Under current U.S. Regulation NMS, a “non-directed order” is any order from a customer other than a directed order. Use the § 242.600 definition together with the rule’s separate directed-order definition; do not treat “non-directed” as meaning that no routing decision occurs.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under current U.S. Regulation NMS, a “non-directed order” is any order from a customer other than a directed order.
Key details
Canonical FormNon-Directed Order
Core MeaningUnder current U.S. Regulation NMS, a “non-directed order” is any order from a customer other than a directed order.
Further guidance
History Boundary
Use the § 242.600 definition together with the rule’s separate directed-order definition; do not treat “non-directed” as meaning that no routing decision occurs.
Meaning
Under current U.S. Regulation NMS, a “non-directed order” is any order from a customer other than a directed order.
Usage Boundary
Use the § 242.600 definition together with the rule’s separate directed-order definition; do not treat “non-directed” as meaning that no routing decision occurs.
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.
Under current U.S. Regulation NMS, a “directed order” is an order from a customer who specifically instructed the broker or dealer to route it to a particular venue for execution. Use the § 242.600 definition for rule-scoped analysis; the customer’s specific routing instruction is the defining feature, so do not broaden the term to every order a broker routes to a venue.
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.
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.
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.
Under current U.S. Regulation NMS, a “customer order” is an order to buy or sell an NMS security that is not for a broker or dealer account, subject to the rule’s stated market-value exclusions. Use the § 242.600 definition for rule-scoped analysis. The definition excludes orders meeting the stated market-value thresholds, so it should not be reduced to every order placed for a non-broker/dealer account.
