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Lorsque les réseaux d'information deviendront des bourses

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  • Thomas Serval
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    Abstract

    [fre] Lorsque les réseaux d'information deviendront des bourses. . Favorisés parla SEC (Securities Exchange Commission), les réseaux de com­munication électroniques ou ECN (Electronic Communication Networks) sont apparus comme des systèmes alternatifs d'échange, contournant le monopole des market makers sur le NASDAQ et permettant aux investisseurs d'exécuter leurs ordres directement, avec un pouvoir discrétionnaire plus élevé et théoriquement à moindre coût. Les ecn peuvent donc être vus comme la première étape vers une place de marché électronique globale et le signe d'une convergence entre bourses et réseaux financiers d'information. [eng] When information networks will become stock exchange. . Created by the Securities Exchange Commission (SEC), Electronic Communication Networks (ECN) were designed as alternative trading systems to bypass the monopoly of the market makers on NADASQ. ECNS allow investors to execute orders directly, with more discretionary power and theoretically at a lower cost. ecns can be understood as a first step towards a global decentralized marketplace and the sign of a convergence between stock markets and financial information networks.

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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue économique.

    Volume (Year): 52 (2001)
    Issue (Month): 1 ()
    Pages: 249-265

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    Handle: RePEc:prs:reveco:reco_0035-2764_2001_hos_52_1_410288

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