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market_participants_Nasdaq - Market Participants Market...

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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.
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Market Participants 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.
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