The N.A.S.D.A.Q. is an eletronic stock exchange that houses many of the largest companies in the U.S. It is run by the National Association of Securities Dealers, N.A.S.D., and has no trading floor. Instead, the N.A.S.D.A.Q., which was founded in 1971, orders are sent out over a network of computers where prices are given in which investors are willing to buy and sell specific stocks. The two parts of the N.A.S.D.A.Q. are the Nasdaq National Market, in which companies are required to meet listing requirements, and the Nasdaq SmallCap Market, composed of companies who aren't big enough to trade in the Nasdaq National Market.