Direct access order execution software(as we now know it) ,
with ECN's and an all in one order excution platform began around
1996. The Direct Access Broker that has an All in One order execution platform started around 1996. Lieber & Weissman Sec., L.L.C. offered one of the first all in one order execution platforms (NYSE/AMEX/NASDAQ)for off floor traders in 1997, the Lek & Co. ROX system, which we still offer today. The ISLAND ECN was formed in 1996 . The direct access industry is "young". Firms that
started pre 1996, were often called "DOT" shops, because the only direct access trading they offered was the NYSE DOT system.
ECN's leveled the playing field for the NASDAQ remote trader.
The industry is now evolving now , offering API(application Program Interface) trading , which may be the wave of the future.
Write a program in C++ or Visual basic and the API will connect you to the EDAT software.
Gene Weissman
Lieber & Weissman Sec., L.L.C.
gweissmna@stocktrade.net