Final answer:
The emergence of trading via ECNs has lowered the cost of trading, provided a unique advantage with after-hours trading, and made it more difficult for insider trading. All of these options are indeed true.
Step-by-step explanation:
The emergence of trading via ECNs (Electronic Communication Networks) has had several impacts on the financial markets:
- A. Lowered the cost of trading: ECNs automate transactions and match buy and sell orders, which reduces the need for intermediaries and can lead to lower transaction costs.
- B. Provided a unique advantage: Unlike traditional exchanges such as the NYSE, ECNs offer after-hours trading, which can be an advantage for investors looking to trade outside of standard market hours.
- C. Made trading more difficult for insider traders: The increased transparency and real-time information provided by ECNs can make it harder for insider traders to exploit non-public information.
Overall, all of these options are true and reflect the benefits and changes that ECNs have brought to trading.