ECN
a.k.a. Electronic communication network, ECN broker
An electronic network that matches buy and sell orders from many participants, used by 'ECN brokers' to give clients market prices.
An electronic communication network (ECN) is a matching engine that pools quotes from banks, funds and other traders. An ECN broker passes your orders into it, so you trade against other participants rather than against the broker.
You usually get raw, tight spreads that change constantly, plus a commission. Some brokers use the label loosely, so read the execution policy. Compare market maker and agency model.
Keep this word for good
Your free Private Swap Lounge saves the terms you’ve learned and quizzes you on them. Portal under construction. Expected delivery date is December 01, 2026.