ECN - Electronic Communications Network

ECNs – Electronic Communication Networks

ECNs are Electronic Communication Networks that disseminate the prices and sizes of open orders and bring the buyers and sellers of securities together over an electronic network.

Archipelago (ARCA) provides anonymous order entry and execution features using a proprietary SmartBookTM software. ARCA has created a National Order Book in addition to giving customers access to all liquidity there is, including other ECNs.

The Inet ECN created as a result of a merger between Island and Instinet is the largest ECN in North America. INET is displayed as ISLD and INCA on our trading platforms. Inet is an automated equity securities trading system, which enables brokers to electronically display client orders. Island basically functions as an auction market by directly matching buy and sell orders.

Brut Electronic Investment Services brings institutional investors and brokers and dealers together for better quality of information, better trading and a more dynamic market.

Bloomberg TRADEBOOK provides institutional traders, brokerage agencies and market makers with access to various sources of liquidity. Bloomberg TRADEBOOK helps traders merge all sources of liquidity on one electronic platform. Bloomberg TRADEBOOK displays your orders in the National Quote Montage and interacts with the overall order flow through Nasdaq or opens access to liquidity from individual market participants or ECNs.


ATTAIN® ECN (ATTN) allows its subscribers direct posting of orders to the ATTN book. Subscribers can enter orders into ATTN in both directions (bid/ask) or in between the spread without intervention by market makers. The best bid and ask for each equities security is posted on Nasdaq. Clients can use ECN ATTN to display a price, which is in between the spread for the respective security, on Nasdaq.