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National Market System |
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National Market SystemA US national market system was mandated by the Securities Act Amendments of 1975, the most important federal securities legislation since the 1930s. At the heart of the national market is the ITS, which began operation in 1978. Nine markets - the American, Boston, Cincinnati, Chicago, New York, Pacific, and Philadelphia and NASD over-the-counter market - are linked electronically by ITS computers. 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.Similar MatchesNational Association of Securities DealersNational Association of Securities DealersThe association which owns and operates NASDAQ. Bank for International Settlements (BIS)Bank for International Settlements (BIS)An international bank headquartered in Basel, Switzerland, which serves as a forum for monetary cooperation among several European central banks, the Bank of Japan, and the US Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international banking activity and promulgates rules concerning international bank regulation. International adjustment processInternational adjustment process1. Any mechanism for change in international markets. 2. The mechanism by which payments imbalances diminish under pegged exchange rates and nonsterilization. Similar to the specie flow mechanism, exchange-market intervention causes money supplies of surplus countries to expand and vice versa, leading to price and interest rate changes that correct the current and capital account imbalances. International Fisher effectInternational Fisher effectStates that the interest rate differential between two countries should be an unbiased predictor of the future change in the spot rate. Bank for International SettlementsBank for International SettlementsThe central bankers' bank, based in Basle, Switzerland. Further SuggestionsInternational exhaustionNational Association of Investors Corporation International bonds International Asset Pricing Model (IAPM) International diversification Gnma (government National Mortgage Association) Options National Savings Bank National treatment Morgan Stanley Capital International (MSCI) Morgan Stanley Capital International Europe Index Minister of International Trade National debt International monetary system International Organization for Standardization International Fisher relationship National debt International Petroleum Exchange (IPE) Federal National Mortgage Association International Stock Exchange of the UK and the Republic of Ireland (ISE) Multinational corporation (MNC) National Insurance (NI) Basic Pension London International Financial Futures and Options Exchange (LIFFE) International market index International Trade Organization National bank |
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