Electronic Communication Network
- Electronic Communication Network
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Ein Electronic Communication Network (ECN) ist ein elektronisches Handelssystem eines Fremdanbieters, das an das elektronische System der NASDAQ oder an das einer anderen Börse angeschlossen ist.
Kann die Wertpapierorder im jeweiligen ECN nicht ausgeführt werden, wird sie zum Beispiel an die NASDAQ weitergeleitet. Es gibt auch bereits deutsche ECNs. Das älteste ist Tradegate, das elektronische Handelssystem der in Berlin ansässigen Tradegate AG, Wertpapierhandelsbank aus dem Jahr 2001.
Die Bedingungen wurden im Januar 1997 von der U.S. Securities Exchange Commission (SEC) festgelegt:
- Die kontinuierliche Verbreitung von Kursinformationen.
- Limit-Book-Management oder kontinuierliche Auktionen.
- Die (autom.) Zusammenführung von Kundenaufträgen und deren Ausführung.
Darüberhinau muss der Betreiber des ECN zusichern, die besten ihm vorliegenden Market-Maker-Aufträge an das Nasdaq-System weiterzugeben.
Liste bekannter ECNs
| Symbol |
Bezeichnung |
| ARCA |
Archipelago ECN |
| BTRD |
Bloomberg TradeBook ECN |
| BRUT |
The Brass Utility ECN |
| CHIX |
Chi-X ECN |
| INCA |
Instinet ECN |
| INET |
INET ECN |
| TIQS |
T.I.Q.S. ECN |
| TLNK |
TradeLink ECN |
| MBTX |
MB Trading ECN |
| NTRD |
NexTrade ECN |
| TRGT |
Tradegate ECN |
| REDI |
Spear, Leeds & Kellogg ECN |
Weblinks
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