ECN-╨▒╤А╨╛╨║╨╡╤А

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ECN-╨▒╤А╨╛╨║╨╡╤А╤Л?

╨С╤А╨╛╨║╨╡╤А ECN тАФ ╤Н╤В╨╛ ╤Д╨╕╨╖╨╕╤З╨╡╤Б╨║╨╛╨╡ ╨╗╨╕╤Ж╨╛ ╨╕╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Б╨╡╤В╤М ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨╝╤Г╨╜╨╕╨║╨░╤Ж╨╕╨╣ (ECN) ╨┤╨╗╤П ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╤П ╨╖╨░╨║╨░╨╖╨╛╨▓ ╨╜╨░ ╨┐╨╛╨║╤Г╨┐╨║╤Г ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╤Г ╨╕ ╤Б╨▓╤П╨╖╨╕ ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓ ╤Б ╨┤╤А╤Г╨│╨╕╨╝╨╕ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨░╨╝╨╕ ╨▓╨░╨╗╤О╤В╨╜╤Л╤Е ╨╕ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╤Е ╤А╤Л╨╜╨║╨╛╨▓. ECN тАФ ╤Н╤В╨╛ ╤Б╨╡╤В╤М ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╨╣ ╨╕ ╤В╨╛╤А╨│╨╛╨▓╤Л╤Е ╤Н╨║╤Б╨┐╨╡╤А╤В╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤Г╤З╨░╤Б╤В╨▓╤Г╤О╤В ╨▓ ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╤П╤Е ╨▒╨╡╨╖ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╨┐╨╛╤Б╤А╨╡╨┤╨╜╨╕╨║╨░.

╨н╤В╨╕ ╨▒╤А╨╛╨║╨╡╤А╤Л ╨╕╨╝╨╡╤О╤В ╨┤╨╛╤Б╤В╤Г╨┐ ╨▓ ╤А╨╡╨╢╨╕╨╝╨╡ ╤А╨╡╨░╨╗╤М╨╜╨╛╨│╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨║ ╤Ж╨╡╨╜╨░╨╝ ╤Б╨┐╤А╨╛╤Б╨░ (╨┐╨╛╨║╤Г╨┐╨║╨╕) ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╤П (╨┐╤А╨╛╨┤╨░╨╢╨╕) ╨▓ ╨┤╨╛╨┐╨╛╨╗╨╜╨╡╨╜╨╕╨╡ ╨║ ╨░╨│╤А╨╡╨│╨╕╤А╨╛╨▓╨░╨╜╨╕╤О ╤Б╨░╨╝╤Л╤Е ╨▓╤Л╤Б╨╛╨║╨╕╤Е ╨╕ ╤Б╨░╨╝╤Л╤Е ╨╜╨╕╨╖╨║╨╕╤Е ╤Ж╨╡╨╜╨╛╨▓╤Л╤Е ╨║╨╛╤В╨╕╤А╨╛╨▓╨╛╨║ ╨╛╤В ╤А╨░╨╖╨╜╤Л╤Е ╨╕╨│╤А╨╛╨║╨╛╨▓ ╤А╤Л╨╜╨║╨░, ╨║╨╛╤В╨╛╤А╤Л╨╝╨╕ ╨╛╨╜╨╕ ╨┤╨╡╨╗╤П╤В╤Б╤П ╤Б╨╛ ╤Б╨▓╨╛╨╕╨╝╨╕ ╨║╨╗╨╕╨╡╨╜╤В╨░╨╝╨╕ ╨┤╨╗╤П ╤В╨╛╤А╨│╨╛╨▓╨╗╨╕. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨▒╨╛╨╗╨╡╨╡ ╤Г╨╖╨║╨╕╨╡ ╤Б╨┐╤А╨╡╨┤╤Л ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╨╕, ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╕╨╡ ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨╕╨╖╨┤╨╡╤А╨╢╨║╨╕ ╨╕ ╨▒╨╛╨╗╤М╤И╤Г╤О ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╤М. ╨Ю╨╜╨╕ ╨┤╨░╤О╤В ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨▒╨╛╨╗╤М╤И╨╡ ╤Б╨▓╨╛╨▒╨╛╨┤╤Л ╨╕ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣ ╨┤╨╗╤П ╨╖╨░╤А╨░╨▒╨╛╤В╨║╨░.

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ECN-╨▒╤А╨╛╨║╨╡╤А╤Л?
  • ╨Ю╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡ ╨▒╤А╨╛╨║╨╡╤А╨░ ECN
  • ECN Broker ╨┐╤А╨╛╤В╨╕╨▓ ╨▒╤А╨╛╨║╨╡╤А╨╛╨▓ ╨┤╨╕╨╗╨╕╨╜╨│╨╛╨▓╤Л╤Е ╤Ж╨╡╨╜╤В╤А╨╛╨▓
  • ╨Я╤А╨╕╨╝╨╡╤А
  • ╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░
  • ╨Ю╨│╤А╨░╨╜╨╕╤З╨╡╨╜╨╕╤П
  • ╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╨▓╤Л╨▓╨╛╨┤╤Л

