National Market System
The National Market System is a trading system for over-the-counter (OTC) stocks created under the sponsorship of the National Association of Securities Dealers (NASD) and Nasdaq. Congress established its framework in 1975. The National Market System is meant to insure that every trader gets the best price available at any moment on any exchange in the country.
The Securities and Exchange Commission(SEC) requires that each participant in an effective National Market System Plan ensure that a current and complete version of the NMS Plan is posted on a central Web site.
- Speech by SEC Chairman: The National Market System - A Vision That Endures. SEC.
- Will the SEC's National Market System Stifle the Innovation It Hopes to Promote?. Wharton: Finance and Investment.
- National Market System Plans. FINRA.