Series 66: 6.1.4 Fourth Market

Taken from our Series 66 Online Guide

6.1.4 Fourth Market

The fourth market is a negotiated market where institutional investors and other big money players trade listed and unlisted securities directly with each other via Electronic Communications Networks (ECNs). ECNs are automated trading systems registered with the SEC as broker-dealers that display and execute orders electronically for their private subscribers. ECNs post buy orders against sell orders and automatically complete transactions when they find matches.

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