Much-Criticized ITS Rides into the Sunset
Traders Magazine, September, 2005 by Peter Chapman
The ITS is on life support. The nation's stock markets, in the wake of Reg NMS, intend to scrap the nearly 30-year old Intermarket Trading System (ITS). In its place, they plan to use proprietary networks or contract with independent vendors to handle order routing in exchange-listed securities.
The nine members of the ITS may or may not agree to participate in a temporary consortium-based network a sort of ITS II as an intermediary step to fully private networks.
"Our merger with Archipelago will facilitate our use of their routing technology," Bob McSweeney, the New York Stock Exchange official in charge of competitive position, told Traders Magazine. "Our objective is to expedite our exit from the ITS Plan as soon as possible."
One trading center already...
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