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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, a Consolidated Market Data Product is a competing consolidator’s product containing consolidated market data or its components across all national securities exchanges and associations.
Key details
Canonical FormConsolidated Market Data Product
Core MeaningA data product developed by a competing consolidator that contains consolidated market data or components of it and reflects data consolidated across all national securities exchanges and national securities associations.
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)(25) defines the term by the product’s developer, contents, and requirement to reflect data consolidated across all national securities exchanges and associations.
Usage Boundary
Do not use the defined term for any generic market-data product; the competing-consolidator and consolidated-data conditions matter.
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 Market Data is a current Regulation NMS defined term for enumerated data consolidated across national securities exchanges and associations.
Administrative Data is a current Regulation NMS defined term for specified administrative, control, and technical messages in the market-data plan framework.
A “bear market” is a period in which financial-market investments are generally falling in value. The dictionary definition does not require one universal percentage threshold, so do not make a fixed numeric cutoff part of the core 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. 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.
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.
Regulation NMS defines core data as specified quotation and transaction information for NMS stocks, including best-quote, protected-quote, odd-lot, depth-of-book, auction, and transaction elements. Treat this as a U.S. securities-regulation definition. The everyday phrase core data can mean something broader and should not be substituted for the rule-defined category.
A crossed market occurs when the best bid to buy is higher than the best offer to sell. A crossed market is distinct from a locked market and can make an NBBO unreliable for some execution-quality calculations; do not use the terms interchangeably.
Regulation NMS defines depth of book data using quotation sizes at each covered exchange or association for the next five bid prices below the national best bid and the next five offer prices above the national best offer. This page uses the current U.S. Regulation NMS definition; do not generalize the exact five-level regulatory specification to every product marketed as market-depth or order-book data.
