Inet was an electronic trading platform. It was acquired by NASDAQ in 2005. Inet, like other electronic communication networks, was an order-pairing system that gives brokerage firms the power to electronically track and match reciprocal buy and sell orders at the same limit price and lot size. Its efficient and reliable systems reduce costs to both brokerage firms and investors and facilitate high speed pairings of buy and sell orders.
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 New York City.
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