INSTINET (INSTITUTIONAL NETWORKS CORPORATION)

Computerized subscriber service that serves as a vehicle for the fourth market . "Instinet" is registered with the S.E.C. As a stock exchange if numbers among its subscribers a large number of mutual funds and other institutional investors linked to each other by computer terminals. The system permits subscribers to display bids and offers (which are exposed system-wide for whatever length of time the initiating party specifies) and to consummate trades electronically. Instinet is largely used by market-makers , but, as mentioned, non-market-makers and customers have equal access.