market_participants_Nasdaq

market_participants_Nasdaq - Market Participants Market...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Market Participants 44 Market Participants NASDAQ MARKET PARTICIPANTS INCREASE MARKET QUALITY AND INVESTOR PROTECTION. NASDAQ's inclusive screen-based model, where multiple market partici- pants openly compete for order flow, provides listed companies with unmatched liquidity and depth throughout each trading day. NASDAQ combines the most efficient aspects of both the quote- and order-driven mar- kets, allowing multiple participants to trade with each other through a sophisti- cated computer and telecommunications network. NASDAQ market partici- pants––approximately 1,000––are made up of market makers, order entry firms, and alternative trading systems (ATSs) that include electronic communi- cation networks (ECNs) and unlisted trading privileges (UTP) exchanges. NAS- DAQ allows all participants equal access to the market and to market informa- tion through a simultaneous broadcast of quotes over computer terminals. Trading information is broadcast to over 1.2 million users in 83 countries. NAS- DAQ trades are facilitated through NASDAQ Workstation II presentation devices, numbering 11,000.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
45 ECNs Electronic Communication Networks (ECNs) are electronic trading sys- tems that display orders in NASDAQ. ECNs were integrated into the market in 1997 as part of implementation of the Securities and Exchange Commission (SEC) order handling rules. Certified by the SEC, ECNs must be registered with NASDAQ and NASD to participate in the NASDAQ market. ECNs display either one-sided or two-sided quotes, which reflect actual orders. The NASDAQ Stock Market as of 4/2002
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/01/2010 for the course ECON 393 taught by Professor D during the Spring '10 term at Rutgers.

Page1 / 9

market_participants_Nasdaq - Market Participants Market...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online