National Association of Securities Dealers (NASD)

The National Association of Securities Dealers (NASD) was a self-regulatory organization (SRO) of the United States securities industry. It was created in 1939 as the successor to the National Securities Exchange, which had been created in 1934 as a result of the Securities Exchange Act of 1934. The NASD was responsible for regulating the over-the-counter (OTC) securities market.

The NASD was a private organization, but it was overseen by the Securities and Exchange Commission (SEC). The NASD's mission was to protect investors by ensuring that the OTC market was fair, orderly, and efficient. The NASD did this by setting rules and regulations for the OTC market, and by enforcing those rules and regulations.

The NASD also provided a variety of services to its members, including clearing and settlement services, and research and education services.

In 2007, the NASD merged with the New York Stock Exchange (NYSE) to form the Financial Industry Regulatory Authority (FINRA). FINRA is the largest self-regulatory organization in the United States.

The NASD was a significant player in the regulation of the U.S. securities industry. Its merger with the NYSE created the largest self-regulatory organization in the United States.