• ECN ╨▒╤А╨╛╨║╨╡╤А ╨╖╨╜╨░╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╨╕╤Б╤Л╨▓╨░╨╡╤В ╨╗╨╕╤Ж╨╛ ╨╕╨╗╨╕ ╤Д╨╕╤А╨╝╤Г, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Б╨╡╤В╤М ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨╝╤Г╨╜╨╕╨║╨░╤Ж╨╕╨╣ ╨┤╨╗╤П ╤Б╨╛╨│╨╗╨░╤Б╨╛╨▓╨░╨╜╨╕╤П ╨╖╨░╨║╨░╨╖╨╛╨▓ ╨╜╨░ ╨┐╨╛╨║╤Г╨┐╨║╤Г ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╤Г ╨╕ ╤Б╨▓╤П╨╖╨╕ ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓ ╤Б ╨┤╤А╤Г╨│╨╕╨╝╨╕ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨░╨╝╨╕ ╤А╤Л╨╜╨║╨░ ╨╜╨░ ╨▓╨░╨╗╤О╤В╨╜╨╛╨╝ ╨╕ ╤Д╨╛╨╜╨┤╨╛╨▓╨╛╨╝ ╤А╤Л╨╜╨║╨░╤Е.
• ╨г ╨╜╨╕╤Е ╨╡╤Б╤В╤М ╨┤╨╛╤Б╤В╤Г╨┐ ╨▓ ╤А╨╡╨╢╨╕╨╝╨╡ ╤А╨╡╨░╨╗╤М╨╜╨╛╨│╨╛ ╨▓╤А╨╡╨╝╨╡╨╜╨╕ ╨║ ╤Ж╨╡╨╜╨░╨╝ ╤Б╨┐╤А╨╛╤Б╨░ (╨┐╨╛╨║╤Г╨┐╨║╨╕) ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╤П (╨┐╤А╨╛╨┤╨░╨╢╨╕), ╨░ ╤В╨░╨║╨╢╨╡ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╤М ╨░╨│╤А╨╡╨│╨╕╤А╨╛╨▓╨░╤В╤М ╤Б╨░╨╝╤Л╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╨╕ ╤Б╨░╨╝╤Л╨╡ ╨╜╨╕╨╖╨║╨╕╨╡ ╨║╨╛╤В╨╕╤А╨╛╨▓╨║╨╕ ╤Ж╨╡╨╜ ╨╛╤В ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨╛╨▓ ╤А╤Л╨╜╨║╨░.
• ╨н╤В╨╕ ╨▒╤А╨╛╨║╨╡╤А╤Л ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨▒╨╛╨╗╨╡╨╡ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╤Г╤О, ╨┐╤А╨╛╤Б╤В╤Г╤О ╨┤╨╗╤П ╨┐╨╛╨╜╨╕╨╝╨░╨╜╨╕╤П ╨╕ ╨┐╤А╨╛╨╖╤А╨░╤З╨╜╤Г╤О ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╤О ╨╛ ╤В╨╛╤А╨│╨╛╨▓╨╗╨╡, ╨░ ╤В╨░╨║╨╢╨╡ ╨▒╨╛╨╗╨╡╨╡ ╤Г╨╖╨║╨╕╨╡ ╤Б╨┐╤А╨╡╨┤╤Л ╤Б╨┐╤А╨╛╤Б╨░ ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╤П, ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╕╨╡ ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╤Б╨▒╨╛╤А╤Л ╨╕ ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╤М.
• ╨Т ╨╛╤В╨╗╨╕╤З╨╕╨╡ ╨╛╤В ╨▒╤А╨╛╨║╨╡╤А╨╛╨▓ ╨┤╨╕╨╗╨╕╨╜╨│╨╛╨▓╨╛╨│╨╛ ╤Ж╨╡╨╜╤В╤А╨░, ╨╛╨╜╨╕ ╨╛╤В╨┐╤А╨░╨▓╨╗╤П╤О╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨┐╤А╨╕╨║╨░╨╖╤Л ╨┐╨╛╤Б╤В╨░╨▓╤Й╨╕╨║╨░╨╝ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕, ╨▓╨║╨╗╤О╤З╨░╤П ╨▒╨░╨╜╨║╨╕, ╨░ ╤В╨░╨║╨╢╨╡ ╤Е╨╡╨┤╨╢╨╡╨▓╤Л╨╡ ╨╕ ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л.

╨Ю╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡ ╨▒╤А╨╛╨║╨╡╤А╨░ ECN

╨С╤А╨╛╨║╨╡╤А ECN ╨╛╨▒╨╗╨╡╨│╤З╨░╨╡╤В ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╕ ╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╤Б╨╡╤В╨╕ ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨╝╤Г╨╜╨╕╨║╨░╤Ж╨╕╨╣ (ECN) ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╕╨╜╤В╨╡╤А╨╡╤Б╨╛╨▓ ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓ ╨┐╤А╨╕ ╨┐╨╛╨║╤Г╨┐╨║╨╡ ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╨╡. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨▒╤А╨╛╨║╨╡╤А╤Л ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨▒╨╛╨╗╨╡╨╡ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╤Г╤О ╨╕ ╨┤╨╛╤Б╤В╤Г╨┐╨╜╤Г╤О ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╤О ╨╛ ╤В╨╛╤А╨│╨╛╨▓╤Л╤Е ╨┐╤А╨╕╨║╨░╨╖╨░╤Е, ╨╜╨░╨┐╤А╨╕╨╝╨╡╤А, ╤Б╨░╨╝╤Л╨╣ ╨▓╤Л╤Б╨╛╨║╨╕╨╣ ╨▒╨╕╨┤ ╨╕ ╤Б╨░╨╝╤Л╨╣ ╨╜╨╕╨╖╨║╨╕╨╣ ╨░╤Б╨║, ╨╕ ╤А╨░╨╖╨╝╨╡╤Й╨░╤О╤В ╨╕╤Е ╨╛╤В ╨╕╤Е ╨╕╨╝╨╡╨╜╨╕.

