Rise of ECNs 1969: Instinet (first ECN) established 1975: Elimination of fixed commissions (No more easy money) 1994: NASDAQ Scandal (Dealers avoided
{"Image DocumentName": "Rise of ECNs 1969: Instinet (first ECN) established", "Image ImageDescription": "1975: Elimination of fixed commissions (No more easy money) 1994: NASDAQ Scandal (Dealers avoided odd 1/8) SEC instituted new order-handling rules, Include ECN quotes. ECNs given ability to register as stock exchanges. 2000: Emergence of NASDAQ Stock Market. 2006: NYSE acquires ECN renamed NYSE Arca. 2007: Reg NMS. All exchanges linked electronically. Required to honor quotes from other exchanges. Broker needs to find best price available.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}