European Central Bank (ECB), the central bank agency of the European Union (EU).  

Electronic Currency Network (ECN) 

ECN is an electronic system that widely disseminates orders entered by market makers to third parties and permits the orders to be executed against in whole or in part. 

Ether / Ethereum  

A digital or virtual currency that is open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality.  

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European Securities and Markets Authority, the financial regulator in the European Union (EU).  

Executing Broker 

The broker or dealer that finalizes and processes an order on behalf of a client. The orders sent to executing brokers are assessed for appropriateness, and if the order is deemed practical, the executing broker will then carry out the order. If the order is rejected, the customer is notified, and the stock is not traded. 

Once the executing broker has assessed the validity of the order, it is then submitted onto the clearing broker who clears the trade. However, since executing brokers are paid through commission, the possibility exists that this incentive may encourage numerous trades even though they may not be suitable.