In her speech to buy side clients Jill has made the following statements about electronic communication and crossing networks (ECNs): Statement 1: Electronic communication networks are order driven systems, in which the limit order book plays a central role Statement 2: Electronic crossing networks anonymously match buy and sell orders by a pool of participants, generally institutional investors and broker dealers Statement 3: In an ECN, a trade takes place only during a crossing session time and only if there are offsetting orders entered by other participants.

Which of Jills statement about electronic communication and crossing networks (ECNs) is true? Justify your answers.