Competing Consolidator is a current Regulation NMS defined role tied to receiving NMS-stock market data and generating a consolidated market data product.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
A Competing Consolidator under Regulation NMS is a qualifying registered processor, exchange, or association that receives NMS-stock quote/transaction information and produces a consolidated market data product for dissemination.
Key details
Canonical FormCompeting Consolidator
Core MeaningA defined market-data consolidator that is either a securities information processor required to register under Rule 614 or a national securities exchange or association that receives NMS-stock quotation/transaction information and generates a consolidated market data product for dissemination.
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)(21) defines a competing consolidator by its eligible entity status, receipt of quotation and transaction information for NMS stocks, and generation of a consolidated market data product for dissemination.
Usage Boundary
Do not use the term merely for any competing market-data vendor; preserve the specific Regulation NMS eligibility and product-generation elements.
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.
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.
Administrative Data is a current Regulation NMS defined term for specified administrative, control, and technical messages in the market-data plan framework.
Affiliate of a Subscriber is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
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.
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.
Auction Information is a current Regulation NMS term for specified, publicly disseminated exchange data generated leading up to and during securities auctions.
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, 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.
