[20010126]RS20632_跨市场交易系统与纽约证券交易所上市股票.pdf

1 The exchanges are self-regulatory organizations (SROs). SROs are non-governmentorganizations that have statutory authority to regulate their own members. The NASD is theparent organization of the Nasdaq stock market which is technically not a stock exchange (with itsdecentralized array of independent traders), but the NASD is a SRO. 2 The ITS also facilitates trading linkages among its members who trade AMEX-listed stocks andoptions. Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20632Updated January 26, 2001The Intermarket Trading System andNYSE-Listed StockGary ShorterSpecialist in Business and Government Relations Government and Finance DivisionSummaryThe Intermarket Trading System (ITS) facilitates stock trading between the NewYork Stock Exchange (NYSE) and other exchanges trading the same stocks. Anothercomponent of the stock trading system, Alternative Trading Systems (ATS) - computer-driven order matching systems - have become a large factor in the trading of Nasdaq-listed stock. But the ATS play a very limited role in the trading of NYSE-listed stocksbecause they are not members of the ITS. There are