Executed at the Quote 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, a buy is executed at the quote when it executes at the NBO at order receipt, and a sell when it executes at the NBB at order receipt.
Key details
Canonical FormExecuted at the Quote
Core MeaningFor a buy order, execution at a price equal to the national best offer at order receipt; for a sell order, execution at a price equal to the national best bid at order receipt.
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 “executed at the quote” by comparing the execution price with the national best offer for buys or national best bid for sells at the time of order receipt.
Usage Boundary
The rule anchors the comparison to the quote at order receipt; this should not be paraphrased as merely trading near the current quote.
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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