Stock Exchange
(see also: Stock Market)
-A market in which securities, commodities, options or futures are traded. The NYSE, NASDAQ and Amex are some examples of exchanges.
The
securities traded on a stock exchange include; shares issued by companies, unit
trusts and other pooled investment products and bonds.
A stock exchange is often the most important component of a stock market. There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter (OTC). This is the usual way that Bonds are traded.
Electronic Communication Network (ECN)
-An electronic system that attempts to eliminate the role of a third party in the execution of orders entered by an exchange market maker or an over-the-counter market maker, and permits such orders to be entirely or partly executed.
An ECN connects major brokerages and individual traders so that they can trade directly between themselves, without having to go through a middleman.
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