A bill to amend the Securities Exchange Act of 1934.

Directs the Securities and Exchange Commission to establish a National Securities Market System for the centrolization of information with respect to all transactions qualified for trading in the National Market System.

States that the Commission shall appoint a Board of 15 members who shall be reasonably representative of: (1) national securities exchanges and associations; (2) the likely classes of participants in the System; (3) investors; (4) the public; and (5) such other persons as the Commission may deem appropriate.

Provides that the rules of the Board shall establish criteria for (1) determining the eligibility of securities to be traded within the System; and (2) governing and regulating a consolidated transactional reporting system and a composite quotation system.