# National market system plan

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A **national market system plan** (or **[NMS](/source/Regulation_NMS) plan**) is a structured method of transmitting [securities](/source/Security_(finance)) transactions in real-time. In the United States, national market systems are governed by section 11A of the [Securities Exchange Act of 1934](/source/Securities_Exchange_Act_of_1934).

In addition to processing the transactions themselves, these plans also emit the price, volume data, and regulatory auditing information[1][2] for these transactions. Information on each securities trade is sent to a central network at the [Securities Industry Automation Corporation](/source/Securities_Industry_Automation_Corporation) (SIAC) where it is then distributed, consolidated with other trades on the same "tape".

There are three major tapes in the United States: Tape A and Tape B (which together are called the "Consolidated Tape"), and Tape C.

## CTA Plan

The CTA SIP handles **Tape A** and **Tape B** securities and provides two feeds: the Consolidated Quotation System (CQS) for quotes and, the NBBO, and the Consolidated Tape System (CTS) for trades.

## UTP Plan

The UTP SIP handles **Tape C** securities and provides two feeds, the UQDF for quotes and the NBBO and the UTDF for trades. Tape C contains stocks listed on [NASDAQ](/source/NASDAQ), and is overseen by the UTP Plsn.[3]

## OPRA Plan

The [Options Price Reporting Authority](/source/Options_Price_Reporting_Authority) provides trade and quote information for all U.S. options exchanges.

## See also

- [Consolidated Tape System](/source/Consolidated_Tape_System)

- [Ticker tape](/source/Ticker_tape)

- [Securities information processor](/source/Securities_information_processor)

- [UTP Plan](/source/Unlisted_Trading_Privileges)

- [CTA Plan](/source/Consolidated_Tape_Association)

## References

1. **[^](#cite_ref-catnmsplan-com_1-0)** ["The Consolidated Audit Trail"](http://www.catnmsplan.com/). *catnmsplan.com*. Retrieved 31 May 2017.

1. **[^](#cite_ref-2)** Michaels, Dave (15 Nov 2016). ["SEC Approves Consolidated Audit Trail to Detect Market Manipulation"](https://www.wsj.com/articles/sec-to-vote-on-consolidated-audit-trail-to-detect-market-manipulation-1479240411). *The Wall Street Journal*. Dow Jones & Company, Inc. Retrieved 31 May 2017.

1. **[^](#cite_ref-nsx-nms_3-0)** [National Stock Exchange](/source/National_Stock_Exchange_(Jersey_City%2C_New_Jersey)). ["National Market System Plans"](https://web.archive.org/web/20070626015927/http://www.nsx.com/NMSplans.asp). Archived from [the original](http://www.nsx.com/NMSplans.asp) on 2007-06-26. Retrieved 2007-08-01.

## External links

[Limit Up/Limit Down](https://www.luldplan.com/)

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