Participants is a current Regulation NMS defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
For a national market system plan, Regulation NMS uses participants for participating self-regulatory organizations that are not signatories.
Key details
Canonical FormParticipants
Core MeaningUnder 17 CFR § 242.600, participants, when used with a national market system plan, are self-regulatory organizations that have agreed to act under the plan but are not signatories to it.
Further guidance
History Boundary
This page reflects the current reviewed 17 CFR § 242.600 definition and should be rechecked if Regulation NMS changes.
Meaning
Under 17 CFR § 242.600, participants, when used with a national market system plan, are self-regulatory organizations that have agreed to act under the plan but are not signatories to it.
Usage Boundary
This defined use applies in connection with a national market system plan and should not be generalized to ordinary market participants.
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.
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