+network%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Electronic+communication+network%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Electronic+communication+network%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">February 2012</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>An <b>electronic communication network</b> (<b>ECN</b>) is a type of computerized forum or network that facilitates the trading of <a href="/wiki/Financial_product" class="mw-redirect" title="Financial product">financial products</a> outside traditional <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a>. An ECN is generally an electronic system accessed by an <a href="/wiki/Electronic_trading_platform" title="Electronic trading platform">electronic trading platform</a> that widely disseminates orders entered by <a href="/wiki/Market_maker" title="Market maker">market makers</a> to third parties and permits the orders to be executed against them in whole or in part. The primary products that are traded on ECNs are <a href="/wiki/Stock" title="Stock">stocks</a> and <a href="/wiki/Currency" title="Currency">currencies</a>. ECNs are generally passive computer-driven networks that internally match limit orders and charge a very small per share transaction fee (often a fraction of a cent per share).<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>The first ECN, <a href="/wiki/Instinet" title="Instinet">Instinet</a>, was created in 1969. ECNs increase competition among trading firms by lowering transaction costs, giving clients full access to their order books, and offering <a href="/wiki/Order_matching_system" title="Order matching system">order matching</a> outside traditional exchange hours.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2012)">citation needed</span></a></i>]</sup> ECNs are sometimes also referred to as <a href="/wiki/Alternative_trading_system" title="Alternative trading system">alternative trading systems</a> or alternative trading networks. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The term ECN was first used in the 1970s by the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC) to define, "any electronic system that widely disseminates to third parties orders entered therein by an exchange market maker or OTC market maker, and permits such orders to be executed against it in whole or in part".<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The first ECN, the Instinet, was released in 1969 and provided an early application of the advances in computing.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The spread of ECNs was encouraged through changes in regulatory law set forth by the SEC, and in 1975 the SEC adopted the Securities Acts Amendments of 1975, encouraging the "linking of all markets for qualified securities through communication and data processing facilities".<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>ECNs have complicated stock exchanges through their interaction with <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a>. One of the key developments in the history of ECNs was the <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a> over-the-counter <a href="/w/index.php?title=Quotation_system&action=edit&redlink=1" class="new" title="Quotation system (page does not exist)">quotation system</a>. NASDAQ was created following a 1969 <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">American Stock Exchange</a> study which estimated that errors in the processing of handwritten securities orders cost brokerage firms approximately $100 million per year. The NASDAQ system automated such order processing and provided brokers with the latest competitive price quotes via a computer terminal. In March 1994, a study by two economists, William Christie and Paul Schultz, noted that NASDAQ <a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid–ask spreads</a> were larger than was statistically likely, indicating "We are unable to envision any scenario in which 40 to 60 dealers who are competing for <a href="/wiki/Payment_for_order_flow" title="Payment for order flow">order flow</a> would simultaneously and consistently avoid using odd-eighth quotes without an implicit agreement to post quotes only on the even price fractions. However, our data do not provide direct evidence of tacit collusion among NASDAQ market makers". </p><p>These results led to an <a href="/wiki/Nasdaq_Market_Makers_Antitrust_Litigation" title="Nasdaq Market Makers Antitrust Litigation">antitrust lawsuit</a> being filed against NASDAQ. As part of NASDAQ's settlement of the antitrust charges, NASDAQ adopted new order handling rules that integrated ECNs into the NASDAQ system. Shortly after this settlement, the SEC adopted <a href="/wiki/Alternative_trading_system" title="Alternative trading system">Regulation ATS</a>, which permitted ECNs the option of registering as stock exchanges or else being regulated under a separate set of standards for ECNs.