certain NYSE-listed stocks outside of a for- mal stock exchange. But the NYSE has since voted to eliminate this rule.) The portion of I. Introduction 3. How Securities Are Traded The McGraw−Hill Companies, 2001           74 PART I Introduction     Table 3.5 Major Investors in ECNs   ECN Investors   Island ECN Datek Online Instinet Reuters Group REDIBook Spear, Leeds; Charles Schwab; Donaldson, Lufkin & Jenrette Archipeligo Goldman Sachs; Merrill Lynch, J. P. Morgan Brass Utilities* Sunguard Data Systems Strike Technologies* Several brokerage firms   *Brass and Strike announced in July 2000 an intention to merge.     trades taking place over ECNs will only grow in the future. For example, the trading giants Charles Schwab, Fidelity Investments, and Donaldson, Lufkin & Jenrette announced in July 1999 that they would form an ECN based on REDIBook, which is an ECN already run by Spear, Leeds and Kellogg, a large stockbroker. Some of the trades of these firms presumably will be moved through the new ECN. Moreover, most of the big Wall Street brokerage firms are linking up with ECNs. For example, both Goldman Sachs and Merrill Lynch have in- vested in several ECNs. The NYSE is considering establishing an ECN to trade Nasdaq stocks. Table 3.5 lists some of the bigger ECNs and their primary shareholders. While small investors today typically do not access an ECN directly, they can send orders through their brokers, including online brokers, which can then have the order executed on the ECN. It is widely anticipated that individuals eventually will have direct access to most ECNs through the Internet. In fact, Goldman Sachs, Merrill Lynch, Morgan Stanley Dean Witter, and Salomon Smith Barney have teamed up with Bernard Madoff Investment Secu- rities to develop an electronic auction market called The Primex Auction that will begin op- erating in 2001. Primex is currently available to any NASD dealer but eventually will be open to the public through the Internet. Other ECNs, such as Instinet, which have tradition- ally served institutional investors, are considering opening up to retail brokerages.