the SEC looked to the Intermarket Trading
System (ITS), which began its
Appendix A summarizes key differences in trade-through provisions between the intermarket trading
system (ITS) and the OPR and arguments for and against OPR.
System (ITS) Plan, (72) and it dictated that the
This was the logic underlying two of the major initiatives growing out of the 1975 act--the Consolidated Quotation System (CQ system) and the Intermarket Trading
It has access to the other perquisites of exchange status -- most notably, the intermarket trading
system that links the regionals and New York, and tape revenue (the money exchanges are paid every time they put a trade on the data feed).
The results also imply that the Intermarket Trading
System will not result in reduced NYSE spreads purely by enhancing competition between NYSE specialists and regional or OTC market makers unless the system also increases NYSE activity.
The SEC also approved t the Intermarket Trading
System ("ITS"), which created a mechanism whereby orders in one exchange could be directed for execution on another exchange if a better price was available there.
system rules One such regulatory attempt was the adoption of intermarket trading
system rules that require securities markets to match the NBBO or route an investor's order to the securities market offering the NBBO.