National Market System Plan is a current Regulation NMS defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
A national market system plan is a joint SRO plan tied to national-market-system operation/regulation or to specified Regulation NMS compliance procedures and facilities.
Key details
Canonical FormNational Market System Plan
Core MeaningUnder 17 CFR § 242.600, a national market system plan is a joint self-regulatory organization plan connected either with planning, developing, operating, or regulating a national market system or its facilities, or with procedures and facilities designed to achieve specified Regulation NMS compliance.
Further guidance
History Boundary
This page reflects the current reviewed 17 CFR § 242.600 definition and should be rechecked if Regulation NMS changes.
Meaning
Under 17 CFR § 242.600, a national market system plan is a joint self-regulatory organization plan connected either with planning, developing, operating, or regulating a national market system or its facilities, or with procedures and facilities designed to achieve specified Regulation NMS compliance.
Usage Boundary
The term is narrower than a generic securities-market plan and should retain the regulation’s joint-SRO and statutory scope.
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.
A national market system plan approved by the Securities and Exchange Commission, temporarily or permanently, pursuant to § 242.608. Keep the approval and § 242.608 scope in the definition; this is not a generic label for any market-system operating plan.
Alternative Trading System is a current federal securities-regulation defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
A “bear market” is a period in which financial-market investments are generally falling in value. The dictionary definition does not require one universal percentage threshold, so do not make a fixed numeric cutoff part of the core meaning.
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.
A crossed market occurs when the best bid to buy is higher than the best offer to sell. A crossed market is distinct from a locked market and can make an NBBO unreliable for some execution-quality calculations; do not use the terms interchangeably.
Effective Transaction Reporting Plan is a current Regulation NMS defined term. This guide keeps “effective” tied to Commission approval under § 242.601 rather than ordinary-language effectiveness.
