Under Regulation NMS, an automated quotation is a quotation displayed by a trading center that can be acted on through an automated facility meeting specified immediate-or-cancel response and update conditions. Treat this as a U.S. securities-regulation term. The definition is jurisdiction- and rule-specific, not a general dictionary label for every electronic market quote.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
In U.S. Regulation NMS usage, the term identifies a quote that satisfies the rule’s automation conditions rather than any quote merely generated by software.
Key details
Canonical FormAutomated Quotation
Core MeaningUnder Regulation NMS, an automated quotation is a quotation displayed by a trading center that can be acted on through an automated facility meeting specified immediate-or-cancel response and update conditions.
Further guidance
History Boundary
Treat this as a U.S. securities-regulation term. The definition is jurisdiction- and rule-specific, not a general dictionary label for every electronic market quote.
Meaning
In U.S. Regulation NMS usage, the term identifies a quote that satisfies the rule’s automation conditions rather than any quote merely generated by software.
Usage Boundary
Treat this as a U.S. securities-regulation term. The definition is jurisdiction- and rule-specific, not a general dictionary label for every electronic market quote.
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.
Under current U.S. Regulation NMS definitions, aggregate quotation size is the sum of the quotation sizes of all responsible brokers or dealers communicating bids or offers in an NMS security at the same price. Treat this as a U.S. securities-regulation definition; it should not be generalized to unrelated uses of aggregate size or quotation outside Regulation NMS.
Under current U.S. Regulation NMS, an “automated trading center” is a trading center with systems, procedures, and rules capable of displaying automated quotations, identifying non-automated quotations as manual, and applying reasonable standards for changes between automated and manual status. This is a condensed rule-scoped explanation of 17 CFR § 242.600; the full definition contains multiple operational conditions and should be consulted for compliance work.
Under current U.S. Regulation NMS definitions, a manual quotation is a quotation other than an automated quotation. This is a U.S. Regulation NMS definition; it should not be generalized to every manually entered or human-reviewed market quote outside that framework.
Under current U.S. Regulation NMS definitions, a protected quotation is a protected bid or protected offer meeting the rule’s automated-market and dissemination criteria. Protected quotation is narrower than any displayed quote. Rule 611 remains in the current rule text as of this review, while the SEC’s June 2026 rescission is a proposal and should not be described as a completed repeal.
Under current U.S. Regulation NMS definitions, published aggregate quotation size is the aggregate quotation size calculated by a national securities exchange and displayed by a vendor when the order is presented to the responsible broker or dealer. This is a Regulation NMS term tied to the regulatory display context; do not collapse it into ordinary aggregate quotation size or general market-depth terminology.
Under current U.S. Regulation NMS definitions, published quotation size is a responsible broker-dealer quotation size communicated under the applicable rule and displayed by a vendor when the order is presented. This is a U.S. Regulation NMS definition and should be kept distinct from aggregate quotation size and broader non-regulatory uses of displayed size.
Under current U.S. Regulation NMS definitions, a quotation means a bid or an offer. Treat this as a U.S. securities-regulation definition; it does not replace broader everyday or market-specific meanings of quotation outside Regulation NMS.
Under current U.S. Regulation NMS definitions, quotation size is the aggregate number of shares of an NMS security a national securities exchange or national securities association displays at a quoted price. Keep the definition tied to Regulation NMS and the rule-defined displayed-share context; do not generalize it to every platform’s informal use of size.
