Average Percentage Realized Spread is a current Regulation NMS defined metric; the page keeps its rule-defined denominator and does not substitute a generic percentage-spread meaning.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, average percentage realized spread is the average realized spread for order executions divided by the average midpoint for those executions.
Key details
Canonical FormAverage Percentage Realized Spread
Core MeaningAverage realized spread for order executions divided by the average midpoint for order executions.
Further guidance
History Boundary
This page reflects the current reviewed 17 CFR § 242.600 definition and should be rechecked if Regulation NMS changes.
Meaning
17 CFR § 242.600 defines the metric as average realized spread divided by average midpoint.
Usage Boundary
The realized-spread component carries its own rule-defined timing; this percentage page does not replace that definition.
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.
Average Percentage Effective Spread is a current Regulation NMS defined metric and should be read with the rule-defined average effective spread and average midpoint components.
Average Realized Spread is a current Regulation NMS defined term. This guide preserves its share weighting, buy/sell direction, post-execution timing, and final-trading-hours midpoint provision.
Average Effective Spread is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Average Quoted Spread is a current Regulation NMS defined term. This guide preserves share weighting and the special executable-time rule for midpoint-or-better limit-order executions.
Realized spread is an execution-quality measure that compares the trade price with a quote midpoint observed after the trade, using the interval specified by the governing methodology. It is not interchangeable with quoted or effective spread; the post-trade horizon is definition-specific and must be stated when precision matters.
Average Midpoint is a current Regulation NMS defined term. This guide preserves the share weighting and timing rules instead of reducing it to an ordinary arithmetic midpoint.
A bid-ask spread is the gap between quoted buying and selling prices and is one market-liquidity measure; wider spreads generally imply greater trading cost or compensation for liquidity provision. Treat the spread as one dimension of liquidity, not as a complete measure of market liquidity, depth, or price impact.
A “credit spread” compares the yield on credit-risky debt with a benchmark yield of comparable maturity. Federal Reserve discussion notes that corporate-bond spreads compensate for default and liquidity risks rather than representing a pure default probability.
