Series 24: 5.6.1.3. Electronic Communications Networks (ECNs)

Taken from our Series 24 Online Guide

5.6.1.3. Electronic Communications Networks (ECNs)

Electronic Communications Networks 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. Subscribers to an ECN may include institutional investors, broker-dealers, and market makers. Individuals who wish to trade through an ECN must have an account with a broker-dealer.

If an ECN cannot match

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