Qualified Special Representative Agreement - QSR
An agreement between broker-dealers to clear trades without the interaction of the NASDAQ ACT system. This is achieved by sending trades directly to the National Securities Clearing Corporation (a subsidiary of the DTCC).
Investopedia Commentary
This method of clearing trades means simpler processing, cheaper transaction costs, and extended hours of service.
See also: ACT, Clearing House, DTC, Nasdaq
Also spelled: QSR