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An Electronic Communications
Network is simply a private trading system maintained separately
from the public markets such as NASDAQ and NYSE. The issues traded
are the same, but the liquidity can vary. In any one instance, the
inside market may be different on an ECN than on the public markets
(or another ECN), creating interesting arbitrage opportunities.
Unlike many ECN's and SOES, ARCA gives the day-trader the ability
to route an order through all ECN's electronically with the press
of only one button. No longer does a day-trader have to cancel one
order to place the same order on another system. The ARCA system
can significantly increase your order placement efficiency and reduce
costly partial fills.
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