National market system plan
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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.
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 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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[edit] CTA/CQ Plans (Consolidated Tape)
The Consolidated Tape is overseen by the Consolidated Tape Association.[1] It is governed by the Consolidated Tape Plan for trades and the Consolidated Quotation Plan for quotes. The CTA/CQ system started in June 1975.[2]
Tape A (also called Network A) contains securities listed on the New York Stock Exchange, and is also administered by the NYSE.[1]
Tape B (also called Network B) contains securities listed on the American Stock Exchange, NYSE Arca, and regional stock exchanges. It is administered by the American Stock Exchange.[3]
[edit] OTC/UTP Plan
Tape C contains over-the-counter stocks listed on the NASDAQ National Market or NASDAQ Small Cap Market, and is overseen by the OTC/UTP Operating Committee.[4]
[edit] See also
[edit] References
- ^ a b New York Stock Exchange. CTA. NYSE Stock Data Portal. Retrieved on 2007-08-01.
- ^ "Consolidated Tape." Dictionary of Finance and Investment Terms. Barron's Educational Series, Inc, 2006. Answers.com 01 Aug. 2007. http://www.answers.com/topic/consolidated-tape
- ^ NYSE Euronext (2006-11-29). National Market Plans. Retrieved on 2007-08-01.
- ^ National Stock Exchange. National Market System Plans. Retrieved on 2007-08-01.
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