Number: RS20632
Title: THE INTERMARKET TRADING SYSTEM AND NYSE- LISTED STOCK
Authors: Gary Shorter, Government and Finance Division 
Abstract: The Intermarket Trading System (ITS) facilitates stock trading between the New York Stock Exchange (NYSE) and other exchanges trading the same stocks. Another component of the stock trading system, Alternative Trading systems (ATS)-computer-driven order matching systems-have become a large factor in the trading of Nasdaq-listed stock. But the ATS play a very limited role in the trading of NYSE-listed stocks because they are not members of the ITS. There are, however, a number of changes afoot and in March 2000, ATS gained the right to access the ITS through Nasdaq linkages. However, a number of ATS are pushing for inclusion in the ITS as members; present rules, however forbid this. This report discusses these developments.
Pages: 6
Date: Updated January 26, 2001