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Intermarket Trading System
(ITS)
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles
J Woelfel
(We recommend this as work of authority and you can order
it here)
An electronic
communications network that links the New York, American, Boston, Cincinnati,
Midwest, Pacific and Philadelphia stock exchanges and the NASD.
Brokers as well as specialists and market markers trading for their
own account can interact with their counterparts in other markets whenever
the nationwide Composite Quotation System shows a better price.
ITS was started in 1978 with the New York and Philadelphia exchanges
trading 11 stocks. At the
end of 1987, the 1,537 issues eligible for trading on ITS represented
most of the stocks traded on more than one exchange.
Of these stock, 1,335 are listed on the NYSE and 202 on the AMEX.
In 1987, volume increased 19.2%, representing a peak of 22 billion
shares and an 11.2% increase in trades over the previous year.
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