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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)

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To: Jim Wilke who wrote (13461)	3/26/1998 6:47:00 PM
From: Norman Stone	Read Replies (2) of 31646

NMS = "National Market System", which distinguishes NASDAQ's "listed" securities from those with "UTP" (unlisted trading privileges). The latter is an arrangement whereby securities can be traded without being formally listed. BB stocks are unlisted, while the Small Cap category appears to refer to unlisted companies that have qualified for certain trading privileges under SBA regulations (not clear about this -- still looking into it around the SEC website). Only listed stocks undergo full regulatory scrutiny, including Full Company disclosure. And the way that they are traded is much more closely regulated as well. The "National" in NMS actually refers to the trading method in which the price is made "nationally uniform." NMS listing requires that the security be on a Federal Reserve "margin list", which makes it legal to "overbuy" the security. (These are the laws that keep 1929 from happening again.) But since brokerage firms can apparently margin non-NMS stocks, there is more to this story. (They may have a "house margin", or some such thing.) -- Still diggin'

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