Dynamic Market Monitoring Device is a specific Regulation NMS display-service definition, not a generic label for any market monitor.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation NMS defines a dynamic market monitoring device as a vendor display service for real-time monitoring that retains the latest relevant transaction, last-sale or quotation information until updated.
Key details
Canonical FormDynamic Market Monitoring Device
Core MeaningA Regulation NMS-defined vendor service on an interrogation or other display that permits dynamic real-time monitoring and keeps the most recent transaction, last-sale or quotation information displayed until superseded.
Further guidance
History Boundary
This page reflects the current reviewed § 242.600(b)(33) definition.
Meaning
The definition requires real-time dynamic monitoring of transaction reports, last-sale data or quotations for a security and display of the most recent item until a newer item supersedes or supplements it.
Usage Boundary
Keep the vendor/display-device elements and the specific § 242.600 definition; do not generalize this into every market-monitoring screen.
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.
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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 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.
A national market system plan approved by the Securities and Exchange Commission, temporarily or permanently, pursuant to § 242.608. Keep the approval and § 242.608 scope in the definition; this is not a generic label for any market-system operating plan.
Under current U.S. Regulation NMS, an “exchange market maker” is a member of a national securities exchange registered as a specialist or market maker under that exchange’s rules. Keep this definition tied to the Regulation NMS rule text; it does not define every market-making role outside that regulatory context.
Interrogation Device is a current Regulation NMS defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
A locked market occurs when the best bid to buy equals the best offer to sell. A locked market is not the same as a crossed market: equality of the best bid and offer is locked, while a bid above the best offer is crossed. Regulatory treatment also depends on the specific rule and benchmark context.
