Bob Brinker's Marketimer

  Tuesday November 21, 2017

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THE NASD
Learn even more about this topic with the Encyclopedia of Personal Finance™

The National Association of Securities Dealers (NASD) was established to comply with the Maloney Act, a 1938 law that called for self-regulation of the over-the-counter securities market. The NASD is a membership organization supervised by the Securities and Exchange Commission, and virtually all OTC firms are members.

The NASD serves a function for OTC trading that a board would serve for an exchange. It establishes standardized trading practices for its members, as well as moral and ethical standards for brokers and dealers. It also establishes and enforces rules for OTC trading, and includes a disciplinary body to enforce its rules.

NASD member firms have to undergo periodic examinations and audits to ensure that they meet NASD standards, which include maintaining an excess of assets over current liabilities. In this way, the NASD provides order and regulation to the OTC market, leading to greater investor confidence.

Now that you know about the NASD, you are just a few letters away from the NASDAQ, the topic we will turn to next.




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