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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation NMS defines an “effective national market system plan” as an NMS plan approved by the Commission, temporarily or permanently, pursuant to § 242.608.
Key details
Canonical FormEffective National Market System Plan
Core MeaningA national market system plan approved by the Securities and Exchange Commission, temporarily or permanently, pursuant to § 242.608.
Further guidance
History Boundary
Keep the approval and § 242.608 scope in the definition; this is not a generic label for any market-system operating plan.
Meaning
Regulation NMS defines an “effective national market system plan” as an NMS plan approved by the Commission, temporarily or permanently, pursuant to § 242.608.
Usage Boundary
Keep the approval and § 242.608 scope in the definition; this is not a generic label for any market-system operating plan.
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.
National Market System Plan is a current Regulation NMS defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
Effective Transaction Reporting Plan is a current Regulation NMS defined term. This guide keeps “effective” tied to Commission approval under § 242.601 rather than ordinary-language effectiveness.
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.
Average Effective Spread is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Average Percentage Effective Spread is a current Regulation NMS defined metric and should be read with the rule-defined average effective spread and average midpoint components.
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.
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.
