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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, an executable stop marketable limit order meets the rule’s buy-at-or-above-NBO or sell-at-or-below-NBB test when the stop order becomes executable.
Key details
Canonical FormExecutable Stop Marketable Limit Order
Core MeaningA triggered stop-limit buy whose limit price is at least the national best offer when it becomes executable, or a triggered stop-limit sell whose limit price is at most the national best bid at that time.
Further guidance
History Boundary
This page reflects the current reviewed 17 CFR § 242.600 definition and should be rechecked if Regulation NMS changes.
Meaning
17 CFR § 242.600 defines the term with separate buy and sell price tests measured when the stop order becomes executable.
Usage Boundary
The definition depends on the national best bid or offer at the executability time; it is not a generic synonym for every stop-limit order that can trade.
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.
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.
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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.
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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.
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.
Under current U.S. Regulation NMS, a “covered order” is a rule-defined class of market and limit orders received by a market center, broker, or dealer under the timing and quotation conditions in § 242.600, subject to stated exclusions. The definition contains timing, NBBO, execution, and special-handling conditions and exclusions; do not reduce “covered order” to every market or limit order.
