`A Private Market Within A Market'?

During the 1987 stock market crash, the NASDAQ trading system for over-the-counter securities suffered a communications meltdown. Jammed telephone lines made it well-nigh impossible for investors to reach their brokers and for brokers to reach market makers to execute trades. To rectify the problem and to bolster NASDAQ's image as the market of the future, the National Association of Securities Dealers, which operates NASDAQ, introduced SelectNet, a computerized order system that enables brokers and dealers to bypass phone lines to make trades directly.

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