The exact reason that we changed the ECN to EXN in name is because the NFA now feels that an “ECN” is a technology and not a brokerage. In other words, if we opened up two companies and housed our “ECN technology” in that company and ran that as one business, we could call it an ECN, and then have MB Trading route orders to that ECN. But since we do it exclusively for our customers, there is no reason to do that. Since the brokerage/retail customers are under the same name, we can’t call ourselves an ECN. Retail entities, the way they view it, can’t be an ECN by definition. Has
