what is an interdealer quotation system 
an interdealer quotation system iqs is a system designed to organize price quotes by brokers and dealer firms they exist to provide investors with accurate and relevant information about quotes there are a number of iqss and each has its own specialization for example in the united states the nasdaq the nasdaq s smallcap market and its over the counter bulletin board otcbb platform are all integrated into the same iqs the bottom linefinding a securities quotation is simple and is usually the first number you see if you only want to know the price of a stock this would be enough information if you are intending to trade however there are a number of other considerations within the quotation you would pay attention to such as the bid ask spread and last trade time execution quotations are updated regularly by powerful technology but even then some trading platforms will be faster than others 