Discussion in 'Order Execution' started by econometrics, Aug 30, 2009.

  1. hi there,

    lets start a discussion on the pros/cons of various ECNs.
    Long time ago, I was always using Island, so just migrated to NASDAQ after the acquisition and always been using NASDAQ from there.

    I am not familiar with other ECNs but think that I should consider all of them to optimize my trades and understanding of the market.

    How are the fees of the various ECNs? their liquidities/fills? speeds? etc?

    Does anyone have a brief idea of the ECN market shares?
  2. Occam


    This is a constantly evolving world. Nasdaq more or less became a big version of Island once they bought them; since then, new entrants such as BATS and EDGE have been very influential.

    Both rates and market shares change almost monthly. A good resource for following the ECN landscape is; here's one recent article that discusses many of the issues you raise:
  3. 7rader


    i think this is an interesting topic, i too am looking for more infomation on different ecns and their fees. i will try and do some digging and hopefully can contribute to this thread soon.
  4. discogen


    I've recently started at a Canadian prop firm and I'm interested in this question.

    From what I've determined by browsing around here, lots of traders are now using EDGX to hit orders and I don't understand why they don't use EDGA with routing options.

    EDGA is free to take and provide and I have been having success with fills. But then I am trading the Qs and other high liquidity ETFs. Is this the difference? Are traders using EDGX because they are trading thinner stocks?
  5. zigzag


    Are there any good links for staying up to date with ECN fees?
  6. I still use Island and my order goes in as ISLD but it goes into L2 as NSDQ.