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Figure 1.3
1997 Level II Screen |
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ISLD is bidding 800 shares and INCA is bidding 2,500 shares at 120 3/8. |
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BTRD is offering 11,000 shares at 120 1/2. |
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REDI and ISLD are offering a total of 6,500 shares at 120 9/16. |
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There is real depth to this market. |
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Where did this liquidity come from? It came from the broad universe of traders themselves, who were now able to display their bids and offers through the ECNs. |
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Both this market and this liquidity were there all along. But, until the ECNs came along, it was hidden from view, and only the market makers could really see the depth of the market. That gave them considerable advantage against the individual trader. |
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The ECNs brought the real marketwith its liquidity and priceout into the open for all traders to see. Clearly, the ECNs had provided |
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