National market system plan
Encyclopedia
A national market system plan (or NMS plan) is a structured method of transmitting securities
transactions in real-time. In the United States, national market systems are governed by section 11A of the Securities Exchange Act of 1934
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In addition to processing the transactions themselves, these plans also emit the price and volume data for these transactions. Information on each securities trade is sent to a central network at the Securities Industry Automation Corporation (SIAC)
where it is then distributed, consolidated with other trades on the same "tape".
There are three major tapes in the United States: Tape A and Tape B (which together are called the "Consolidated Tape"), and Tape C.
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Exchange or NASDAQ Small Cap Market, and is overseen by the OTC/UTP Operating Committee.
provides trade and quote information for selected Market Centers.
Security (finance)
A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...
transactions in real-time. In the United States, national market systems are governed by section 11A of the Securities Exchange Act of 1934
Securities Exchange Act of 1934
The Securities Exchange Act of 1934 , , codified at et seq., is a law governing the secondary trading of securities in the United States of America. It was a sweeping piece of legislation...
.
In addition to processing the transactions themselves, these plans also emit the price and volume data for these transactions. Information on each securities trade is sent to a central network at the Securities Industry Automation Corporation (SIAC)
Securities Industry Automation Corporation
The Securities Industry Automation Corporation is a subsidiary of the NYSE Euronext. Its purpose is to provide technical services for the exchanges themselves, members and other financial institutions. In this role, SIAC provides the computers and other systems required to run the exchanges...
where it is then distributed, consolidated with other trades on the same "tape".
There are three major tapes in the United States: Tape A and Tape B (which together are called the "Consolidated Tape"), and Tape C.
CTA/CQ Plans (Consolidated Tape)
The Consolidated Tape is overseen by the Consolidated Tape AssociationConsolidated Tape Association
The Consolidated Tape Association oversees the dissemination of real-time trade and quote information in New York Stock Exchange and American Stock Exchange listed securities...
.
OTC/UTP Plan
Tape C contains stocks listed on the NASDAQNASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
Exchange or NASDAQ Small Cap Market, and is overseen by the OTC/UTP Operating Committee.
OPRA Plan
The Options Price Reporting AuthorityOptions Price Reporting Authority
The Options Price Reporting Authority provides, through market data vendors, last sale information and current options quotations from a committee of participant exchanges designated as the Options Price Reporting Authority....
provides trade and quote information for selected Market Centers.