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{"URL": "https://www.wired.com/1999/09/rivals-join-on-late-trading", "heading": "rivals join on late trading", "subheading": "eight competing electronic trading systems -- known as ecns -- say they hope to build an after-hours marketplace that would rival the new york stock exchange and the nasdaq.", "author": "reuters", "category": "business", "type": "article", "timestamp": "09.16.1999 07:30 AM", "text": "in a move that could reshape the us securities industry, eight competing electronic trading systems are seeking to build a network that would make it easier for investors to trade stocks in the evening after traditional exchanges close. the eight electronic communications networks (ecns) would pool investors' orders in a bid to generate enough volume to sustain an after-hours marketplace that would rival the new york stock exchange and the nasdaq market.plans for the network were outlined in a joint statement obtained by reuters from one of the firms involved, which declined to be named. the trading systems said they were signing a non-binding memorandum of intent to create the network, according to the statement.the ecns taking part in the deal are: archipelago, the island ecn, bloomberg tradebook, the brass utility (brut), marketxt, redibook, strike technologies, and instinet corp., the brokerage unit of reuters group plc.\"electronic trading systems have recently garnered an increasing share of the nasdaq market and are expected to garner a significant share of exchange listed securities,\" the ecns said in the statement. instinet officials, who did not supply reuters with the statement, could not be reached for comment.investors get the best prices for nasdaq-traded stocks during traditional market hours because quotes are consolidated with those of market makers and specialists, the statement said.\"the linking of these electronic trading systems is intended to foster similar transparency for trading in nasdaq and exchange listed securities outside of traditional market hours,\" the statement said.the statement -- which broke new ground in cooperation between the rival firms -- did not explain how the network would work or how the ecns would share trading fees.skyrocketing demand in securities trading, spurred by an explosion in the number of retail investors and an unprecedented us bull market, has fueled the growth of these alternative trading systems.the move followed recent decisions by island and archipelago to extend their own trading hours.ecns, sometimes just dozens of computers that match stock orders anonymously and automatically, have won credibility by attracting capital from some of wall street's most prestigious firms such as merrill lynch and co. inc. and goldman sachs group inc.because they lack any physical trading floor, the systems can undercut traditional stock exchanges in price and trading speed. nyse and nasdaq spokesmen could not be reached for comment.industry experts had predicted a shakeout in the fledgling ecn sector, given that these systems have to sustain enough volume to appeal to investors as new rivals enter the arena.the advent of the ecns has forced nasdaq as well as the new york stock exchange, the world's largest stock market, to explore the notion of extending their own trading hours. traditional us stock market trading hours run from 9:30 a.m. edt and 4 p.m.archipelago has filed with us regulators to become an exchange so that it could trade nyse-listed stocks. sec officials, though, have yet to sanction the system as a full-fledged exchange. sec officials were not available to comment on the latest proposal.copyright"}