Bob Brinker's Marketimer

  Tuesday November 21, 2017

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THE NASDAQ
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If you have seen NASDAQ quotes listed in newspapers and on television, you may have assumed it was another stock exchange, like NYSE and AMEX. But the NASDAQ?the National Association of Securities Dealers Automated Quotations system?is actually a computer network that links NASD members.

NASDAQ dealers are called market makers. They make markets by agreeing to buy and sell given securities from their own accounts. More than 600 dealers trade more than 15,000 different stock and bond issues over the NASDAQ. While NASDAQ securities are traded over the counter, not all over-the-counter securities are listed on the NASDAQ.

The NASDAQ provides brokers and dealers with immediate information about the quotations of dealers on various securities, along with the number of shares of each security the dealer is prepared to trade. By keeping track of the quotations of all of the dealers with positions in a given security, it is possible to get a sense of what the current market value is for that security.

Developed in 1973, the NASDAQ became the first electronic stock market, and it now has imitators around the world. The fast and comprehensive information provided by the NASDAQ serves some of the information role played by open outcry bidding at exchange auctions, and helps traders better judge the changing values of OTC securities.

Let's summarize what we have learned.




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