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.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under current U.S. Regulation NMS, a “non-marketable limit order” is any limit order other than a marketable limit order.
Key details
Canonical FormNon-Marketable Limit Order
Core MeaningUnder current U.S. Regulation NMS, a “non-marketable limit order” is any limit order other than a marketable limit order.
Further guidance
History Boundary
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.
Meaning
Under current U.S. Regulation NMS, a “non-marketable limit order” is any limit order other than a marketable limit order.
Usage Boundary
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.
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.
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.
Executable Stop 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.
Marketable Limit Order is a current Regulation NMS defined term. This guide preserves the buy/sell price tests and the rule’s determination-time conditions instead of using an informal trading shorthand.
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.
Midpoint-or-Better Limit Order is a current Regulation NMS defined term. This guide keeps the non-marketable requirement, side-specific midpoint test, and determination-time conditions together.
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.
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.