<sup id="cite_ref-Christie94_5-0" class="reference"><a href="#cite_note-Christie94-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>At that time major ECNs that became active were <a href="/wiki/Instinet" title="Instinet">Instinet</a> and <a href="/wiki/Island_Exchange" class="mw-redirect" title="Island Exchange">Island</a> (part of Instinet was spun off, merged with Island into <a href="/wiki/Inet" title="Inet">Inet</a>, and acquired by <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a>), <a href="/wiki/Archipelago_Exchange" class="mw-redirect" title="Archipelago Exchange">Archipelago Exchange</a> (which was acquired by the <a href="/wiki/NYSE" class="mw-redirect" title="NYSE">NYSE</a>) and <a href="/w/index.php?title=Brut_LLC&action=edit&redlink=1" class="new" title="Brut LLC (page does not exist)">Brut</a> (now acquired by NASDAQ). </p><p>ECNs enjoyed a resurgence after the adoption of SEC <a href="/wiki/Regulation_NMS" title="Regulation NMS">Regulation NMS</a>, which required "trade through" protection of orders in the market, regardless of where those orders are placed. </p><p>In the past, many ECNs were "closed book"—i.e., allowing participants to interact only with other participants in that network. However, increasingly ECNs have adopted an "open book" format, addressing the potential fragmented liquidity by integrating orders with those of other ECNs or market makers, thus increasing the overall pool of orders.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Function">Function</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=2" title="Edit section: Function"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>ECNs are used as stock exchanges for off-the-floor trading.<sup id="cite_ref-Britannica_8-0" class="reference"><a href="#cite_note-Britannica-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> To trade with an ECN, one must be a subscriber or have an account with a broker that provides <a href="/wiki/Direct_access_trading" class="mw-redirect" title="Direct access trading">direct access trading</a>. ECN subscribers can enter <a href="/wiki/Order_(exchange)" title="Order (exchange)">orders</a> into the ECN via a custom computer terminal or network protocols. The ECN will then match contra-side orders (i.e. a sell-order is "contra-side" to a buy-order with the same price and share count) for execution. The ECN will post unmatched orders on the system for other subscribers to view.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2021)">citation needed</span></a></i>]</sup> With ECN, buyers and sellers are able to trade anonymously,<sup id="cite_ref-dummies_9-0" class="reference"><a href="#cite_note-dummies-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Fabozzi655_10-0" class="reference"><a href="#cite_note-Fabozzi655-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> with the trade execution reports listing the ECN as the party. </p><p>ECNs allow its customers to trade outside traditional trading hours.<sup id="cite_ref-invest2_11-0" class="reference"><a href="#cite_note-invest2-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Some ECN brokers may offer additional features to subscribers such as negotiation, reserve size, and pegging, and may have access to the entire ECN book (as opposed to the "top of the book") that real-time market data regarding depth of trading interest.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2021)">citation needed</span></a></i>]</sup> ECNs are also considered to be effective for handling small orders.<sup id="cite_ref-Fabozzi655_10-1" class="reference"><a href="#cite_note-Fabozzi655-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>ECNs are generally facilitated by electronic negotiation, a type of communication between agents that allows cooperative and competitive sharing of information to determine a proper price. </p> <div class="mw-heading mw-heading3"><h3 id="Negotiation_types">Negotiation types</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=3" title="Edit section: Negotiation types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The most common paradigm is the electronic <a href="/wiki/Auction" title="Auction">auction</a> type. As of 2005, most <a href="/wiki/E-business" class="mw-redirect" title="E-business">e-business</a> negotiation systems can only support price negotiations. Traditional negotiations typically include discussion of other attributes of a deal, such as delivery terms or payment conditions. This one-dimensional approach is one of the reasons why <a href="/wiki/Electronic_markets" title="Electronic markets">electronic markets</a> struggle for acceptance. Multiattributive and <a href="/wiki/Combinatorial_auction" title="Combinatorial auction">combinatorial auction</a> mechanisms are emerging to allow further types of negotiation. </p><p>Support for complex multi-attribute negotiations is a <a href="/wiki/Critical_success_factor" title="Critical success factor">critical success factor</a> for the next generation of electronic markets and, more generally, for all