What Is the National Market System Plan (NMSP)?

The national market system plan is a set of rules used primarily to select unique stock symbols for securities trading on U.S. exchanges. The plan also coveᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚrs other aspects of equity securities trading activity, disclosure, and execution.

The Securities and Exchange Commission (SEC) established the national market system plan. I🍒ts creation was authorized by the U.S. Congress in 1975.

The plan is revised and updated period⛎ically. The SEC posts proposed and final changes on its website and encourages comments from the public.

How the National Market System (NMSP) Works

In the U.S., the national market system and national market system plans are governed by Section 11A of the 1934 Securities Exchange Act.

Section 11A includes amendments passed in 1975, known a🐟s the Securities Acts Amendments of 1975. Those amendments required the Securities Exchange Commission (SEC) to formally establish a national market system framework for the U.S. markets.

This later led to the enactment of 澳洲幸运5官方开奖结果体彩网:Regulation NMS. The SEC’s Regulation NMS contains four comprehensive components that heavily relyಞ on the NMS framework for f♔ull adherence.

The national 𓄧market system in the U.S. consists of several market system plan components.

The Intermarket Symbol Reservatiᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤💞⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚon Authority (ISRA) Plan

The ISRA plan was establishe✃d to improve the effectiveness and efficiency of the U.S. national market syste🅠m overall. It also seeks to encourage fair competition among all market participants.

ISRA’s primary purpose is to manage a uniform system for select🐎ing, reserving, and administering equity security symbols for individual securities.

Through the ISRA, securities are assigned a symbol of between one and five characters which serves as a company's identifier for listing and trading activity.

Equity market exchanges are required to use guidelines from the ൩ISRA when determining and disseminating information about new stocks they list.

Consolidated ꧅Tape System (CTS)/Consolidated Quotation System (CQS)

The Consolidated Tape Association is the manager of the Consolidated Tape System and the Conso🏅lidated Quotation System.

The﷽se two systems process equity exchange trade and quote data, respectively. All of the major regulated U.S. equity exchanges are reꩲquired to use the CTS and CQS.

Like nearly 🥃all U.S. national market system components, the CTS and CQS procedures are also mandatory for options market exchanges.

Over the ꧑Counter (OTC) and Unlisted Trading Privilege (UTP) Plan

The is an alternative component, focusing on quote and trade processing for over-the-counter securities, also known as 澳洲幸运5官方开奖结果体彩网:unlisted trading privileges securities.

OTC/UTP exchanges have less str꧑ingent requirements for the stoc☂ks they list but are subject to the national market system framework in the U.S.

Within the OTC/UTP Plan component, a designated UTP processor, known as the Securities Information Procesܫsor (SI🅘P), consolidates and processes quote and trade data on OTC securities.

The SIP is responsible for transaction processing and quote dissemi♛nation. UTP Plan d꧑ata is often referred to as UTP Level 1 data or Tape C data.