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ECN的全称是Electronic Communication Networks 中文翻译为电子通讯网络，是促进场外的交易的电子工具。下面是国外网站上的介绍和翻译。
The second half of the twentieth century has seen the advent of Electronic Communication Networks (ECNs). These are essentially large proprietary computer networks on which brokers could list a certain amount of securities to sell at a certain price (the asking price or "ask") or offer to buy a certain amount of securities at a certain price (the "bid").
ECNs and exchanges are usually known to traders by a three- or four-letter designators, which identify the ECN or exchange on Level II stock screens. The first of these was Instinet (or "inet"), which was founded in 1969 as a way for major institutions to bypass the increasingly cumbersome and expensive NYSE, also allowing them to trade during hours when the exchanges were closed. Early ECNs such as Instinet were very unfriendly to small investors, because they tended to give large institutions better prices than were available to the public. This resulted in a fragmented and sometimes illiquid market.
The next important step in facilitating day trading was the founding in 1971 of NASDAQ --- a virtual stock exchange on which orders were transmitted electronically. Moving from paper share certificates and written share registers to "dematerialized" shares, computerized trading and registration required not only extensive changes to legislation but also the development of the necessary technology: online and real time systems rather than batch; electronic communications rather than the postal service, telex or the physical shipment of computer tapes, and the development of secure cryptographic algorithms.
电子通讯网络（ECN）出现于二十世纪下半页，当时有大量的专有电脑网络，经纪商可以其上列出在某个价位（要价）卖出的证券和在某个价位上买入（要价）的证券。
ECN或交易所出现在二级报价屏上，用三个或四个字母组成的代码表示。第一个ECN是Instinet，建立于1969年，是大机构用来绕过日益不方便和昂贵的纽交所进行交易的工具。同时，借助这个网络他们还能进行盘后交易。像Instinet这样的早期的ECN对小投资者非常不友好。相对于投资大众，它们倾向于给大交易者更好的价格。这导致了割裂的、有时候流动性差的市场。
下一个促进日内交易的事件是1971年纳斯达克交易所的建立。纳斯达克是一个虚拟的股票交易所，可以电子化的传输订单。从纸质的股票证书和书面股票注册到“虚拟”的股票，电脑化的交易和注册不仅要求立法的一系列改变，还要求所需技术的发展：在线和实时的系统（而不是批量处理），电子通讯（而不是邮政服务、电传或电脑磁带的实际运输），还有安全的保密算法的发展。