ECN тАФ ╤Н╤В╨╛ ╨░╨▓╤В╨╛╨╝╨░╤В╨╕╨╖╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╤В╨╛╤А╨│╨╛╨▓╨░╤П ╤Б╨╕╤Б╤В╨╡╨╝╨░, ╨║╨╛╤В╨╛╤А╨░╤П ╨▓╤Л╨┐╨╛╨╗╨╜╤П╨╡╤В ╤Б╨┤╨╡╨╗╨║╨╕ ╨▒╤Л╤Б╤В╤А╨╛ ╨╕ ╤Б ╨╝╨╡╨╜╤М╤И╨╕╨╝╨╕ ╨╖╨░╤В╤А╨░╤В╨░╨╝╨╕. ╨Ь╨╡╨╗╨║╨╕╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ECN ╨┤╨╗╤П ╨┤╨╛╤Б╤В╤Г╨┐╨░ ╨║ ╨▓╨░╨╗╤О╤В╨╜╤Л╨╝ ╨╕ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╨╝ ╤А╤Л╨╜╨║╨░╨╝ ╨╕ ╤А╨░╨╖╨╝╨╡╤Й╨╡╨╜╨╕╤П ╨╖╨░╨║╨░╨╖╨╛╨▓. ╨Ч╨░╤В╨╡╨╝ ╤Б╨╡╤В╤М ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨╛╤А╨┤╨╡╤А╨░ ╨╜╨░ ╨┐╨╛╨║╤Г╨┐╨║╤Г ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╤Г ╤Б ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╕╨╝╨╕ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨░╨╝╨╕ ╤А╤Л╨╜╨║╨░ ╨╕ ╨┐╨╛╤Б╤В╨░╨▓╤Й╨╕╨║╨░╨╝╨╕ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕, ╤В╨░╨║╨╕╨╝╨╕ ╨║╨░╨║ ╨▒╨░╨╜╨║╨╕, ╤Е╨╡╨┤╨╢╨╡╨▓╤Л╨╡ ╨╕ ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л. ╨░╨║╤Ж╨╕╨╕, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕ ╤В.╨┤.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.

ECN ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨╖╨░╨║╨░╨╖╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╤В╨▓╨╡╤З╨░╤О╤В ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╤П╨╝ ╨╛╤В╨┤╨╡╨╗╤М╨╜╤Л╤Е ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓, ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╤Д╨░╨║╤В╨╛╤А╨╛╨▓, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╤В╨╕╨┐ ╤Ж╨╡╨╜╨╜╨╛╨╣ ╨▒╤Г╨╝╨░╨│╨╕, ╤А╨░╨╖╨╝╨╡╤А ╨╗╨╛╤В╨░, ╤Ж╨╡╨╜╨░ ╨╕ ╤В. ╨┤. ╨Ч╨░╤В╨╡╨╝ ╤Б╨╡╤В╤М ╨▓╤Л╨┐╨╛╨╗╨╜╤П╨╡╤В ╤Б╨┤╨╡╨╗╨║╤Г ╨┐╨╛╤Б╨╗╨╡ ╨░╨▓╤В╨╛╨╝╨░╤В╨╕╤З╨╡╤Б╨║╨╛╨│╨╛ ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╤П ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╤П ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨░. ╨б ECN-╨▒╤А╨╛╨║╨╡╤А ╨д╨╛╤А╨╡╨║╤Б, ╨╛╤В╨┤╨╡╨╗╤М╨╜╤Л╨╡ ╤В╤А╨╡╨╣╨┤╨╡╤А╤Л ╨╛╨▒╤К╨╡╨┤╨╕╨╜╤П╤О╤В╤Б╤П ╨╜╨░ ╨╡╨┤╨╕╨╜╨╛╨╣ ╨┐╨╗╨░╤В╤Д╨╛╤А╨╝╨╡ ╨┤╨╗╤П ╤Г╤З╨░╤Б╤В╨╕╤П ╨▓ ╨│╨╗╨╛╨▒╨░╨╗╤М╨╜╨╛╨╣ ╤В╨╛╤А╨│╨╛╨▓╨╗╨╡.

╨н╤В╨╕ ╨▒╤А╨╛╨║╨╡╤А╤Л ╤В╨╛╤А╨│╤Г╤О╤В ╨╕╤Б╤Е╨╛╨┤╤П ╨╕╨╖ ╨░╨║╤В╤Г╨░╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨┐╤А╨╕╨│╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╤Б╨▓╨╛╨╕╤Е ╨║╨╗╨╕╨╡╨╜╤В╨╛╨▓, ╨░ ╨╜╨╡ ╨┐╤А╨╛╤В╨╕╨▓ ╨╜╨╕╤Е. ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨▓╤Б╨╡ ╤В╤А╨╡╨╣╨┤╨╡╤А╤Л ╨╝╨╛╨│╤Г╤В ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨┤╨╛╤Б╤В╤Г╨┐ ╨║ ╤Ж╨╡╨╜╤В╤А╨░╨╗╨╕╨╖╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨▒╨░╨╖╨╡ ╨┤╨░╨╜╨╜╤Л╤Е, ╤В╨╛╤А╨│╨╛╨▓╨░╤П ╤Б╨╕╤Б╤В╨╡╨╝╨░ ╨┐╤А╨╛╨╖╤А╨░╤З╨╜╨░, ╨╕ ╨▒╤А╨╛╨║╨╡╤А╤Л ╨╜╨╡ ╨╝╨╛╨│╤Г╤В ╨╡╨╡ ╨╕╨╖╨╝╨╡╨╜╨╕╤В╤М. ╨Ю╨╜╨╕ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╤Г╨╖╨║╨╕╨╡ ╤Б╨┐╤А╨╡╨┤╤Л ╨╝╨╡╨╢╨┤╤Г ╤Б╨┐╤А╨╛╤Б╨╛╨╝ ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╨╡╨╝, ╨╜╨╛ ╤Б ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╛╨╣ ╨╕ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨║╨╛╨╝╨╕╤Б╤Б╨╕╨╡╨╣. ╨н╤В╨╕ ╨▒╤А╨╛╨║╨╡╤А╤Л ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨╖╨░╨║╨░╨╖╤Л ╨╜╨╡╨┐╨╛╤Б╤А╨╡╨┤╤Б╤В╨▓╨╡╨╜╨╜╨╛ ╨▓ ECN, ╨╛╤В╨┐╤А╨░╨▓╨╗╤П╤П ╨╕╤Е ╨┐╨╛╤Б╤А╨╡╨┤╨╜╨╕╨║╨░╨╝ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│.

