Buying Up The ECNs — Helping The Money Flow More Efficiently
from the efficiency-is-good dept
Towards the end of Andy Kessler’s book about the history of technology and markets he discusses how electronic trading networks were pretty much taking over, creating a real pain for the NYSE and its centuries old stock exchange methodology (Slate has a brief explanation on how they differ). It appears that everyone’s starting to figure this out now. The New York Stock Exchange bought the Archipelago ECN and the NASDAQ wasted no time in finalizing the paperwork on a deal to buy Instinet (rumored for quite some time). The end result should be more efficient markets, and an even easier flow of money — which tends to be a good thing.