National Association of Securities Dealers Automated Quotations System

National Association of Securities Dealers Automated Quotations System - National Association of Securities Dealers Automated Quotations System is a computerized system established by the NASD to facilitate the trading by providing broker and dealers with current bids and asking price quotes on over-the-counter stocks and some listed stocks. Unlike the AMEX and the NYSE, the NASDAQ does not have the physical trading floor that brings together the buyers and sellers. Instead, all trading on the NASDAQ exchange is over a network of computers and telephones. The NASDAQ does not employ market specialists to buy unfilled orders as the NYSE does. It began when brokers started informally trading via telephone.