Even closer network Archipelago and REDIBook announced a merger that likely will resonate across industry lines into the futures industry with consolidated liquidity and competitive mergers. The two equity-based electronic communications networks (ECN) still don't surpass the largest ECN, Instinet, but do generate concerns that others will have to merge to offer customers equal liquidity opportunity with low operational expenses.

The new entity's largest stakeholder is Goldman Sachs, which owned some of each ECN before the merger. Analysts say customers should receive lower fees due to the ability to match trades between the two order books without additional costs to the ECNs.

The SEC approved the Archipelago Exchange to launch in 2002 through the Pacific Exchange.