NMS Plans
NMS Plans

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.

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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.

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The Intermarket Symbol Reservation Authority (“ISRA”) and the National Market System Plan for the Selection and Reservation of Securities Symbols

NSX is a party to the National Market System Plan for the Selection and Reservation of Securities Symbols (the “Symbology Plan”) and a member of the Intermarket Symbols Reservation Authority (“ISRA”). NSX and the other participants in the Symbology Plan have determined that in order to enhance the effectiveness and efficiency of the national market system a uniform system for the selection and reservation of securities symbols should be established, and have created the Symbology Plan for that purpose. The Symbology Plan has been drafted to govern the establishment, operation and administration of a uniform system for the selection and reservation of securities symbols, utilizing a web-based tool to reserve root symbols consisting of one to five characters. The Symbology Plan was filed and approved by the Securities and Exchange Commission in accordance with, and subject to, Rule 608 under the Securities Exchange Act of 1934, as amended. The Options Clearing Corporation (“OCC”) acts as the Plan Processor for ISRA. A copy of the Plan and its amendments are available on OCC’s website.

Click here to access the Plan and its amendments. (not associated with nsx.com)