Electronic communication networks (ECNs) automatically match buy and sell orders at specified prices, and orders are not routed to the floor of an exchange before processing.

Name: Electronic communication networks (ECNs) automatically match buy and sell orders at specified prices, and orders are not routed to the floor of an exchange before processing.
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Question

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This is the definition of ECNs. They are not routed to the floor of an exchange. Both the NYSE and NASDAQ have acquired the leading ECNs.

Electronic Communication Networks (ECNs) Automatically Match Buy and Sell Orders