| In the US stock market, the regular business hours | | | | the business hours, he must be a customer of a |
| are usually from 9.30 a.m. to 4.00 p.m.; and previously | | | | brokerage firm that has an ECN or has access to |
| individual investors could buy and sell stocks only | | | | another firm's ECN. Some ECNs are regulated by |
| during the regular business hours of the stock | | | | exchanges, while others are unregulated. There are |
| exchanges. | | | | still other ECNs that are sidelines of brokers and |
| However, in the 1990s, things changed and after | | | | dealers. The most popular ECNs used nowadays |
| hours trading was allowed. This was restricted to high | | | | include Island, Instinet, Archipelago, XT and Market. |
| net worth individuals and big financial institutions. This | | | | ECNs do not operate during the same hours as |
| trading was done online and led to a demand from | | | | traditional markets and they do not come under the |
| individual investors for after hours trading, which was | | | | same rules as the markets. Most ECNs are affiliated |
| ultimately given. | | | | to online brokerage firms and have their own rules. If |
| The Electronic Communications Networks (ECNs) are | | | | you want to buy or sell stocks, the ECN will match |
| electronic trading venues that made it possible for | | | | you with another investor. If the match happens, the |
| investors to trade after the business hours of the | | | | trade is executed. If there is no match, the ECN will |
| major stock exchanges. These venues allow | | | | post your offer to the order book or route your |
| investors to access the networks so that they can | | | | order to another market center provided it is linked |
| trade in the marketplace outside the business hours. | | | | to other ECNs and exchanges. |
| In order to for an individual investor to trade after | | | | |