Marketable Limit Order is a current Regulation NMS defined term. This guide preserves the buy/sell price tests and the rule’s determination-time conditions instead of using an informal trading shorthand.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, a marketable limit order is a buy limit at or above the relevant national best offer or a sell limit at or below the relevant national best bid, measured at the rule-specified time.
Key details
Canonical FormMarketable Limit Order
Core MeaningA limit order whose price crosses or reaches the relevant national best offer for a buy or national best bid for a sell, with the rule’s timing provisions for market-opening and NBBO availability.
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 a marketable limit order by comparing a buy limit price with the national best offer or a sell limit price with the national best bid at the rule-specified determination time.
Usage Boundary
The definition includes timing rules for when the NBBO is unavailable or the primary listing market has not yet disseminated its first firm, uncrossed quotations.
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.
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.
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.
Under current U.S. Regulation NMS, a “customer limit order” is an order to buy or sell an NMS stock at a specified price that is not for a broker or dealer account, and it includes an order transmitted by a broker or dealer on behalf of a customer. Keep this definition tied to NMS stock, a specified price, and the rule’s express inclusion of orders transmitted by a broker or dealer on behalf of a customer.
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.
