A national market system plan (or
NMS plan) is a structured method of transmitting
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
transactions in real-time. In the United States, national market systems are governed by section 11A of the
Securities Exchange Act of 1934.
In addition to processing the transactions themselves, these plans also emit the price, volume data, and regulatory auditing information
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.
CTA/CQ Plans (Consolidated Tape)
The Consolidated Tape is overseen by the
Consolidated Tape Association
The Consolidated Tape Association (CTA) oversees the dissemination of real-time trade and quote information (market data) in New York Stock Exchange (NYSE) and American Stock Exchange (AMEX) listed securities (stocks and bonds). It is currently ...
.
OTC/UTP Plan
Tape C contains stocks listed on the
NASDAQ Exchange or NASDAQ Small Cap Market, and is overseen by the OTC/UTP Operating Committee.
[{{cite web , url=http://www.nsx.com/NMSplans.asp , title=National Market System Plans , accessdate=2007-08-01 , author=National Stock Exchange , authorlink=National Stock Exchange (Jersey City, New Jersey) , archiveurl = https://web.archive.org/web/20070626015927/http://www.nsx.com/NMSplans.asp , archivedate = 2007-06-26]
OPRA Plan
The
Options Price Reporting Authority
The Options Price Reporting Authority (OPRA) 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.
OPRA is a ...
provides trade and quote information for selected Market Centers.
See also
*
Consolidated Tape System
The Consolidated Tape System (CTS) is the electronic service, introduced in April 1976, that provides last sale and trade data for issues admitted to dealings on the American Stock Exchange, New York Stock Exchange, and U.S. regional stock exchan ...
*
Ticker tape
Ticker tape was the earliest electrical dedicated financial communications medium, transmitting stock price information over telegraph lines, in use from around 1870 through 1970. It consisted of a paper strip that ran through a machine called ...
References
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Financial markets
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