The NASD was organized in 1938 by the securities industry which recognized the need for self-regulation. Presently, all securities firms in the United States that transact business with the public are required by law to be members of the NASD. Its founding mandate was to standardize all principles and practices of trade, to adopt and enforce rules of fair practice, and to foster observance by its members of federal and state securities laws. In 1963 the NASD began the development and operation of a screen-based securities market, which by 1971 evolved into the Nasdaq Stock Market. In 1997 its dollar volume of 4.5 trillion was equal to the combined dollar volume of the London, Paris and Tokyo stock exchanges. It averaged 648 million shares a day, making it the most active stock market in the United States for the third year in a row. MarketSite was opened in April 1997. This is an unusual display of 100 video monitors pieced together on a 55-foot-long installation. It is a digital information system providing price quote updates (often using corporate logos as well as ticker symbols), performance graphs and news reports. MarketSite provides an ever-changing real-time visual panorama of all levels of market activity, clearly the most sophisticated digital display system of its kind. It is used by the broadcast media for news exposure as well as a backdrop to corporate news reports. Recently, it has opened to the general public. Nasdaq is the first and largest Internet-like electronic network for securities trading, transcending all borders. Its listed securities represent 28 countries worldwide. The regulatory process is facilitated within Nasdaq by on-line, real-time market surveillance conducted by the MarketWatch unit. In 1998 the NASD established a regulation college, The NASD Academy at New York University. This is a self-funded institution serving industry regulators, compliance officers and legal counsel of securities firms. Investors benefit from increased professionalism and more uniform compliance knowledge. Also in 1998 the NASD announced its merger with the American Stock Exchange.