The Consolidated Quotation System ( CQS ) is the electronic service that provides quotation information for stock traded on the American Stock Exchange , New York Stock Exchange , and other regional stock exchanges in the United States and also includes issues traded by FINRA member firms in the third market. Nasdaq processes this data and provides it to its subscribers as the Composite Quotation Service . The initials CQS may be used either for the exchange system or the NASDAQ service.
5-693: In July 1978, the U.S. Securities and Exchange Commission declared the Consolidated Quotation Plan effective. In August 1978, the CQS commenced full operation with the Boston , Midwest , New York , Philadelphia and Pacific Stock Exchanges reporting quotations in NYSE-listed securities. NASDAQ joined the CQ Plan at the end of 1978 and began to disseminate quotations over CQS in early 1979. In November 1979,
10-645: 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. The CTA SIP handles Tape A and Tape B securities and provides two feeds: the Consolidated Quotation System (CQS) for quotes and,
15-530: Is a structured method of transmitting 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 for these transactions. Information on each securities trade is sent to
20-584: The Cincinnati Stock Exchange became a CQ Plan Participant and commenced disseminating quotations in mid-1980. The Consolidated Tape Association (CTA) is the operating authority for both the Consolidated Quotation System and the Consolidated Tape System (CTS). This finance-related article is a stub . You can help Misplaced Pages by expanding it . National market system plan A national market system plan (or NMS plan )
25-689: The NBBO, and the Consolidated Tape System (CTS) for trades. 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. The Options Price Reporting Authority provides trade and quote information for all U.S. options exchanges. Limit Up/Limit Down This finance-related article
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