Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Dustin who wrote (7565)	3/23/2000 5:50:00 PM
From: LPS5	Respond to of 18137

Hmmm...yeah, pretty much. It's more or less what your direct access broker shows in the Level II box when you bring up a listed stock. To get into detail: the Intermarket Trading System, "ITS," is a private organization owned by the exchanges and displayed on a screen at specialists' posts. The members, who have voting rights (voting issues include the inclusion of new quoting members) include the two primary stock exchanges, the regional exchanges, and Instinet (which is shown as "NASD"). Island quotes are being permitted following the repeal of Rule 390 but I do not know if Island is actually a member - currently I don't think so, but I'm quite sure they will be eventually. Archipelago's deal with PCX is also toward being able to access this book. Getting onto ITS is of elemental importance in being able to trade listed stocks on a dealer basis if you don't want to become a stock exchange member. ITS is one of four initiatives toward the original "National Market System" initiatives in the Seventies. The others were CQS, CTS, and OPRA, which strove to achieve the same intermarket execution ability in the third market, options market, and via the integration of UTP. "UTP" are Unlisted Trading Privileges, of which the most evident activity is that of the MWSE (Chicago Stock Exchange) in Nasdaq issues. LPS5