Directory of Alternative Trading Systems ECNs Resources

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An alternative trading system (ATS), as the name suggests, provides the means for investors to execute transactions in the capital markets, usually via the Internet or a private network, without using traditional exchanges. Often known as ECNs (electronic communication/crossing networks), ECNs usually cater for stock trades but also exist for bonds, syndicated loans and foreign exchange (FX).

Resources in This Category

• Archipelago

  http://www.archipelago.com/
  Order entry and execution system for Nasdaq and listed stocks. Features include anonymous access to all displayed Nasdaq market participants, SmartBook TM proprietary execution algorithm.

• Bloomberg Tradebook

  http://www.bloombergtradebook.com/
  Institutional access only from Bloomberg terminal through B-Trade Services. Recent expansion deal with Credit-Lyonnais.

• Brut

  http://www.nasdaqtrader.com/
  Covers the Nasdaq market providing proprietary access to trading liquidity.

• Instinet Corporation

  http://www.instinet.com/
  One of the largest brokers in the electronic markets. Recent link up with virt-x exchange in the UK.

• ITG Europe

  http://www.itgeurope.com/
  European crossing network. Orders can be entered manually, imported from a trade order management system or loaded via an Excel spreadsheet. Accepts orders via email for forwarding to POSIT. Sales traders will accept orders via phone calls or fax.

• Marco Polo New World

  http://www.marcopolonewworld.com/
  Online equity trading network linking developed countries of the world with emerging markets.

• RealTick By Townsend Analytics, Ltd.

  http://www.realtick.com/
  Research and direct access trading platform integrated with technical analysis and real time quote displays.

 

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