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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
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.
Key details
Canonical FormAutomated Trading Center
Core MeaningUnder 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.
Further guidance
History Boundary
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.
Meaning
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.
Usage Boundary
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.
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.
Regulation NMS defines trading center broadly to include specified exchanges, association facilities, alternative trading systems, market makers, and other broker-dealers that execute orders internally as principal or crossing agent. This page uses the U.S. Regulation NMS definition; ordinary-language uses of trading center can be broader and should not be substituted for the regulatory term.
Alternative Trading System 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.
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.
Under current U.S. Regulation NMS, “market center” means any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association. This is the enumerated § 242.600 definition and should not be broadened to every venue, broker, or securities-market participant.
Regulation NMS defines regular trading hours as 9:30 a.m. to 4:00 p.m. Eastern Time, or another time period determined under the referenced rule provision. The definition is regulatory and U.S.-market specific; extended-hours sessions and venue-specific schedules are separate concepts.
A defined Regulation NMS facility operated by or for an exchange or national securities association that executes orders or presents them to members for execution. This page is limited to the Regulation NMS definition; other regulatory or operational uses of “trading facility” may be broader.
Trading Rotation 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.
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.
