NASDAQ quotation dissemination servicesm (nqds)

The NQDS carries real-time quotation information for Market Makers and electronic communication networks (ECNs) in each Nasdaq National Market® and Nasdaq SmallCap Market SM issue. Using the NQDS data feed, market data vendors are able to create a Level 2 display similar to the Nasdaq Workstation IITM to show the depth of Market Makers at each price level of a Nasdaq-listed security. (Refer to electronic communication network (ECN) ,   Market Maker, Nasdaq Workstation IITM )