there are different approaches

交易可以通过多种渠道实现
and there are going to be clever people

并且睿智人士
who come up with new ideas about how to trade stocks.

将会想出证券交易新理念
This brings us to the so called ECNs.

这为我们带来了被称为ECNs的系统
They were called electronic communications networks

其全名为电子通讯网络
and what happened was with the advent of the Internet in the mid-1990s,

随着互联网在90年代中期的出现
people started setting up websites that looked like stock exchanges,

人们开始设立看似证券交易
but maybe they weren't.

实则非交易的网站
I guess the first one was Instinet--

我记得是Instinet开创了先河
I'm not sure it's the absolute first one, but Instinet was--

我不确定它就是行业始祖不过Instinet
now, understand that an exchange has to register with the SEC.

我们现在知道交易商需要在SEC注册
The SEC has all kinds of requirements,

SEC有着众多要求