types of electronic exchanges. This is what the second type of <b>electronic negotiation</b>, namely Negotiation Support, addresses. While <a href="/wiki/Auction" title="Auction">auctions</a> are essentially mechanisms, bargaining is often the only choice in complex cases or those cases where no choice of partners is given. Bargaining is a hard, error-prone, ambiguous task often performed under time pressure. <a href="/wiki/Information_technology" title="Information technology">Information technology</a> has some potential to facilitate negotiation processes which are analyzed in research projects/prototypes such as INSPIRE, Negoisst or WebNS. </p><p>The third type of negotiation is automated argumentation, where agents exchange not only values, but also arguments for their offers/counter-offers. This requires agents to be able to reason about the mental states of other market participants. </p> <div class="mw-heading mw-heading3"><h3 id="Technologies">Technologies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=4" title="Edit section: Technologies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One research area that has paid particular attention to modeling automated negotiations is that of <a href="/wiki/Autonomous_agent" title="Autonomous agent">autonomous agents</a>. If negotiations occur frequently, possibly on a minute per minute basis in order to schedule network capacity, or negotiation topics can be clearly defined it may be desirable to automate this coordination. </p><p>Automated negotiation is a key form of interaction in complex systems composed of autonomous agents. Negotiation is a process of making offers and counteroffers, with the aim of finding an acceptable agreement. During negotiation, each offer is based on its own utility and expectation of what other. This means that a multi-criteria decision making is need to be taken for each offer. </p> <div class="mw-heading mw-heading2"><h2 id="In_the_stock_market">In the stock market</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=5" title="Edit section: In the stock market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For stock trading, ECNs exist as a class of SEC-permitted <a href="/wiki/Alternative_trading_system" title="Alternative trading system">alternative trading systems</a> (ATS).<sup id="cite_ref-boerse_12-0" class="reference"><a href="#cite_note-boerse-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> As an ATS, ECNs exclude broker-dealers' internal <a href="/wiki/Crossing_network" title="Crossing network">crossing networks</a> – i.e., systems that match orders in private using prices from a public exchange. </p><p>ECNs, as alternative trading systems, have increased competition with institutional trading systems. Alternative trading systems have been found to have lower execution costs, however as new ECNs emerge, some of this cost reduction has dissipated.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Simultaneously, the growth of ECNs has been found to disrupt institutional trading. An analysis of impact of ECNs on NASDAQ found "tighter spreads, greater depths, and less concentrated markets".<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> ECNs provide historical orders and price data to subscribers. As a result, ECNs compete through their ability to attract "more informed orders" during "periods of high volume and return volatility".<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Professor Terrence Hendershott argues that today "ECN's capture 40% of the volume in NASDAQ securities", and are considerably changing the securities trading market.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>ECNs' transactions can be completed without broker-dealers.<sup id="cite_ref-dummies_9-1" class="reference"><a href="#cite_note-dummies-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> ECNs have influenced the stock market by eliminating dealer functions in order-matching. With the automation of orders on mass scale, the role of intermediary traders has been reconfigured. While the ECNs do not execute decision-making algorithms to the extent of algorithmic trading, nevertheless they have impacted the role of human traders in financial exchange. </p> <div class="mw-heading mw-heading2"><h2 id="Fee_structure">Fee structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=6" title="Edit section: Fee structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>ECN's fee structure can be grouped in two basic structures: a classic structure and a credit (or rebate) structure. Both fee structures offer advantages of their own. The classic structure tends to attract liquidity removers while the credit structure appeals to liquidity providers. However, since both removers and providers of liquidity are necessary to create a market, ECNs must choose their fee structures carefully. </p><p>In a credit structure ECNs make a profit from paying liquidity providers a credit while charging a debit to liquidity removers. Credits range from $0.002 to $0.00295 per share for liquidity providers, and debits from $0.0025 to $0.003 per share for liquidity removers. The fee can be determined by the monthly volume provided and removed, or by a fixed structure, depending on the ECN. This structure is common on the <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a> market. <a rel="nofollow" class="external text" href="http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2">NASDAQ Price List</a>. Traders commonly quote the fees in millicents or mils (e.g. $0.00295 is 295 mils). </p><p>In a classic structure, the ECN will charge a small fee to all market participants using their network, both liquidity providers and removers. They also can attract volume to their networks by giving lower prices to large liquidity providers. Fees for ECNs that operate under a classic structure range from $0 to $0.0015, or even higher depending on each ECN. This fee structure is more common in the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">NYSE</a>, however recently some ECNs have moved their NYSE operations into a credit structure. </p> <div class="mw-heading mw-heading2"><h2 id="Currency_trading">Currency trading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=7" title="Edit section: Currency trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first ECN for internet currency trading was New-York based <a href="/wiki/Matchbook_FX" title="Matchbook FX">Matchbook FX</a> formed in 1999. Back then, all the prices were created & supplied by Matchbook FX's traders/users, including banks, within its ECN network. This was quite unique at the time, as it empowered buy-side FX market participants, historically always "price takers", to finally be price makers as well. Today, multiple FX ECNs provide access to an electronic trading network, supplied with streaming quotes from the top tier banks in the world. Their matching engines perform limit checks and match orders, usually in less than 100 milliseconds per order. The matching is quote driven and these are the prices that match against all orders. </p><p>Spreads are discretionary but in general multibank competition creates 1-2 pip spreads on USD Majors and Euro Crosses. The order book is not a routing system that sends orders to individual market makers. It is a live exchange type book working against the best bid/offer of all quotes. By trading through an ECN, a currency trader generally benefits from greater price <a href="/wiki/Transparency_(humanities)" class="mw-redirect" title="Transparency (humanities)">transparency</a>, faster processing, increased <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> and more availability in the marketplace. <a href="/wiki/Bank" title="Bank">Banks</a> also reduce their costs as there is less manual effort involved in using an ECN for trading. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Extended_hours_trading" class="mw-redirect" title="Extended hours trading">Extended hours trading</a></li> <li><a href="/wiki/Inet" title="Inet">Inet</a></li> <li><a href="/wiki/Island_ECN" title="Island ECN">Island ECN</a></li> <li><a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a></li> <li><a href="/wiki/NYSE_Arca" title="NYSE Arca">NYSE Arca</a></li> <li><a href="/wiki/Order_matching_system" title="Order matching system">Order matching system</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Lemke and Lins, <i>Soft Dollars and Other Trading Activities</i>, §2:27 (Thomson West, 2013-2014 ed.).<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (January 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/rules/final/34-51808.pdf">"Regulation NMS SEC Act Release No 51808"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Regulation+NMS+SEC+Act+Release+No+51808&rft_id=https%3A%2F%2Fwww.sec.gov%2Frules%2Ffinal%2F34-51808.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnson2014" class="citation book cs1">Johnson, Stafford (2014). <i>Equity Markets and Portfolio Analysis</i>. John Wiley & Songs. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-20268-5" title="Special:BookSources/978-1-118-20268-5"><bdi>978-1-118-20268-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Equity+Markets+and+Portfolio+Analysis&rft.pub=John+Wiley+%26+Songs&rft.date=2014&rft.isbn=978-1-118-20268-5&rft.aulast=Johnson&rft.aufirst=Stafford&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (January 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gpo.gov/fdsys/pkg/STATUTE-89/pdf/STATUTE-89-Pg97.pdf">"The 1975 SEC Act Amendments"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+1975+SEC+Act+Amendments&rft_id=https%3A%2F%2Fwww.gpo.gov%2Ffdsys%2Fpkg%2FSTATUTE-89%2Fpdf%2FSTATUTE-89-Pg97.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span></span> </li> <li id="cite_note-Christie94-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Christie94_5-0">^</a></b></span> <span class="reference-text">Christie, William G. and Schultz, Paul H. <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2329272">"Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?"