National Stock Exchange is the first all-electronic stock exchange with a complete automatic market in the United States. It manages and regulates all trading conducted on the Exchange. In addition to systemic controls, every trade occurring on the National Stock Exchange is subject to continuous automated daily surveillance and other review. The Securities and Exchange Commission (SEC) regulates the Exchange. It introduced the first automated exchange interface with the Intermarket Trading System (ITS) that enables members to interact electronically with all other markets. National Stock Exchange is the first exchange to develop a complete electronic order audit trail for regulatory purposes.