The ACT system is the automated-transaction-comparison-service. ACT provides the matching, reporting to the tape and clearing of trades executed through NASDAQ and other OTC environments.
When securities are traded through the NASDAQ system these trades must be properly reported to the tape and must be matched and cleared between the accounts of the buying and selling broker dealers. Trades maybe reported to the ACT system automatically through the NASDAQ work station or they may be entered manually and accepted by the parties to the trade.ACT transactions include:
All transactions must be reported to ACT as soon as practical but no latter than 10 seconds from the trade.
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