What is ‘National Market System Plan – NMSP’
A nationwide system used in the United States for the selection and reservation of securities symbols, and also for the collection, processing and distribution of quotation and transaction information for exchange-listed securities. The National Market System Plan consists of plans in which FINRA – the largest independent regulator for U.S. securities firms – participates. These are the ISRA Plan, the CTA/CQ Plans, and the OTC UTP Plan. These NMS Plans are governed by section 11A of the 1934 Securities Exchange Act.
Explaining ‘National Market System Plan – NMSP’
The three NMS Plans in which FINRA participates are:
– The Intermarket Symbol Reservation Authority or ISRA Plan: this governs the establishment, operation and administration of a uniform system for the selection and reservation of one-to five-character securities symbols.
– Consolidated Tape Association/Consolidated Quotation Plan: governs the collection, processing and distribution of quotation and transaction information for exchange-listed securities, excluding those listed on the Nasdaq.
– OTC UTP Plan: governs the collection, processing and distribution of quotation and transaction information for issues listed on the Nasdaq Stock Exchange.
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