NSX - National Market System Plans

 

  History  
  Technology  
  Cost Efficiency  
  Firsts and Facts  
  Going "National"  
  Board
    NSX Holdings, Inc.  
    National Stock
    Exchange, Inc.
 
  Officers  
  Exchange Holidays  
  Overview  
  By-Laws and Rules  
  Rule Changes  
  Regulatory Circulars  
  Information Circulars  
  News Release
  Announcing NSX
  BLADE Launch
 
  Equity Trading Permit  
  Fix Specifications  
  News Release
  On Partnership
 
  NSX BLADE Rules  
  News Release
  Announcing NSX
  BLADE Attracting ECNs
 
 
 






 
 
 440 South LaSalle Street
 Suite 2600
 Chicago, IL 60605
 312.786.8803
National Market System Plans

Section 11A of the Exchange Act provides for the establishment of a national market system for securities. One of the objectives of creating a national market system is the linking of all markets for qualified securities through communication and data processing facilities.

NSX participates in the national market system plans for exchange-listed securities and OTC securities, as well as in the Intermarket Trading System ("ITS") Plan. The Consolidated Tape Association ("CTA") and Consolidated Quotation ("CQ") Plans govern quote and trade data dissemination for exchange-listed securities, and the OTC/UTP Plan governs quote and trade data dissemination for Nasdaq-listed securities. The ITS Plan governs an order routing network linking markets that trade exchange-listed securities. Each of these Plans are filed with and approved by the Securities and Exchange Commission in accordance with Section 11A.


CTA/CQ Plans

The CTA/CQ Plans govern the collection, processing and dissemination of real-time trade and quote data for New York Stock Exchange-listed securities from all market centers trading such securities (also referred to as "Tape A" or "Network A" securities), as well as real-time trade and quote data from all other exchange-listed securities, including the American Stock Exchange and other regional exchanges (also referred to as "Tape B" or "Network B" securities). Technically, there are two Plans, the Consolidated Tape Plan, which governs trades and the Consolidate Quotation Plan, which governs quotes. The CTA Operating Committee is the policymaking and administrative body that oversees the collection, processing and distribution of exchange-listed market data. It is comprised of a voting member from each of the markets that participate in the Plans.

Click below to access the following:

  CTA/CQ Plans
CTS Output Specifications
CTS Low Speed Ticker Specification
CQS Output Specifications
CTA/CQ Announcements


OTC/UTP Plan

The OTC/UTP Plan governs the collection, processing and dissemination of real-time trade and quote data for certain Nasdaq National Market and Small Cap ("Nasdaq-listed") securities from all market centers trading such securities (also referred to as "Tape C" or "Network C" securities). The OTC/UTP Operating Committee is the policymaking and administrative body that oversees the collection, processing and distribution of Nasdaq-listed market data. It is comprised of a voting member from each of the markets that participate in that Plan.

Click below to access the following:

  OTC/UTP Plan
OTC/UTP Technical Specifications for quote and trade data feeds.
OTC/UTP Vendor Alerts


ITS Plan

The ITS Plan governs the ITS system, which is an order routing network designed to facilitate intermarket trading in exchange-listed securities among participating markets based on current quotation information emanating from their markets. (There is no currently similar linkage for Nasdaq-listed securities.)

Markets' members participate in ITS through facilities provided by their respective markets. Quotations in exchange-listed securities are collected and disseminated in the Consolidated Quotation System ("CQS") in accordance with the CQ Plan. Under the ITS Plan, a member of a participating market may access the best bid or offer displayed in CQS by another participating market by sending an order (referred to as a "commitment to trade") through ITS to that market. The ITS Operating Committee is the policymaking and administrative body that oversees operation of ITS. It is comprised of a voting member from each of the markets that participate in that Plan.

Click here to access the ITS Plan


 


terms & conditions | order disclosure 
Copyright 2002-2004 National Stock Exchange.