ECN Broker ╨┐╤А╨╛╤В╨╕╨▓ ╨▒╤А╨╛╨║╨╡╤А╨╛╨▓ ╨┤╨╕╨╗╨╕╨╜╨│╨╛╨▓╤Л╤Е ╤Ж╨╡╨╜╤В╤А╨╛╨▓

╨С╤А╨╛╨║╨╡╤А ECN тАФ ╤Н╤В╨╛ ╨▒╤А╨╛╨║╨╡╤А ╨▒╨╡╨╖ ╨┤╨╕╨╗╨╕╨╜╨│╨╛╨▓╨╛╨│╨╛ ╤Ж╨╡╨╜╤В╤А╨░ (NDD), ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╤В╨╗╨╕╤З╨░╨╡╤В╤Б╤П ╨╛╤В ╨▒╤А╨╛╨║╨╡╤А╨░ ╨┤╨╕╨╗╨╕╨╜╨│╨╛╨▓╨╛╨│╨╛ ╤Ж╨╡╨╜╤В╤А╨░ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝╨╕ ╨╛╤Б╨╛╨▒╨╡╨╜╨╜╨╛╤Б╤В╤П╨╝╨╕:

ECN BrokerDealing Desk Broker╨Э╨╡ ╨┐╨╡╤А╨╡╨┤╨░╨╡╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨┐╤А╨╕╨║╨░╨╖╤Л ╨╝╨░╤А╨║╨╡╤В-╨╝╨╡╨╣╨║╨╡╤А╨░╨╝ ╨Ш╤Б╨┐╨╛╨╗╨╜╤П╨╡╤В ╤Б╨┤╨╡╨╗╨║╨╕, ╨┤╨╡╨╣╤Б╤В╨▓╤Г╤П ╨▓ ╨┐╤А╨╛╤В╨╕╨▓╨╛╨┐╨╛╨╗╨╛╨╢╨╜╨╛╨╝ ╨╜╨░╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╕ ╨б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╨╡╤В ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨░╨╝ ╤В╨╛╤А╨│╨╛╨▓ ╨▓ ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╨╛╨╝ ╨▓╨╕╨┤╨╡ ╨Я╨╡╤А╨╡╨┤╨░╨╡╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╣ ╨┐╤А╨╕╨║╨░╨╖ ╨╝╨░╤А╨║╨╡╤В╨╝╨╡╨╣╨║╨╡╤А╤Г ╨Я╨╡╤А╨╡╨┤╨░╨╡╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨┐╤А╨╕╨║╨░╨╖╤Л ╨┐╨╛╤Б╤В╨░╨▓╤Й╨╕╨║╨░╨╝ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕ ╨Э╨╡╤Б╨╡╤В ╤Г╨▒╤Л╤В╨║╨╕, ╨╡╤Б╨╗╨╕ ╨╕╤Е ╨║╨╗╨╕╨╡╨╜╤В ╨▓╤Л╨╕╨│╤А╤Л╨▓╨░╨╡╤В ╤Б╨┤╨╡╨╗╨║╤Г ╨╕ ╨╜╨░╨╛╨▒╨╛╤А╨╛╤В ╨Э╨░╨┐╤А╤П╨╝╤Г╤О ╤Б╨▓╤П╨╖╤Л╨▓╨░╨╡╤В ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╨╡╨╣ ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨╛╨▓ ╨Я╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╣ ╨▓╤Л╨▒╨╛╤А ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓

╨Я╤А╨╕╨╝╨╡╤А

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╕╨╝ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╣ ╨┐╤А╨╕╨╝╨╡╤А ╨▒╤А╨╛╨║╨╡╤А╨░ ECN, ╤З╤В╨╛╨▒╤Л ╨╗╤Г╤З╤И╨╡ ╨┐╨╛╨╜╤П╤В╤М ╨║╨╛╨╜╤Ж╨╡╨┐╤Ж╨╕╤О:

╨б╤В╨╡╨╗╨╗╨░ ╤А╨░╨╖╨╝╨╡╤Й╨░╨╡╤В ╨╖╨░╨║╨░╨╖ ╨╜╨░ 10 ╨░╨║╤Ж╨╕╨╣ Apple ╨▓ ╤Б╨╕╤Б╤В╨╡╨╝╨╡ ECN. ╨б ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╨а╨╛╨▒╨╡╤А╤В ╨╖╨░╨║╨░╨╖╤Л╨▓╨░╨╡╤В 8 ╨░╨║╤Ж╨╕╨╣ ╤В╨╛╨╣ ╨╢╨╡ ╤Д╨╕╤А╨╝╤Л, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤П ╤В╤Г ╨╢╨╡ ╨┐╨╗╨░╤В╤Д╨╛╤А╨╝╤Г. ╨Э╨░╨║╨╛╨╜╨╡╤Ж, ╤Б╨╡╤В╤М ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨б╤В╨╡╨╗╨╗╤Г ╤Б ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨╛╨╝, ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤Й╨╕╨╝ ╤В╨╡ ╨╢╨╡ ╨░╨║╤Ж╨╕╨╕ ╨╕ ╤Б╨╛╨▓╨╡╤А╤И╨░╤О╤Й╨╕╨╝ ╤Б╨┤╨╡╨╗╨║╤Г.

