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Nasdaq Intermarket

What is 'Nasdaq Intermarket'

An electronic marketplace where National Association of Securities Dealer (NASD) members could execute trades, communicate, and receive quotations on stocks listed on the New York Stock Exchange (NYSE) and the American Stock Exchange (Amex). Formerly known as "Nasdaq's third market", Nasdaq Intermarket used Nasdaq's Computer Assisted Execution System (CAES) to connect buy and/or sell orders. Nasdaq announced its intentions to withdraw from the Intermarket Trading system in 2005.

Explaining 'Nasdaq Intermarket'

Nasdaq Intermarket competed for retail stock orders with regional exchanges such as the Chicago Stock Exchange (CHX) and the Boston Stock Exchange (BSE). By connecting several stock exchanges, the intermarket system gave traders access to additional buyers and/or sellers, increasing liquidity and competition.


Further Reading


Locked and crossed markets on NASDAQ and the NYSE
www.sciencedirect.com [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

Trade execution costs on Nasdaq and the NYSE: A post-reform comparisonTrade execution costs on Nasdaq and the NYSE: A post-reform comparison
www.cambridge.org [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

Dealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSEDealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSE
www.sciencedirect.com [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

Cubes to quads: The move of QQQ from AMEX to NASDAQCubes to quads: The move of QQQ from AMEX to NASDAQ
www.sciencedirect.com [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

Policy Watch: Did Nasdaq Market Makers Implicitly Collude?Policy Watch: Did Nasdaq Market Makers Implicitly Collude?
www.aeaweb.org [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

Trading Volume: NASDAQ and the NYSETrading Volume: NASDAQ and the NYSE
www.tandfonline.com [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

On nasdaq order book dynamics: New problems for the control fieldOn nasdaq order book dynamics: New problems for the control field
ieeexplore.ieee.org [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …

Competition on the Nasdaq and the growth of electronic communication networksCompetition on the Nasdaq and the growth of electronic communication networks
www.sciencedirect.com [PDF]
… In the NYSE sub-sample, intensity of initiations is similar to that in the NASDAQ sub-sample — neither venue can be identified as a particularly active … At the time of our study, the Intermarket Trading System (ITS) rules indicate that NYSE inter-market participants are not …


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