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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
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.
Key details
Canonical FormCustomer Limit Order
Core MeaningUnder 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.
Further guidance
History Boundary
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.
Meaning
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.
Usage Boundary
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.
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.
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.
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.
Marketable Limit Order is a current Regulation NMS defined term. This guide preserves the buy/sell price tests and the rule’s determination-time conditions instead of using an informal trading shorthand.
Midpoint-or-Better Limit Order is a current Regulation NMS defined term. This guide keeps the non-marketable requirement, side-specific midpoint test, and determination-time conditions together.
Under current U.S. Regulation NMS, a “non-marketable limit order” is any limit order other than a marketable limit order. Keep this definition tied to 17 CFR § 242.600; whether an order is marketable depends on the rule’s marketability framework and should not be generalized from the label alone.
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 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.
