Needham, Massachusetts, July 26 (Bloomberg) – Island ECN and other automated systems expanded their share of Nasdaq Stock Market trades in the second quarter as overall activity slowed, a study said.
Electronic communications networks, or ECNs, accounted for 37 percent of shares traded, up from 31 percent in previous months, research and consulting firm TowerGroup Inc. estimated.
"ECNs showed a drop-off in volume similar to Nasdaq, but Nasdaq’s was much more pronounced," said TowerGroup analyst Rob Hegarty. "Most people would have thought ECN volume would have dropped more precipitously than Nasdaq volume, and that’s not what happened."
* Excerpts taken from full Bloomberg article, posted on July 26, 2000
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