The largest U.S. electronic stock exchange, it was founded in 1971 by the National Association of Securities Dealers (NASD) as a bulletin board trading system. In 2000, NASDAQ members voted to spin off the New York-based company to a shareholder-owned company, and in 2006 it announced its intention to conduct an initial public offering of its stock. See American Stock Exchange; New York Stock Exchange; Regional Stock Exchange. On the Web at
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Información Nivel III
Sistema De Ejecución De órdenes Pequeñas (SOES)
level II data
Small Order Execution System (SOES)
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Municipal Securities Rulemaking Board (MSRB)
claw back
indirect exchange rate