NATIONAL MARKET SYSTEM (N.M.S.)

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).