A Regulation NMS definition for certain regulated entities that receive NMS stock market information and generate consolidated market data solely for internal use.
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Quick answer
Under Regulation NMS, a self-aggregator is a specified regulated market participant or investment adviser that receives NMS stock quotation/transaction information needed to generate consolidated market data and generates that data solely for internal use, subject to the definition’s conditions.
Key details
Canonical FormSelf-Aggregator
Core MeaningA Regulation NMS definition for certain regulated entities that receive NMS stock market information and generate consolidated market data solely for internal use.
Further guidance
History Boundary
This page is limited to the Regulation NMS definition. Ordinary uses of “aggregator” and other market-data arrangements may follow different rules.
Meaning
The definition covers a broker or dealer, national securities exchange, national securities association, or Commission-registered investment adviser that receives the relevant NMS stock information and generates consolidated market data solely for internal use; it also addresses internal use by Commission-registered affiliates and bars other dissemination.
Usage Boundary
This page is limited to the Regulation NMS definition. Ordinary uses of “aggregator” and other market-data arrangements may follow different rules.
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.
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.
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Alternative Trading System 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.
