Executable 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, “executable” is a rule-defined order status based on the relevant bid/offer or, for stop-price orders, the stop being triggered under specified market conditions.
Key details
Canonical FormExecutable
Core MeaningFor covered non-marketable orders, executability is determined by the order price relative to the national best bid or offer under the rule’s regular-hours and primary-market conditions; for stop-price orders, executability begins when the stop is triggered under those conditions.
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 when a non-marketable order or an order submitted with a stop price becomes executable and requires the time to be measured in millisecond or finer increments.
Usage Boundary
This is the Regulation NMS order-status definition and should not be generalized to ordinary uses of “executable” in computing or contract language.
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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