Electronic communications networks let traders deal directly in what is known as which market?

1. Electronic communications networks are private trading networks and count as alternative trading systems. 2. They allow institutional traders and some individuals to make direct transactions in what is called the fourth market. 3. They bypass brokers and dealers, automatically matching electronic buy and sell orders. 4. They work best for high-volume, actively traded stocks, and money managers like them because they cost far less than other trading venues. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 16 "Understanding Financial Management and Securities Markets", section 16.7 Buying and Selling at Securities Exchanges_