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Consolidated Quotation System (CQS)

The Consolidated Quotation System (CQS) is a system that provides real-time price quotations for securities listed on multiple U.S. stock exchanges, including the New York Stock Exchange (NYSE) and the Nasdaq. It consolidates bid and ask prices from different market centers, allowing investors to see the best available prices across various exchanges. The CQS helps improve market transparency by offering a comprehensive view of price quotations for stocks, making it easier for investors to find the best prices.

Example

An investor checking the CQS will see the highest bid and lowest ask prices for a stock listed on both the NYSE and Nasdaq, allowing them to trade at the most favorable price.

Key points

• CQS provides real-time price quotes for securities listed on multiple U.S. stock exchanges.

• It consolidates bid and ask prices from different exchanges to improve transparency.

• Investors can use the CQS to find the best available prices for securities.

Quick Answers to Curious Questions

The CQS provides real-time bid and ask price quotes for securities listed on multiple U.S. exchanges, improving market transparency and helping investors find the best prices.

By consolidating price quotes from different exchanges, the CQS helps investors quickly identify the best prices, making trading more efficient and transparent.

The CQS covers major U.S. exchanges, including the NYSE, Nasdaq, and other regional exchanges.