The National Market System (NMS) is the national system for trading equities in the United States.
The System includes all the facilities and entities which are used by broker-dealers to fulfill trade orders for securities. This includes:
-major stock exchanges, such as NYSE and Nasdaq.
-a national central securities depositary for book-entry transfers (Depository Trust Company pursuant to Article 8 of the Uniform Commercial Code of New York State,
-a depositary nominee (Cede and Company) to retain custody of stockholder rights with respect to immobilized jumbo stock certificates
-a Proxy Ballot processing organization (Broadridge)
-intraday clearing corporations which act as a central counterparty for continuing securities settlement by facilitating novation of settlement obligations to themselves and offsetting opposing obligations (known as netting or clearing). These organizations include FICC, NSCC, etc.
-the facilities which operate the national price quotation system