Categorized by Order Type is a current Regulation NMS defined term. This guide preserves the rule’s specific order-type classification rather than replacing it with a simplified trading glossary.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, categorized by order type means dividing orders into the specific market, limit, IOC, midpoint-or-better, non-marketable, and stop-order categories listed by the rule.
Key details
Canonical FormCategorized by Order Type
Core MeaningDividing orders into the separate Regulation NMS categories for market, marketable limit, immediate-or-cancel, midpoint-or-better, non-marketable, and specified stop orders.
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 categorized by order type by enumerating the order categories used for the reporting framework.
Usage Boundary
Use the rule-defined categories in this regulatory context; do not collapse materially distinct order types into a generic market-versus-limit split.
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.
Categorized by Order Size is a current Regulation NMS defined term. This guide keeps the reporting classification tied to the enumerated rule buckets rather than informal size labels.
Categorized by Security is a current Regulation NMS defined term. This guide keeps the meaning limited to the report-level separation of orders by each included NMS stock.
Under current U.S. Regulation NMS, a “covered order” is a rule-defined class of market and limit orders received by a market center, broker, or dealer under the timing and quotation conditions in § 242.600, subject to stated exclusions. The definition contains timing, NBBO, execution, and special-handling conditions and exclusions; do not reduce “covered order” to every market or limit order.
Under current U.S. Regulation NMS, a “customer limit order” is an order to buy or sell an NMS stock at a specified price that is not for a broker or dealer account, and it includes an order transmitted by a broker or dealer on behalf of a customer. Keep this definition tied to NMS stock, a specified price, and the rule’s express inclusion of orders transmitted by a broker or dealer on behalf of a customer.
Under current U.S. Regulation NMS, a “customer order” is an order to buy or sell an NMS security that is not for a broker or dealer account, subject to the rule’s stated market-value exclusions. Use the § 242.600 definition for rule-scoped analysis. The definition excludes orders meeting the stated market-value thresholds, so it should not be reduced to every order placed for a non-broker/dealer account.
Under current U.S. Regulation NMS, a “directed order” is an order from a customer who specifically instructed the broker or dealer to route it to a particular venue for execution. Use the § 242.600 definition for rule-scoped analysis; the customer’s specific routing instruction is the defining feature, so do not broaden the term to every order a broker routes to a venue.
Executable Stop Marketable Limit Order is a current Regulation NMS defined term. This guide preserves the rule-specific conditions instead of replacing them with informal trading shorthand.
Executable Stop Non-Marketable Limit Order is a current Regulation NMS defined term. This guide preserves the rule-specific conditions instead of replacing them with informal trading shorthand.
