NexTrade (NEXT)

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NexTrade is the first ECN to provide 24-hour electronic order execution

to retail traders. NexTrade allows its customers anonymity

to enter and exit a market. You are able to place Nasdaq and NYSE

limit orders.

Currently ECNs are used to trade stocks on the Nasdaq system

and can be viewed on a Nasdaq Level II screen. Level II screens

will be discussed later in this chapter, along with price tickers and

order routing.

Who Owns the ECNs

ECN

Instinet

Island

Archipelago

Attain

Brut

Redibook

Strike

B-Trade

NexTrade

Name Unknown

Owner

Reuters

Datek On-line

E-Trade; Goldman Sachs; Townsend Analytics; TerraNova;

Southwest Securities

All-Tech Investments (day trading firm)

SunGard; Merrill Lynch; Morgan Stanley; Dean Witter; Goldman

Sachs; Knight Trimark

Spear, Leeds & Kellogg

Bear Stearns; Lehman Brothers; J.P. Morgan; Donaldson,

Lufkin & Jenrette; Salomon Smith Barney; Bridge Data; Herzog,

Heine, Geduld; Sun Microsystems

Bloomberg

Pim Global Equities

Fidelity Investments; Charles Schwab; Donaldson, Lufkin &

Jenrette; Spear, Leeds & Kellogg

Let us continue our look at mechanisms for trading the Nasdaq

market. Later we will cover trading stocks listed on the NYSE using

the Super DOT system.

NexTrade is the first ECN to provide 24-hour electronic order execution

to retail traders. NexTrade allows its customers anonymity

to enter and exit a market. You are able to place Nasdaq and NYSE

limit orders.

Currently ECNs are used to trade stocks on the Nasdaq system

and can be viewed on a Nasdaq Level II screen. Level II screens

will be discussed later in this chapter, along with price tickers and

order routing.

Who Owns the ECNs

ECN

Instinet

Island

Archipelago

Attain

Brut

Redibook

Strike

B-Trade

NexTrade

Name Unknown

Owner

Reuters

Datek On-line

E-Trade; Goldman Sachs; Townsend Analytics; TerraNova;

Southwest Securities

All-Tech Investments (day trading firm)

SunGard; Merrill Lynch; Morgan Stanley; Dean Witter; Goldman

Sachs; Knight Trimark

Spear, Leeds & Kellogg

Bear Stearns; Lehman Brothers; J.P. Morgan; Donaldson,

Lufkin & Jenrette; Salomon Smith Barney; Bridge Data; Herzog,

Heine, Geduld; Sun Microsystems

Bloomberg

Pim Global Equities

Fidelity Investments; Charles Schwab; Donaldson, Lufkin &

Jenrette; Spear, Leeds & Kellogg

Let us continue our look at mechanisms for trading the Nasdaq

market. Later we will cover trading stocks listed on the NYSE using

the Super DOT system.