“Responsible broker or dealer” is a defined Regulation NMS role linked to responsibility for communicating quotations in the rule’s exchange or association contexts. It is not a generic label for whichever broker happens to handle an order.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation NMS uses “responsible broker or dealer” for the broker or dealer responsible for communicating a quotation, with the applicable party depending on the exchange or association context specified in the rule.
Key details
Canonical FormResponsible Broker or Dealer
Core MeaningA defined Regulation NMS role identifying the broker or dealer responsible for communicating a quotation under the rule’s specified exchange or association context.
Further guidance
History Boundary
Keep the exchange/association conditions in the definition; do not reduce the term to a generic business-language meaning of responsibility.
Meaning
Regulation NMS uses “responsible broker or dealer” for the broker or dealer responsible for communicating a quotation, with the applicable party depending on the exchange or association context specified in the rule.
Usage Boundary
Keep the exchange/association conditions in the definition; do not reduce the term to a generic business-language meaning of responsibility.
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.
Registered Broker or Dealer Under Regulation AC is a current Regulation AC 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, a “bid or offer” is the bid price or offer price communicated by an exchange or association member to a broker, dealer, or customer at which it is willing to buy or sell one or more round lots of an NMS security as principal or agent; indications of interest are excluded. Keep this definition tied to 17 CFR § 242.600; everyday uses of bid and offer and other market-rule definitions can differ.
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.
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.
Under current U.S. Regulation NMS definitions, aggregate quotation size is the sum of the quotation sizes of all responsible brokers or dealers communicating bids or offers in an NMS security at the same price. Treat this as a U.S. securities-regulation definition; it should not be generalized to unrelated uses of aggregate size or quotation outside Regulation NMS.
