Under current U.S. Regulation NMS definitions, consolidated display is the consolidated market-data display that includes the prices, sizes, and market-center identifications of the national best bid and offer together with consolidated last-sale information. Treat this as the Regulation NMS term and preserve its rule-specific components; do not use the page as a universal definition for every consolidated market-data product.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under current U.S. Regulation NMS definitions, consolidated display is the consolidated market-data display that includes the prices, sizes, and market-center identifications of the national best bid and offer together with consolidated last-sale information.
Key details
Canonical FormConsolidated Display
Core MeaningUnder current U.S. Regulation NMS definitions, consolidated display is the consolidated market-data display that includes the prices, sizes, and market-center identifications of the national best bid and offer together with consolidated last-sale information.
Further guidance
History Boundary
Treat this as the Regulation NMS term and preserve its rule-specific components; do not use the page as a universal definition for every consolidated market-data product.
Meaning
Under current U.S. Regulation NMS definitions, consolidated display is the consolidated market-data display that includes the prices, sizes, and market-center identifications of the national best bid and offer together with consolidated last-sale information.
Usage Boundary
Treat this as the Regulation NMS term and preserve its rule-specific components; do not use the page as a universal definition for every consolidated market-data product.
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.
Consolidated Last Sale Information is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Consolidated Market Data is a current Regulation NMS defined term for enumerated data consolidated across national securities exchanges and associations.
Consolidated Market Data Product is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
A Regulation NMS definition for an exchange- or association-operated facility that displays quotations without executing against them or presenting orders to members for execution.
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.
