NASDAQ
The next out-of-the-market exchange in the United States is NASDAQ. National Association of Securities Dealers Automated Quotations is the main basement for the market, created by National association of dealers in 1971 as the system for quotation of stocks for the opened financial market. Brokers and dealers of the fund market are the participants of the NASDAQ system. Dealers are the users of the third level of the system, entering from the terminals the costs of purchase-sale on the groups of stocks, with which they conduct operations. Most brokerage firms are at second level of the system. They meet with offered prices and volumes of agreements and choose the suggestion which satisfies them. Separate brokers are the users of the first level. At the purchase-sale through the brokers of the system investors lose to five percent from the cost of quotations, and also pay commissions to the brokers.
NASDAQ is considered to be a kind of modern up-to-date kind of stock exchange of the new, post-industrial economy in the modern financial world system. NASDAQ is considered to be a rather perspective stock-market, that's why even London was some period interested in the owning this market for stock exchange's trading.