News that Knight Trading has agreed to acquire Attain, a small ECN, passed almost unnoticed as the securities industry’s attention was focused on the New York Stock Exchange’s dramatic decision to merge with electronic rival Archipelago, and on Nasdaq’s acquisition of I-Net.
Although Attain’s market share in OTC (Nasdaq) and listed (NYSE) stocks is not significant, the deal is interesting from a strategic viewpoint.
“Our goal for the new ECN is to provide a stable, fast, competitively priced and anonymous execution platform for trading of Nasdaq, exchange-listed and OTC Bulletin Board Securities,” says Thomas M Joyce, chairman and CEO of Knight Trading Group.
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