Self-Regulatory Organization-Specific Program Data
A Regulation NMS term for specified SRO-specific market information identified through the definition’s retail-liquidity and effective-plan criteria.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Regulation NMS uses “self-regulatory organization-specific program data” for specified retail-liquidity-program information and other SRO-specific NMS-stock quotation or transaction information identified in effective national market system plans.
Key details
Canonical FormSelf-Regulatory Organization-Specific Program Data
Core MeaningA Regulation NMS term for specified SRO-specific market information identified through the definition’s retail-liquidity and effective-plan criteria.
Further guidance
History Boundary
This page is limited to the defined Regulation NMS category and should not be generalized to all data produced by an exchange or association.
Meaning
The definition includes specified information related to retail liquidity programs and other self-regulatory-organization-specific information concerning NMS stock quotations or transactions when specified by effective national market system plan provisions.
Usage Boundary
This page is limited to the defined Regulation NMS category and should not be generalized to all data produced by an exchange or association.
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.
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.
