Electronic trading takes another leap forward as NASDAQ expands the Small Order Execution System (SOES), which allows dealers with small trades to enter their orders electronically rather than over the phone. 1997: Stock trading is allowed in increments of one-sixteenth of a dollar, down from one-eighth of a dollar.
Instinet is founded as the first Electronic Communication Network (ECN), which was created to allow brokers to post offers to buy and sell stocks after regular market hours.
These were not true electronic executions because the specialist still matched the orders, but it did bypass floor brokers.
Westcoast Energy envisioned an electronic forum that could meet such needs in the Canadian market: an electronic exchange providing a centralized meeting place for buyers and sellers of natural gas using standardized rules.
Applicable since November 2007, MiFID fosters greater competition in the provision of services to investors and between trading venues in order to contribute to deeper, more integrated and liquid financial markets.
It was believed that the characteristics of the commodity, such as its fungible nature, coupled with an innovative and evolving base of market participants and an increasing market size, provided an opportunity for electronic trading of natural gas in Canada.
The inclusion of clearing allowed NGX to offer the marketplace the security of a clearinghouse, the efficiency of central position netting, and the advantages of anonymous trading. This was followed in 2011, with the retirement of the NetThruPut trading screen and the transition of the crude oil contracts to the ICE trading platform.
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