Contributed by Dave Hudzik, Managing Director, EMS Technology for Spartan Technologies , HydraTrade.

Well, it's been one year since I wrote about the regional exchanges competing with the Nasdaq and NYSE. The competition is heating up and boy oh boy I am seeing a lot of gusto from the little guys, two especially. The regionals have partnered up with some big names, but two ECN networks in particular aren't going anywhere without a fight.

The key points of my last article were about being nimble, selective, and patient. The two companies that have done this are Knight's Direct Edge and BATS Trading. I have to say that I am surprised they have gained as much traction as they have in such a short period of time, but with the hard work I have witnessed firsthand I am not shocked.

For more, read "ECNs BATS, DirectEdge Gain Traction against NYSE, Nasdaq".