National Market System Plans
The Securities and Exchange Commission (SEC) requires that each participant in an effective National Market System Plan (NMS Plan) ensure that a current and complete version of the NMS Plan is posted on a central web site. Below are links to the central web sites that provide copies of each of the three NMS Plans in which FINRA participates. In addition, each of the web sites provides any proposed amendments to these plans that are pending with the SEC.
The CTA/CQ Plans governs the collection, processing, and distribution of quotation and transaction information for exchange-listed securities (excluding those securities listd on the Nasdaq Stock Exchange). The data reflected on the consolidated tape (Networks A and B) is derived from various market centers, including securities exchanges, FINRA, electronic communications networks (ECNs), and other broker-dealers. Under the CTA/CQ Plans, all U.S. exchanges and associations that quote and trade exchange-listed securities must provide their data to a centralized securities information processor (SIP) for data consolidation and dissemination.
http://www.nysedata.com/cta/home.asp
The OTC UTP Plan governs the collection, processing and distribution of quotation and transaction information for issues listed on the NASDAQ Stock Exchange. UTP data is derived from various market centers, including securities exchanges, FINRA, ECNs, and other broker-dealers. Under the OTC UTP Plan, all U.S. exchanges and associations that quote and trade NASDAQ-listed securities must provide their data to a centralized SIP for data consolidation and dissemination.
