Administrative Data is a current Regulation NMS defined term for specified administrative, control, and technical messages in the market-data plan framework.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, Administrative Data is a defined category of administrative, control, and technical market-data messages supplied under the effective NMS plan framework.
Key details
Canonical FormAdministrative Data
Core MeaningA Regulation NMS-defined category of administrative, control, and other technical messages made available under the applicable effective NMS plan framework or its technical specifications as of the rule’s stated reference date.
Further guidance
History Boundary
This page reflects the current reviewed 17 CFR § 242.600 definition and should be rechecked if Regulation NMS is amended.
Meaning
Section 242.600(b)(2) defines administrative data as administrative, control, and other technical messages made available by national securities exchanges and associations under the required effective NMS plan or plans or their technical specifications as of April 9, 2021.
Usage Boundary
Keep the specific Regulation NMS plan-and-technical-message scope; this is narrower than the ordinary generic phrase “administrative data.”
Sources and evidence
Sources are shown with the role they play in this guide. Historical or style-sensitive claims are kept within the evidence boundary described above.
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Last Sale Data is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Actionable Indication of Interest is a current federal securities-regulation defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
