@Harborside Is Not An ECN
ATS/ECN UPDATE
NEW YORK--@Harborside is not an ECN, nor is it an ATS, for that matter. In fact, there's no matching engine under @Harborside's covers at all. No, @Harborside is an anonymous FIX-compliant Web-based block order IOI system that allows institutions to find each other. But that's where the technology ends. All negotiations and executions are done off-line.
The goal, Jefferies officials say, is to use technology to bring more trades to the desk, but not replace the desk or the traders. "We didn't try
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