Nasdaq National Market
(formerly NASDAQ NMS) The larger and higher quality of the two markets administered by the Nasdaq Stock Market. The Nasdaq National Market is now one of the largest stock markets in the world in terms of volume of shares traded. The Nasdaq markets are not physical stock exchanges in the traditional sense. In place of an exchange floor, they use computer-based trading and trade support systems.
See Nasdaq-Amex Market Group, Nasdaq SmallCap Market, Nasdaq Bulletin Board.