Regulatory Data is a defined Regulation NMS term for specified regulatory information supplied under the current market-data plan framework.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, regulatory data is a defined set of specified regulatory information provided under the applicable effective NMS plan framework.
Key details
Canonical FormRegulatory Data
Core MeaningA defined Regulation NMS category of specified regulatory information collected or calculated by listing/trading self-regulatory organizations and provided under the applicable effective national market system plan framework.
Further guidance
History Boundary
This page reflects the current reviewed Regulation NMS definition and should be rechecked if § 242.600 is amended.
Meaning
Regulation NMS defines regulatory data through specified information categories, including short-sale circuit breaker, LULD, halt/pause, opening/closing price and certain market-structure indicators.
Usage Boundary
Keep the current § 242.600(b)(89) scope and its plan/cross-reference context; this is narrower than the ordinary generic phrase “regulatory data.”
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.
Administrative Data is a current Regulation NMS defined term for specified administrative, control, and technical messages in the market-data plan framework.
Consolidated Market Data is a current Regulation NMS defined term for enumerated data consolidated across national securities exchanges and associations.
Consolidated Market Data Product is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
Regulation NMS defines core data as specified quotation and transaction information for NMS stocks, including best-quote, protected-quote, odd-lot, depth-of-book, auction, and transaction elements. Treat this as a U.S. securities-regulation definition. The everyday phrase core data can mean something broader and should not be substituted for the rule-defined category.
Regulation NMS defines depth of book data using quotation sizes at each covered exchange or association for the next five bid prices below the national best bid and the next five offer prices above the national best offer. This page uses the current U.S. Regulation NMS definition; do not generalize the exact five-level regulatory specification to every product marketed as market-depth or order-book data.
Joint Self-Regulatory Organization Plan is a current Regulation NMS defined term. This guide preserves the rule-specific definition and boundaries instead of replacing it with informal market shorthand.
Last Sale Data is a current Regulation NMS defined term. This guide preserves the specific U.S. securities-rule scope instead of substituting an ordinary-language meaning.
