National Association of Securities Dealers (NASD)

The largest securities-industry self-regulatory organization in the United States. Through its subsidiaries, NASD Regulation, Inc., and The Nasdaq Stock Market, Inc., the NASD develops rules and regulations, conducts regulatory reviews of members´ business activities, disciplines violators, and designs, operates, and regulates securities markets and services all for the ultimate benefit and protection of the investor. It was the world´s first fully computer generated stock exchange. It deals in high-tech shares and counts Microsoft as its biggest member.