Regulation NMS defines “NMS stock” by reference to NMS security and excludes options. The page keeps that regulatory boundary instead of using the term as a loose synonym for any publicly traded stock.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, an “NMS stock” is an NMS security other than an option.
Key details
Canonical FormNMS Stock
Core MeaningAn NMS security other than an option, under the Regulation NMS definition.
Further guidance
History Boundary
This is a U.S. Regulation NMS term and should not be generalized to securities outside that rule’s defined scope.
Meaning
Under Regulation NMS, an “NMS stock” is an NMS security other than an option.
Usage Boundary
This is a U.S. Regulation NMS term and should not be generalized to securities outside that rule’s defined 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.
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.
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.
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.
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.
A Regulation NMS definition for a self-regulatory organization that is a signatory to a national market system plan and agrees to act under its terms. This page is limited to the Regulation NMS definition used with a national market system plan; ordinary and other legal uses of “sponsor” may differ.
Actionable Indication of Interest 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.
Administrative Data is a current Regulation NMS defined term for specified administrative, control, and technical messages in the market-data plan framework.
Affiliate of a Subscriber is a current Regulation ATS defined term. This guide preserves the rule-specific meaning and boundary instead of replacing it with informal market shorthand.
