NMS Stock 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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation ATS defines an NMS Stock ATS as an alternative trading system that trades NMS stocks under the rule’s incorporated NMS-stock definition.
Key details
Canonical FormNMS Stock ATS
Core MeaningUnder 17 CFR § 242.300, an NMS Stock ATS is an alternative trading system under paragraph (a) that trades NMS stocks as defined for Regulation ATS.
Further guidance
History Boundary
This page reflects the current reviewed Regulation ATS definition and should be rechecked if 17 CFR § 242.300 changes.
Meaning
Under 17 CFR § 242.300, an NMS Stock ATS is an alternative trading system under paragraph (a) that trades NMS stocks as defined for Regulation ATS.
Usage Boundary
The term is a defined regulatory category and should not be used as a synonym for every venue that handles equity-related securities.
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.
17 CFR § 242.300 — Definitions↗ (opens in a new tab)Legal Information Institute, Cornell Law School · Current e-CFR mirror of Regulation ATS definitions, including the operative definition of alternative trading system incorporated by Regulation NMS.
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