A Regulation NMS definition for an exchange- or association-operated facility that displays quotations without executing against them or presenting orders to members for execution.
ReviewedEvidence1 sourceSectionPhrases & Idioms
Quick answer
Under Regulation NMS, an SRO display-only facility is a facility operated by or on behalf of a national securities exchange or association that displays quotations but does not execute against them or present orders to members for execution.
Key details
Canonical FormSRO Display-Only Facility
Core MeaningA Regulation NMS definition for an exchange- or association-operated facility that displays quotations without executing against them or presenting orders to members for execution.
Further guidance
History Boundary
This page is limited to the Regulation NMS facility definition and does not classify every market-data display product as an SRO display-only facility.
Meaning
The definition covers a facility operated by or on behalf of a national securities exchange or association that displays quotations in NMS stocks but does not execute orders against those quotations or present orders to members for execution.
Usage Boundary
This page is limited to the Regulation NMS facility definition and does not classify every market-data display product as an SRO display-only facility.
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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