Inet, like other electronic communication networks, was an order-pairing system that give brokerage 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.
Inet was formed after Island Exchange was merged with Instinet 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 $5 billion USD handled daily in 1999. Its headquarters were in 50 Broad Street, New York City.
After NASDAQ's acquisition of the Swedish OMX 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.
- Steven Marlin (April 22, 2005). "Nasdaq Buying Instinet Group, Setting Up E-Trading Showdown With NYSE". Information Week.
- Erin Joyce (June 10, 2002). "Instinet Acquires Island ECN". internetnews.com.
- "OMX introduces new technologies to help exchanges in the race for scalability". The Trade USA. February 8, 2007.
- "Nasdaq OMX upgrades to Genium Inet". Futures and Options World. October 27, 2010.
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