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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, an executable stop non-marketable limit order is a triggered stop-limit order whose limit price remains below the NBO for a buy or above the NBB for a sell when it becomes executable.
Key details
Canonical FormExecutable Stop Non-Marketable Limit Order
Core MeaningA triggered stop-limit buy whose limit price is below the national best offer when it becomes executable, or a triggered stop-limit sell whose limit price is above 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 is the complement of the rule’s stop marketable limit-order price test at the specified time and should remain scoped to Regulation NMS.
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 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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