╨б ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╨░╨║╤Ж╨╕╨╕ ╨а╨╛╨▒╨╡╤А╤В╨░ ╨▒╤Л╨╗╨╕ ╨┐╤А╨╕╨╛╤Б╤В╨░╨╜╨╛╨▓╨╗╨╡╨╜╤Л, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╜╨╕ ╨╛╨┤╨╕╨╜ ╨┐╤А╨╛╨┤╨░╨▓╨╡╤Ж ╨▓ ECN ╨╜╨╡ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╛╨▓╨░╨╗ ╨╡╨│╨╛ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П╨╝. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤Б╨┤╨╡╨╗╨║╨░ ╨╛╤Б╤В╨░╨▓╨░╨╗╨░╤Б╤М ╨╛╤В╨║╤А╤Л╤В╨╛╨╣ ╨┤╨╛ ╤В╨╡╤Е ╨┐╨╛╤А, ╨┐╨╛╨║╨░ ╤Б╨╕╤Б╤В╨╡╨╝╨░ ╨╜╨╡ ╨╜╨░╤И╨╗╨░ ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨░, ╨│╨╛╤В╨╛╨▓╨╛╨│╨╛ ╨┐╤А╨╛╨┤╨░╤В╤М 8 ╨░╨║╤Ж╨╕╨╣ Apple.

╨Я╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨░

╨С╤А╨╛╨║╨╡╤А╤Л ECN ╨╛╨▒╨╗╨╡╨│╤З╨░╤О╤В ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨┐╨╛╨║╤Г╨┐╨║╤Г ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╤Г ╨░╨║╤Ж╨╕╨╣ ╨▓ ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╨╛╨╝ ╨▓╨╕╨┤╨╡ ╨╕ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╨╝╨╜╨╛╨╢╨╡╤Б╤В╨▓╨╛ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓:

