-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
Do you have a request for information and records? Learn how to submit it.
Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
-
-
-
We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
-
October 30, 2000
NOTE TO EDITORS
Now on the New York Fed’s web site in the Current Issues in Economics and Finance, The Emergence of Electronic Communications Networks in the U.S. Equity Markets, by James McAndrews and Chris Stefanadis. "The U.S. equity markets are in the midst of a technological revolution that could redefine their structure and operation," the authors find.
According to McAndrews and Stefanadis, the competition spawned by electronic communications networks (ECNs) — stock-trading systems that match buy and sell orders and execute transactions — is already encouraging faster order execution, lower transaction costs, and better customer service.
McAndrews and Stefanadis also find that:
-
ECNs might eventually enable stock trading to migrate from a single site, such as an exchange floor, to highly interconnected market centers.
- ECNs already have a sizable share of Nasdaq trading volume, but it is too early to predict exactly how they will reshape the equity markets.
- Traditional exchanges and market centers are investing in new technology and trading systems in response to the growing challenge of ECNs.
James McAndrews is an assistant vice president and Chris Stefanadis an economist at the New York Fed.
Contact: Douglas Tillett or Steven Malin
