Intermarket Trading System
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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