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Last Updated: 5/11/05
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 NASD participates. In addition, each of the web sites provides any proposed amendments to these plans that are pending with the SEC.
Consolidated Tape Association Plan/Consolidated Quotation Plan (CTA/CQ Plans)
The CTA/CQ Plans governs the collection, processing, and distribution of quotation and transaction information for exchange-listed securities. The data reflected on the consolidated tape (Networks A and B) is derived from various market centers, including securities exchanges, NASD, 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
Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis (OTC UTP Plan)
The OTC UTP Plan governs the collection, processing and distribution of quotation and transaction information for issues listed on the NASDAQ National Market® (NNM) and the NASDAQ SmallCap Market (SCM). UTP data is derived from various market centers, including securities exchanges, NASD, ECNs, and other broker-dealers. Under the OTC UTP Plan, all U.S. exchanges and associations that quote and trade NASDAQ NNM and SCM securities must provide their data to a centralized SIP for data consolidation and dissemination.
http://www.utpdata.com/
Plan for the Purpose of Creating and Operating an Intermarket Communications Linkage Pursuant to Section 11A(a)(3)(B) of the Securities Exchange Act of 1934 as restated (ITS Plan)
The ITS Plan governs the use of a communication network that links electronically the exchanges and NASD to one another to facilitate trades between such participants' markets in exchange-listed securities.
http://www.itsplan.com
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