| A US stock trading system, called the national market system, was mandated by the Securities Act Amendments of 1975. At the heart of the national market is the electronic linking of nine markets Ñ the American, Boston, Cincinnati, Chicago, New York, Pacific, and Philadelphia and NASD over-the-counter market. This allows traders at any exchange to seek the best available price on all other exchanges that a particular security is eligible to trade on. The national market system also includes a consolidated electronic tape, which combines last-sale prices from all markets into a single stream of information.
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