National Market System (NMS) - Refers to over-the-counter trading. System of trading O.T.C. stocks under the sponsorship of the N.A.S.D.. Must meet certain criteria for size, profitability and trading activity. More comprehensive information is available for N.M.S. stocks than for non-N.M.S. stocks traded O.T.C. (high, low, and last-sale prices, cumulative volume figures, and bid and ask quotations throughout the day), due to the fact that market-makers must report the actual price and number of shares comprising each transaction within 90 seconds vs. non-real-time reporting for non-N.M.S. stocks (thus, last sale prices and minute-to-minute volume updates are not possible).
National Market System (NMS) : refers to over-the-counter trading. system of trading o.t.c. stocks under the sponsorship of the n.a.s.d.. must meet certain criteria for size, profitability and trading activity. more comprehensive information is available for n.m.s. stocks than for non-n.m.s. stocks traded o.t.c. (high, low, and last-sale prices, cumulative volume figures, and bid and ask quotations throughout the day), due to the fact that market-makers must report the actual price and number of shares comprising each transaction within 90 seconds vs. non-real-time reporting for non-n.m.s. stocks (thus, last sale prices and minute-to-minute volume updates are not possible).