Inet was an

electronic trading platform In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products ...

based on a system developed by

Instinet Instinet is an institutional, agency-model broker that also serves as the independent equity trading arm of its parent, Nomura Group. It executes trades for asset management firms, hedge funds, insurance companies, mutual funds and pension fund ...

in the 1970s that merged with Island ECN in 2002 and was subsequently acquired by

NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

in 2005. Inet, like other

electronic communication network An electronic communication network (ECN) is a type of computerized forum or network that facilitates the trading of financial products outside traditional stock exchanges. An ECN is generally an electronic system that widely disseminates orders e ...

s, was an order-pairing system that give

brokerage A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be con ...

firms the power to electronically track and match reciprocal buy and sell orders at the same limit price and lot size. An efficient and reliable system that reduced costs to both brokerage firms and investors and facilitate high speed pairings of buy and sell orders. The Inet name continues to be used by Nasdaq for later trading platforms such as the ''Genium Inet trading platform''. Today the NASDAQ stock exchange system in New York is called "INET". INET uses a very fast middleware bus that is called Inet. The derivative exchange system Genium Inet uses the same middleware bus Inet. Genium Inet is the successor to the CLICK derivate exchange system. The main difference between INET and Genium Inet is that INET is a stock exchange system (that is not sold), and Genium Inet is a derivative system (that is sold to other exchanges by NASDAQ OMX).

History

Inet was formed after Island ECN was merged with

in 2002. Island changed its name to Inet ATS, Inc. ("Inet") effective November 17, 2003. A high volume of trades were routed through Island, with over US$5 billion handled daily in 1999. Its headquarters were in 50 Broad Street,

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

. After NASDAQ's acquisition of the Swedish

OMX Nasdaq Nordic is the common name for the subsidiaries of Nasdaq, Inc. that provide financial services and operate marketplaces for securities in the Nordic and Baltic regions of Europe. Historically, the operations were known by the company ...

exchange group in 2007, it gained access to OMXs trading platform Genium it used this to create the next generation of Inet called the ''Genium Inet trading platform''.

References

External links

NASDAQ

Quote.com
Nasdaq Stock market Former electronic trading platforms 2005 mergers and acquisitions {{stockexchange-stub