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Traders Magazine, May 2003

David Herron

The National Market System for trading listed securities has worked well since the 1970s. That's because the NMS has effectively combined the price discovery benefits of an auction market with the competitive pricing structure of the dealer market. There are two elements in this success. The first is the dissemination of national best bid and offer information. The second is the linkage of all market centers by the Intermarket Trading System, a system supported by clear rules and resolution procedures.

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