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NASD

See National Association of Securities Dealers, Inc.

NASDAQ

The National Association of Securities Dealers Automated Quotation system. (See National Association of Securities Dealers, Inc.).

National Association of Securities Dealers, Inc.

Now known only as 'FINRA'. The largest self-regulatory organization for the securities industry in the United States. FINRA is responsible for the operation and regulation of Nasdaq and the over-the-counter securities markets. Under federal law, every securities firm doing business with the US public is a member of FINRA. Roughly 5,500 brokerage firms, nearly 90,000 branch offices and more than 650,000 registered securities representatives come under its jurisdiction.

*The term Direct Access refers to the client’s ability to determine which Exchange, ECN or Market Maker receives their order. The term does not mean to imply that you can trade without a broker, as any transaction would require a relationship with a registered Broker-Dealer.

The risk of loss in electronic trading can be substantial, you should therefore consider whether such trading is suitable for you based on your individual circumstances and financial resources. Account access, trade execution and system response may be adversely affected by market conditions, quote delays, system performance and other factors. Extended hours trading entails several risks including lower liquidity, higher volatility, wider spreads, changing prices, unlinked markets, news and announcements. Not all securities, products or services are available in all states or countries outside the United States and nothing herein should be deemed as an offer or solicitation of these securities, products and services in any jurisdiction in which Online Brokerage Services is not properly licensed and registered.

Online Brokerage Services, Inc. reserves the right to refuse the transfer of funds from a brokerage account to another account, other than that which was used as the brokerage account's original source of funding. Online Brokerage Services, Inc. will not allow for third-party funding. Funds are subject to a minimum holding period of thirty (30) days upon initial funding of account.