Intermarket Symbols Reservation Authority
OCC acts as the Intermarket Symbols Reservation Authority ("ISRA") Processor for the National Market System Plan ("NMS Plan"). The NMS Plan establishes a uniform system for the selection and reservation of securities symbols, and is governed by the Securities Exchange Act of 1934. ISRA was developed to enhance the effectiveness and efficiency of the national market system and provide for fair competition between NMS Plan participants.
The role of ISRA is to create and operate a uniform, transparent system for the selection, reservation, assignment and transfer of securities trading symbols by NMS Plan participants. The Symbol Reservation System covers the allocation of root symbols, which is the one through five character symbol, used to identify common stocks and other securities, including options.