Last Sale Data is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, “last sale data” means any price or volume data associated with a transaction.
Key details
Canonical FormLast Sale Data
Core MeaningUnder Regulation NMS, “last sale data” means any price or volume data associated with a transaction.
Further guidance
History Boundary
This page reflects the current reviewed 17 CFR § 242.600 definition and should be rechecked if Regulation NMS is amended.
Meaning
Section 242.600 defines last sale data as price or volume data associated with a transaction.
Usage Boundary
Use this narrow rule definition rather than assuming the term always means only the single most recent reported 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.
Consolidated Last Sale Information is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Administrative Data is a current Regulation NMS defined term for specified administrative, control, and technical messages in the market-data plan framework.
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.
Regulation NMS defines core data as specified quotation and transaction information for NMS stocks, including best-quote, protected-quote, odd-lot, depth-of-book, auction, and transaction elements. Treat this as a U.S. securities-regulation definition. The everyday phrase core data can mean something broader and should not be substituted for the rule-defined category.
Regulation NMS defines depth of book data using quotation sizes at each covered exchange or association for the next five bid prices below the national best bid and the next five offer prices above the national best offer. This page uses the current U.S. Regulation NMS definition; do not generalize the exact five-level regulatory specification to every product marketed as market-depth or order-book data.
