Series 7: 17.6.1. National Market System

Taken from our Series 7 Online Guide

17.6.1. National Market System

The Securities Acts Amendments of 1975 authorized the establishment of a National Market System (NMS). The goal of the National Market System was to consolidate the trading rules across all the exchanges and to encourage competition among them. This legislation authorized an electronic linkage across the U.S. exchanges, created the consolidated tape and the Consolidated Quota

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