• ╨а╨░╨╖╤А╨╡╤И╨╕╤В╤М ╨┐╨╛╤Б╤В╨░╨▓╤Й╨╕╨║╨░╨╝ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕ ╨╜╨░╨┐╤А╤П╨╝╤Г╤О ╨▓╨▓╨╛╨┤╨╕╤В╤М ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨┐╤А╨╕╨║╨░╨╖╤Л ╨▓ ╤Ж╨╡╨╜╤В╤А╨░╨╗╨╕╨╖╨╛╨▓╨░╨╜╨╜╤Г╤О ╨▒╨░╨╖╤Г ╨┤╨░╨╜╨╜╤Л╤Е
• ╨б╨┤╨╡╨╗╨░╤В╤М ╨║╨╛╤В╨╕╤А╨╛╨▓╨║╨╕ ╤Ж╨╡╨╜ ╨┤╨╛╤Б╤В╤Г╨┐╨╜╤Л╨╝╨╕ ╨┤╨╗╤П ╨║╨╗╨╕╨╡╨╜╤В╨╛╨▓ ╨┤╨╗╤П ╤В╨╛╤А╨│╨╛╨▓╨╗╨╕
• ╨Ю╨▒╨╡╤Б╨┐╨╡╤З╨╕╤В╤М ╨┐╨╛╨╗╨╜╤Г╤О ╨░╨╜╨╛╨╜╨╕╨╝╨╜╨╛╤Б╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╕ ╨┐╤А╨╕╨▓╨╗╨╡╤З╤М ╨║╤А╤Г╨┐╨╜╤Л╨╡ ╤Б╨┤╨╡╨╗╨║╨╕
• ╨Я╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╤М╤В╨╡ ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨┤╨╛╤Б╤В╤Г╨┐ ╨║ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝ ╤Ж╨╡╨╜╨╛╨▓╤Л╨╝ ╨║╨╛╤В╨╕╤А╨╛╨▓╨║╨░╨╝ ╤З╨╡╤А╨╡╨╖ ╤Ж╨╡╨╜╤В╤А╨░╨╗╨╕╨╖╨╛╨▓╨░╨╜╨╜╤Г╤О ╤Б╨╕╤Б╤В╨╡╨╝╤Г, ╨│╨┤╨╡ ╨╛╨╜╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤В ╨╗╤Г╤З╤И╨╕╨╡ ╤Ж╨╡╨╜╤Л ╤Б╨┐╤А╨╛╤Б╨░ ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╤П ╨╜╨░ ╤А╤Л╨╜╨║╨╡.
• ╨Р╨▓╤В╨╛╨╝╨░╤В╨╕╨╖╨╕╤А╨╛╨▓╨░╨╜╨╛ ╨╕ ╨╜╨╡ ╤В╤А╨╡╨▒╤Г╨╡╤В ╨┐╨╛╤Б╤А╨╡╨┤╨╜╨╕╨║╨░, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨▒╤Л╤Б╤В╤А╨╡╨╡ ╨╛╨▒╤А╨░╨▒╨░╤В╤Л╨▓╨░╨╣╤В╨╡ ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╤О
• ╨Я╨╛╨╝╨╛╨│╨╕╤В╨╡ ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨▓╤Л╨╣╤В╨╕ ╨╜╨░ ╨▓╨░╨╗╤О╤В╨╜╤Л╨╣ ╨╕ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╨╣ ╤А╤Л╨╜╨║╨╕╨а╤Л╨╜╨║╨╕ ╨░╨║╤Ж╨╕╨╣╨а╤Л╨╜╨║╨╕ ╨░╨║╤Ж╨╕╨╣╨а╤Л╨╜╨╛╨║ ╨░╨║╤Ж╨╕╨╣ тАФ ╤Н╤В╨╛ ╨┐╨╗╨░╤В╤Д╨╛╤А╨╝╨░, ╨║╨╛╤В╨╛╤А╨░╤П ╨┐╨╛╨╖╨▓╨╛╨╗╤П╨╡╤В ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╨╝ ╨▓╤Л╨┐╤Г╤Б╨║╨░╤В╤М ╤Б╨▓╨╛╨╕ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓; ╤Н╤В╨╛ ╤В╨░╨║╨╢╨╡ ╨╛╨▒╨╗╨╡╨│╤З╨░╨╡╤В ╨┤╨░╨╗╤М╨╜╨╡╨╣╤И╨╕╨╣ ╨╛╨▒╨╝╨╡╨╜ ╤Н╤В╨╕╨╝╨╕ ╨╖╨░╨┐╨░╤Б╨░╨╝╨╕ ╨╝╨╡╨╢╨┤╤Г ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╤П╨╝╨╕ ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨░╨╝╨╕. ╨Ю╨╜ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨▓ ╤Б╨╡╨▒╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╨╡ ╨▒╨╕╤А╨╢╨╕, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨Э╤М╤О-╨Щ╨╛╤А╨║╤Б╨║╨░╤П ╤Д╨╛╨╜╨┤╨╛╨▓╨░╤П ╨▒╨╕╤А╨╢╨░ (NYSE). ╨г╨╖╨╜╨░╨╣╤В╨╡ ╨▒╨╛╨╗╤М╤И╨╡ ╨╕ ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╤М╤В╨╡ ╨╕╤Е ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П ╤Б ╨┤╤А╤Г╨│╨╕╨╝╨╕ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨░╨╝╨╕ ECN.
• ╨Ф╨╡╤А╨╢╨╕╤В╨╡ ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨╛╤А╨┤╨╡╤А╨░ ╨╛╤В╨║╤А╤Л╤В╤Л╨╝╨╕ ╨┤╨░╨╢╨╡ ╨┐╨╛╤Б╨╗╨╡ ╨╖╨░╨║╤А╤Л╤В╨╕╤П ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╤Е ╨╕ ╨▓╨░╨╗╤О╤В╨╜╤Л╤Е ╨▒╨╕╤А╨╢, ╨┐╨╛╨║╨░ ╨╜╨╡ ╨▒╤Г╨┤╤Г╤В ╨╜╨░╨╣╨┤╨╡╨╜╤Л ╨╗╤Г╤З╤И╨╕╨╡ ╤Б╨╛╨▓╨┐╨░╨┤╨╡╨╜╨╕╤П ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╨╕.
• ╨Я╤А╨╡╨┤╨╗╨░╨│╨░╨╣╤В╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╤Л╨╡ ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╤З╨░╤Б╤Л ╨┤╨╗╤П ╤Г╤З╨░╤Б╤В╨╕╤П ╨▓ ╤В╨╛╤А╨│╨░╤Е
• ╨Ю╨▒╨╡╤Б╨┐╨╡╤З╤М╤В╨╡ ╨▒╨╛╨╗╨╡╨╡ ╤Б╤В╤А╨╛╨│╨╕╨╣ ╤Б╨┐╤А╨╛╤Б ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╨╡, ╨░ ╤В╨░╨║╨╢╨╡ ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╕╨╡ ╨╕ ╨┐╤А╨╛╨╖╤А╨░╤З╨╜╤Л╨╡ ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨╕╨╖╨┤╨╡╤А╨╢╨║╨╕.

╨Ю╨│╤А╨░╨╜╨╕╤З╨╡╨╜╨╕╤П

╨е╨╛╤В╤П ╤Г ECN-╨▒╤А╨╛╨║╨╡╤А╨╛╨▓ ╨╡╤Б╤В╤М ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓, ╤Г ╨╜╨╕╤Е ╤В╨░╨║╨╢╨╡ ╨╡╤Б╤В╤М ╨╜╨╡╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╜╨╡╨┤╨╛╤Б╤В╨░╤В╨║╨╕, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║:

