Competing with the NYSE by William Brown, Harold Mulherin, and Marc Weidenmier.
No, this is not on the impact of ECNs (Electronic Communication Networks) on the NYSE. Rather, it is a fascinating look back to competition from the Consolidated Stock Exchange NYSE's cheif rival from 1885 to 1926.
Some of the cool points of the paper
1. The NYSE has faced major competition--at its peak the Consolidated Stock Exchange had about 60% of the NYSE volume.
2. The NYSE fought hard (in courts) to prevent member frims from trading with the Consolidated exchange and to prevent others (Consolidated) from using their ticker information. They even went as far as to prevent any communication between the two exchanges (see Appendix NY Times Feb. 27. 1891)
3. NYSE spreads narrowed for shares that were traded on the Consolidated Exchange but not for other shares.
Brown, William O., Mulherin, J. Harold and Weidenmier, Marc, "Competing with the NYSE" (March 2006). Claremont Colleges Economics Department Paper Available at SSRN: http://ssrn.com/abstract=785427