ECNs Challenge Nasdaq
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This year has been a turning point for electronic communications networks (ECNs), which were created to connect brokers in the decentralized over-the-counter (OTC) market, stealing significant market share from Nasdaq but always struggling with regulators.
Just out of the gate, the SEC demanded ECNs to state whether they wanted to be considered exchanges, subject to all the regulatory oversight and market maintenance that implied. Or were they to be considered broker-dealers, regulated like the
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