• ╨д╤А╨░╨│╨╝╨╡╨╜╤В╨╕╤А╨╛╨▓╨░╤В╤М ╤А╤Л╨╜╨╛╨║
• ╨Я╨╛╨┤╨▒╨╕╤А╨░╨╣╤В╨╡ ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╨╡╨╣ ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨╛╨▓ ╨▓ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╨╕╨╕ ╤Б ╨╕╤Е ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П╨╝╨╕, ╨┐╨╛╨┤╨▓╨╡╤А╨│╨░╤П ╨╕╤Е ╨╕╨╖╨╛╨╗╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╤В╨╛╤А╨│╨╛╨▓╤Л╨╝ ╤А╨╕╤Б╨║╨░╨╝.
• ╨Я╤А╨╕╤З╨╕╨╜╨░ ╤Ж╨╡╨╜╨╛╨▓╨╛╨│╨╛ ╨╜╨╡╤А╨░╨▓╨╡╨╜╤Б╤В╨▓╨░ ╨╜╨░ ╨╛╤В╨║╤А╤Л╤В╨╛╨╝ ╤А╤Л╨╜╨║╨╡ ╨╖╨░ ╨┐╤А╨╡╨┤╨╡╨╗╨░╨╝╨╕
• ╨Ш╨╝╨╡╨╡╤В ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╨╝╨╕╨╜╨╕╨╝╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨╜╨░╤З╨╡╨╜╨╕╤П ╤Б╤З╨╡╤В╨░ ╨╕ ╤А╨░╨╖╨╝╨╡╤А╤Л ╤Б╨┤╨╡╨╗╨╛╨║
• ╨Э╨╡ ╨┐╨╛╨┤╤Е╨╛╨┤╨╕╤В ╨┤╨╗╤П ╨║╤А╤Г╨┐╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓
• ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╤Б ╨╝╨╡╨╜╤М╤И╨╕╨╝ ╨╛╨▒╤К╨╡╨╝╨╛╨╝ ╨╜╨╡ ╨┐╨╗╨░╤В╤П╤В ╨║╨╛╨╝╨╕╤Б╤Б╨╕╨╕ ECN
• ╨Э╨░╤Б╤В╨╛╤П╤Й╨╕╨╡ ECN-╨▒╤А╨╛╨║╨╡╤А╤Л ╨▓╨╖╨╕╨╝╨░╤В╤М ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Г╤О ╨║╨╛╨╝╨╕╤Б╤Б╨╕╤О ╨╖╨░ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ ╤Б╨╕╤Б╤В╨╡╨╝╤Л ╨╕ ╨▓╤Л╨┐╨╛╨╗╨╜╨╡╨╜╨╕╨╡ ╤Б╨┤╨╡╨╗╨╛╨║

╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ECN-╨▒╤А╨╛╨║╨╡╤А?

╨С╤А╨╛╨║╨╡╤А ECN ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В ╤Б╨╡╤В╤М ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨╝╤Г╨╜╨╕╨║╨░╤Ж╨╕╨╣ (ECN) ╨┤╨╗╤П ╨╛╨▒╨╗╨╡╨│╤З╨╡╨╜╨╕╤П ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╣ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╕╨╜╤В╨╡╤А╨╡╤Б╨╛╨▓ ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓ ╨┐╤А╨╕ ╨┐╨╛╨║╤Г╨┐╨║╨╡ ╨╕ ╨┐╤А╨╛╨┤╨░╨╢╨╡. ECN тАФ ╤Н╤В╨╛ ╨║╨╛╨╝╨┐╤М╤О╤В╨╡╤А╨╕╨╖╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╤В╨╛╤А╨│╨╛╨▓╨░╤П ╨┐╨╗╨░╤В╤Д╨╛╤А╨╝╨░, ╨║╨╛╤В╨╛╤А╨░╤П ╨┐╨╛╨╖╨▓╨╛╨╗╤П╨╡╤В ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╤Б╨╛╨▓╨╡╤А╤И╨░╤В╤М ╤Б╨┤╨╡╨╗╨║╨╕ ╨▒╤Л╤Б╤В╤А╨╡╨╡ ╨╕ ╤Б ╨╝╨╡╨╜╤М╤И╨╕╨╝╨╕ ╨╖╨░╤В╤А╨░╤В╨░╨╝╨╕. ╨н╤В╨╕ ╨▒╤А╨╛╨║╨╡╤А╤Л ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤В╤А╨╡╨╣╨┤╨╡╤А╨░╨╝ ╨▒╨╛╨╗╨╡╨╡ ╨┐╨╛╨┤╤А╨╛╨▒╨╜╤Г╤О ╨╕ ╨┐╤А╨╛╨╖╤А╨░╤З╨╜╤Г╤О ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╤О ╨╛ ╤В╨╛╤А╨│╨╛╨▓╤Л╤Е ╨╛╤А╨┤╨╡╤А╨░╤Е, ╨╜╨░╨┐╤А╨╕╨╝╨╡╤А ╨╛ ╤Б╨░╨╝╨╛╨╣ ╨▓╤Л╤Б╨╛╨║╨╛╨╣ ╤Ж╨╡╨╜╨╡ ╨╕ ╤Б╨░╨╝╨╛╨╣ ╨╜╨╕╨╖╨║╨╛╨╣ ╤Ж╨╡╨╜╨╡, ╨╕ ╤А╨░╨╖╨╝╨╡╤Й╨░╤О╤В ╨╕╤Е ╨╛╤В ╨╕╤Е ╨╕╨╝╨╡╨╜╨╕.

╨п╨▓╨╗╤П╨╡╤В╤Б╤П ╨╗╨╕ ECN ╨╝╨░╤А╨║╨╡╤В-╨╝╨╡╨╣╨║╨╡╤А╨╛╨╝?

