Goldstein, Michael A.; Shkilko, Andriy V.; Ness, Bonnie … - In: Journal of Financial Markets 11 (2008) 2, pp. 113-143
The study investigates competition in the market for NASDAQ stocks during a recent period in US equity markets history when three major Electronic Communication Networks (ECNs)--Archipelago, Island, and Instinet--are identifiable in the Trade and Quote (TAQ) database. We show that the ECNs...