Consolidated Quotation System

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The Consolidated Quotation System (CQS) is the electronic service that provides quotation information for issues admitted to dealings on the American Stock Exchange, New York Stock Exchange, and U.S. regional stock exchanges.

In July 1978, the SEC declared the Consolidated Quotation Plan effective. In August 1978, the CQS commenced full operation with the Boston, Midwest, New York, Philadelphia and Pacific Stock Exchanges reporting quotations in NYSE-listed securities. As with last sale information, NYSE facilitated the start of consolidated reporting of quotation information by contributing its predecessor network for distributing bid-asked information to serve as the technical foundation and administrative framework and by overseeing the development of a high speed output. NASDAQ joined the CQ Plan at the end of 1978 and began to disseminate quotations over CQS in early 1979. In November 1979, the Cincinnati Stock Exchange became a CQ Plan Participant and commenced disseminating quotations in mid-1980.

The Consolidated Tape Association (CTA) is the operating authority for both the Consolidated Quotation System and the Consolidated Tape System (CTS).^[1]