The Emergence of Electronic Communications Networks in the U.S. Equity Markets

Current Issues in Economics and Finance, Vol. 6, No. 12, October 2000

6 Pages Posted: 12 May 2005

See all articles by James McAndrews

James McAndrews

Wharton Financial Institutions Center

Christodoulos Stefanadis

University of Piraeus

Abstract

Recent regulatory and technological changes have spurred the development of automated trading systems known as ECNs, or electronic communications networks. Proponents of the networks contend that ECNs can cut transaction costs, accelerate trade execution, and expand the price information available to investors. While some critics have questioned the effects of the ECNs on market integration, it is clear that the networks are poised to play an increasingly important role in the new electronic environment.

Keywords: ECN, equity market, internet, electronic, exchange

JEL Classification: G24, G28, G18

Suggested Citation

McAndrews, James and Stefanadis, Christodoulos, The Emergence of Electronic Communications Networks in the U.S. Equity Markets. Current Issues in Economics and Finance, Vol. 6, No. 12, October 2000, Available at SSRN: https://ssrn.com/abstract=722627

James McAndrews (Contact Author)

Wharton Financial Institutions Center ( email )

2306 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104
United States
9176090086 (Phone)
19104 (Fax)

Christodoulos Stefanadis

University of Piraeus ( email )

80 Karaoli and Dimitriou
Piraeus, 18534
Greece

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