New ideas on the block

Is there any market space left for new crossing networks or block-trading electronic communication networks (ECNs)?

Yes. In the next three years, I think that you're going to see an increase in the number of execution platforms. Whether those are agency platforms or crossing platforms, I'm not certain. However, ultimately there will be a consolidation of these platforms. I also expect that the way they will cross will change. There's one model out there that crosses continuously and another model