NASD Revises Vendor Specifications For UTP Program


The National Associationof Securities Dealers hass issued a memo revising vendor specifications for its NASDAQ Level I service to support its role as th processor for UTP-the unlisted trading privilege program mandated by the Securities and Exchange Commission back in 1985. A pilot program, allowin the trading of up to 100 NASDAQ National Market System stocks by four exchanges, is scheduled to begin in May.

The UTP program will allow specialists at participating exchanges to buy and sell up t

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