</a> <i><a href="/wiki/The_Journal_of_Finance" title="The Journal of Finance">The Journal of Finance</a></i> 49:5 (December 1994), pp. 1813–1840.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.luc.edu/orgs/finroundtable/statement95a.html">"Statement on the Structure of the Nasdaq Stock Market"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100603050314/http://www.luc.edu/orgs/finroundtable/statement95a.html">Archived</a> 2010-06-03 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Financial Economists Roundtable, September 18, 1995.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Lemke and Lins, <i>Soft Dollars and Other Trading Activities</i>, §2:27 (Thomson West, 2013 ed.)<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (January 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-Britannica-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Britannica_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.britannica.com/topic/stock-exchange-finance#ref848902">"Stock exchange"</a>. <i>Britannica</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">2020-08-04</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=dummies.com&rft.atitle=How+Do+Electronic+Communications+Networks+Relate+to+Stock+Trading%3F&rft_id=https%3A%2F%2Fwww.dummies.com%2Fpersonal-finance%2Finvesting%2Fhow-do-electronic-communications-networks-relate-to-stock-trading%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span></span> </li> <li id="cite_note-Fabozzi655-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-Fabozzi655_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Fabozzi655_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFFabozziDrake2009">Fabozzi & Drake 2009</a>, p. 655</span> </li> <li id="cite_note-invest2-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-invest2_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChen" class="citation web cs1">Chen, James. <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/a/afterhourstrading.asp">"After-Hours Trading"</a>. <i>Investopedia</i>. 2020-04-15 15<span class="reference-accessdate">. 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(January 2021)">page needed</span></a></i>]</sup></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBarclay" class="citation journal cs1">Barclay, Michael. "Electronic Communications Networks and Market Quality". <i>SSRN Electronic Journal</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Electronic+Journal&rft.atitle=Electronic+Communications+Networks+and+Market+Quality&rft.aulast=Barclay&rft.aufirst=Michael&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHendershott2003" class="citation journal cs1">Hendershott, T (2003). <a rel="nofollow" class="external text" href="http://faculty.haas.berkeley.edu/hender/ITpro.pdf">"Electronic Trading in Financial Markets"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Electronic+Trading+in+Financial+Markets&rft.date=2003&rft.aulast=Hendershott&rft.aufirst=T&rft_id=http%3A%2F%2Ffaculty.haas.berkeley.edu%2Fhender%2FITpro.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (January 2021)">page needed</span></a></i>]</sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading3"><h3 id="Bibliography">Bibliography</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=10" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFabozziDrake2009" class="citation book cs1">Fabozzi, Frank J.; Drake, Pamela Peterson (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mUBsAwAAQBAJ"><i>Capital Markets, Financial Management, and Investment Management</i></a>. New Jersey: John Wiley & Sons Inc. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-40735-6" title="Special:BookSources/978-0-470-40735-6"><bdi>978-0-470-40735-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capital+Markets%2C+Financial+Management%2C+and+Investment+Management&rft.place=New+Jersey&rft.pub=John+Wiley+%26+Sons+Inc&rft.date=2009&rft.isbn=978-0-470-40735-6&rft.aulast=Fabozzi&rft.aufirst=Frank+J.&rft.au=Drake%2C+Pamela+Peterson&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DmUBsAwAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElectronic+communication+network" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Electronic_communication_network&action=edit&section=11" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.sec.gov/news/studies/ecnafter.htm">Special Study: Electronic Communication Networks and After-Hours Trading</a></li> <li><a rel="nofollow" class="external text" href="https://www.sec.gov/divisions/marketreg/mrecn.shtml">ECNs/Alternative Trading Systems</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl 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title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a class="mw-selflink selflink">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" title="Yield (finance)">Yield</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img 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