National Market System

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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.[1] 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.[2]

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.[3]


  1. Speech by SEC Chairman: The National Market System - A Vision That Endures. SEC.
  2. Will the SEC's National Market System Stifle the Innovation It Hopes to Promote?. Wharton: Finance and Investment.
  3. National Market System Plans. FINRA.