National market system plan

{{Technical|date=August 2014}} A '''national market system plan''' (or '''[[Regulation NMS|NMS]] plan''') is a structured method of transmitting [[security (finance)|securities]] transactions in real-time. In the United States, national market systems are governed by section 11A of the [[Securities Exchange Act of 1934]].

In addition to processing the transactions themselves, these plans also emit the price, volume data, and regulatory auditing information<ref name="catnmsplan-com">{{cite web|title=The Consolidated Audit Trail|url=http://www.catnmsplan.com/|website=catnmsplan.com|accessdate=31 May 2017}}</ref><ref>{{cite news|last1=Michaels|first1=Dave|title=SEC Approves Consolidated Audit Trail to Detect Market Manipulation|url=https://www.wsj.com/articles/sec-to-vote-on-consolidated-audit-trail-to-detect-market-manipulation-1479240411|accessdate=31 May 2017|work=The Wall Street Journal|publisher=Dow Jones & Company, Inc.|date=15 Nov 2016|ref=wsj-cat}}</ref> for these transactions. Information on each securities trade is sent to a central network at the [[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]], and is overseen by the UTP Plsn.<ref name="nsx-nms">{{cite web |url=http://www.nsx.com/NMSplans.asp |title=National Market System Plans |accessdate=2007-08-01 |author=National Stock Exchange |authorlink=National Stock Exchange (Jersey City, New Jersey) |archiveurl = https://web.archive.org/web/20070626015927/http://www.nsx.com/NMSplans.asp  |archivedate = 2007-06-26}}</ref>

==OPRA Plan== The [[Options Price Reporting Authority]] provides trade and quote information for all U.S. options exchanges.

==See also== * [[Consolidated Tape System]] * [[Ticker tape]] * [[Securities information processor]] * [[Unlisted Trading Privileges|UTP Plan]] * [[Consolidated Tape Association|CTA Plan]]

==References== {{reflist}}

== External links == [https://www.luldplan.com/ Limit Up/Limit Down]

[[Category:Financial markets]]