We classify network types primarily by their fundamental purpose. Purpose generally refers to the reason for the network’s existence. We define eight major types of networks:
• Telephone and verbal messages
• Market-data networks
• Post-trade networks
• Funds and payments
• Email and text messaging
Within these major categories, distinctions among networks are generally predicated on content and performance. The reason is that network distinctions tend to be logical rather than physical because nearly all networks depend on the same physical telecommunications infrastructure. Networks that route market data tend to be logically separate from order-routing networks.
Likewise, market-data networks that transmit ...