╨С╤А╨╛╨║╨╡╤А ECN тАФ ╤Н╤В╨╛ ╨╜╨╡ ╤В╨╛ ╨╢╨╡ ╤Б╨░╨╝╨╛╨╡, ╤З╤В╨╛ ╨╝╨░╤А╨║╨╡╤В-╨╝╨╡╨╣╨║╨╡╤А. ╨Я╨╡╤А╨▓╤Л╨╣ тАФ ╤Н╤В╨╛ ╨▒╤А╨╛╨║╨╡╤А No Dealing Desk (NDD), ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨▓ ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╨╛╨╝ ╨▓╨╕╨┤╨╡ ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨╛╨▓ ╤В╨╛╤А╨│╨╛╨▓ ╨╕ ╨┐╨╡╤А╨╡╨┤╨░╨╡╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨┐╤А╨╕╨║╨░╨╖╤Л ╨┐╨╛╤Б╤В╨░╨▓╤Й╨╕╨║╨░╨╝ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕, ╤В╨░╨║╨╕╨╝ ╨║╨░╨║ ╨▒╨░╨╜╨║╨╕, ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л ╨╕ ╤Е╨╡╨┤╨╢-╤Д╨╛╨╜╨┤╤Л, ╤З╨╡╤А╨╡╨╖ ECN. ╨б ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╨╝╨░╤А╨║╨╡╤В-╨╝╨╡╨╣╨║╨╡╤А╤Л ╨╖╨░╨║╨╗╤О╤З╨░╤О╤В ╤Б╨┤╨╡╨╗╨║╨╕, ╨╖╨░╨╜╨╕╨╝╨░╤П ╨┤╤А╤Г╨│╤Г╤О ╤Б╤В╨╛╤А╨╛╨╜╤Г ╤Б╨┤╨╡╨╗╨║╨╕ ╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╨╡╤Б╨╗╨╕ ╨╕╤Е ╨║╨╗╨╕╨╡╨╜╤В╤Л ╤В╨╡╤А╤П╤О╤В ╨┤╨╡╨╜╤М╨│╨╕, ╨╕ ╨╜╨░╨╛╨▒╨╛╤А╨╛╤В.

╨Ъ╨░╨║ ╤А╨░╨▒╨╛╤В╨░╤О╤В ECN-╨▒╤А╨╛╨║╨╡╤А╤Л?

╨С╤А╨╛╨║╨╡╤А ECN ╨▓╤Л╨┐╨╛╨╗╨╜╤П╨╡╤В ╤Б╨┤╨╡╨╗╨║╤Г ╨▓ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╡ ╤Н╤В╨░╨┐╤Л:
тАУ ╨а╨░╨╖╨╝╨╡╤Й╨░╨╡╤В ╤В╨╛╤А╨│╨╛╨▓╤Л╨╡ ╨╖╨░╨║╨░╨╖╤Л ╨▓ ╤Ж╨╡╨╜╤В╤А╨░╨╗╨╕╨╖╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨▒╨░╨╖╨╡ ╨┤╨░╨╜╨╜╤Л╤Е ╨╛╤В ╨╕╨╝╨╡╨╜╨╕ ╨╖╨░╨╕╨╜╤В╨╡╤А╨╡╤Б╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨╛╨▓ ╨╕ ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╨╡╨╣
тАУ ╨б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨╛╤А╨┤╨╡╤А╨░, ╨╛╤В╨▓╨╡╤З╨░╤О╤Й╨╕╨╡ ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╤П╨╝ ╨╛╤В╨┤╨╡╨╗╤М╨╜╤Л╤Е ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓, ╤Б ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╕╨╝╨╕ ╨╕╨│╤А╨╛╨║╨░╨╝╨╕ ╤А╤Л╨╜╨║╨░ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╤В╨░╨║╨╕╤Е ╤Д╨░╨║╤В╨╛╤А╨╛╨▓, ╨║╨░╨║ ╤В╨╕╨┐ ╤Ж╨╡╨╜╨╜╨╛╨╣ ╨▒╤Г╨╝╨░╨│╨╕, ╤А╨░╨╖╨╝╨╡╤А ╨╗╨╛╤В╨░, ╤Ж╨╡╨╜╨░ ╨╕ ╤В. ╨┤.
тАУ ╨Э╨░╨┐╤А╤П╨╝╤Г╤О ╨┐╨╛╨┤╨░╨╡╤В ╨╖╨░╤П╨▓╨║╨╕ ╤В╤А╨╡╨╣╨┤╨╡╤А╨╛╨▓ ╨▓ ECN, ╨║╨╛╤В╨╛╤А╨░╤П ╨╖╨░╤В╨╡╨╝ ╤А╨░╤Б╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╨╕╤Е ╤Б╤А╨╡╨┤╨╕ ╨┐╨╛╤Б╤А╨╡╨┤╨╜╨╕╨║╨╛╨▓ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│.
— ╨Ч╨░╨▓╨╡╤А╤И╨░╨╡╤В ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╤О ╨┐╨╛╤Б╨╗╨╡ ╨░╨▓╤В╨╛╨╝╨░╤В╨╕╤З╨╡╤Б╨║╨╛╨│╨╛ ╤Б╨╛╨┐╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╤П ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╤П ╨╕ ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨░

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ECN Broker ╨╕ ╨╡╨│╨╛ ╨╖╨╜╨░╤З╨╡╨╜╨╕╤О. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤Б╤Г╨╢╨┤╨░╨╡╨╝, ╨║╨░╨║ ╤А╨░╨▒╨╛╤В╨░╨╡╤В ECN Broker ╤Б ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╨╝╨╕ ╨╕ ╤Д╨╛╤А╨╡╨║╤Б-╤Б╤З╨╡╤В╨░╨╝╨╕ ╨╕ ╤З╨╡╨╝ ╨╛╨╜ ╨╛╤В╨╗╨╕╤З╨░╨╡╤В╤Б╤П ╨╛╤В ╨╝╨░╤А╨║╨╡╤В-╨╝╨╡╨╣╨║╨╡╤А╨░. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАУ

• ╨С╤А╨╛╨║╨╡╤А╤Б╨║╨░╤П ╨║╨╛╨╝╨╕╤Б╤Б╨╕╤П
• ╨С╨╕╤А╨╢╨╡╨▓╨╛╨╣ ╨╝╨░╨║╨╗╨╡╤А
• ╨Ф╨╕╤Б╨║╨╛╨╜╤В╨╜╤Л╨╣ ╨▒╤А╨╛╨║╨╡╤А