Regulation NMS uses “NMS security” as a defined market-structure term tied to securities covered by specified transaction-reporting arrangements. It should not be treated as a generic synonym for every security traded electronically.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under U.S. Regulation NMS, “NMS security” is a defined category tied to securities for which transaction reports are collected, processed, and made available under an effective transaction reporting plan or effective national market system plan.
Key details
Canonical FormNMS Security
Core MeaningA defined U.S. Regulation NMS category for securities covered by the rule’s specified transaction-reporting framework.
Further guidance
History Boundary
This page uses the current U.S. Regulation NMS definition; ordinary uses of “security” and other regulatory regimes can have different scopes.
Meaning
Under U.S. Regulation NMS, “NMS security” is a defined category tied to securities for which transaction reports are collected, processed, and made available under an effective transaction reporting plan or effective national market system plan.
Usage Boundary
This page uses the current U.S. Regulation NMS definition; ordinary uses of “security” and other regulatory regimes can have different scopes.
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.
Categorized by Security is a current Regulation NMS defined term. This guide keeps the meaning limited to the report-level separation of orders by each included NMS stock.
Corporate Debt Security is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Under current U.S. Regulation NMS, “customer” means any person that is not a broker or dealer. This is the rule-specific definition in 17 CFR § 242.600 and should not be generalized to every securities-law or ordinary-language use of customer.
Debt Security Under Regulation ATS is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Exchange-Traded Security is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Foreign Security Under Regulation AC is a current Regulation AC defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
Listed Equity Security is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Under current U.S. Regulation NMS, “market center” means any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association. This is the enumerated § 242.600 definition and should not be broadened to every venue, broker, or securities-market participant.
