STA White Paper: Fulfilling the Promise of the National Market System--STA's Perspective on U.S. Market Structure

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1 August 2003

August 1, 2003

To Those Interested in U.S. Market Structure Issues:

In 1975, the Congress mandated that the Securities and Exchange Commission (“SEC” or “Commission”) facilitate the development of a National Market System (“NMS”). Its goal was to assure that securities markets in the United States remain the most efficient and liquid in the world. It was expected that the NMS would foster best execution of customer orders and that broker-dealers would place the interests of their customers first. The Security Traders Association (“STA”) shares the goal of achieving the objectives of the NMS and maintaining efficient and liquid U.S. markets. Fulfilling the promise of the NMS will serve to make the securities markets more efficient and the capital formation process more robust, and in turn benefit the nation’s economy and investors in this critical time to the United States.

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