concentrated markets". ECNs provide historical orders and price data to subscribers. As a result, ECNs compete through their ability to attract "more informed orders" during "periods of high volume and return volatility". Professor Terrence Hendershott argues that today "ECN's capture 40% of the volume in NASDAQ securities", and are considerably changing the securities trading market. ECNs' transactions can be completed without broker-dealers. ECNs have influenced the stock market by eliminating dealer functions in order-matching. With the automation of orders on mass scale, the role of intermediary traders has been reconfigured. While the ECNs don't execute decision-making algorithms to the extent of algorithmic trading, nevertheless they have impacted the role of human traders in financial exchange. Fee structure ECN's fee structure can be grouped in two basic structures: a classic structure and a credit (or rebate) structure. Both fee structures offer advantages of their own. The classic structure tends to attract liquidity removers while the credit structure appeals to liquidity providers. However, since both removers and providers of liquidity are necessary to create a market, ECNs must choose their fee structures carefully. In a credit structure ECNs make a profit from paying liquidity providers a credit while charging a debit to liquidity removers. Credits range from $0.002 to $0.00295 per share for liquidity providers, and debits from $0.0025 to $0.003 per share for liquidity removers. The fee can be determined by the monthly volume provided and removed, or by a fixed structure, depending on the ECN. This structure is common on the NASDAQ market. NASDAQ Price List. Traders commonly quote the fees in millicents or mils (e.g. $0.00295 is 29.5 mils). In a classic structure, the ECN will charge a small fee to all market participants using their network, both liquidity providers and removers. They also can attract volume to their networks by giving lower prices to large liquidity providers. Fees for ECNs that operate under a classic structure range from $0 to $0.0015, or even higher depending on each ECN. This fee structure is more common in the NYSE, however recently some ECNs have moved their NYSE operations into a credit structure. Currency trading The first ECN for internet currency trading was New-York based Matchbook FX formed in 1999. Back then, all the prices were created & supplied by Matchbook FX's traders/users, including banks, within its ECN network. This was quite unique at the time, as it empowered buy-side FX