Regulation NMS incorporates the Rule 10b-10 definition of “time of the transaction,” which is the time of execution, to the extent feasible, of the customer’s order.
ReviewedEvidence2 sourcesSectionPhrases & Idioms
Quick answer
Under Regulation NMS, “time of the transaction” uses the Rule 10b-10 definition: the time of execution, to the extent feasible, of the customer’s order.
Key details
Canonical FormTime of the Transaction
Core MeaningA Regulation NMS cross-referenced term whose incorporated Rule 10b-10 definition is the time of execution, to the extent feasible, of the customer’s order.
Further guidance
History Boundary
This page is limited to the Regulation NMS cross-reference and the incorporated Rule 10b-10 definition; other uses of transaction time may differ.
Meaning
Under Regulation NMS, “time of the transaction” uses the Rule 10b-10 definition: the time of execution, to the extent feasible, of the customer’s order.
Usage Boundary
This page is limited to the Regulation NMS cross-reference and the incorporated Rule 10b-10 definition; other uses of transaction time may differ.
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.
Effective Transaction Reporting Plan is a current Regulation NMS defined term. This guide keeps “effective” tied to Commission approval under § 242.601 rather than ordinary-language effectiveness.
A Regulation NMS timestamp definition for the time, measured at least to the millisecond, when an order was executed at any venue. This page is limited to the Regulation NMS definition; timestamp obligations or precision requirements under other rules may differ.
A Regulation NMS timestamp definition for when an order is received for execution, measured at least to the millisecond. This page remains rule-scoped.
A defined Regulation NMS report containing the price and volume associated with a transaction involving the purchase or sale of one or more round lots of a security. This page uses the Regulation NMS definition; other reporting regimes may use “transaction report” differently.
A defined Regulation NMS person authorized to implement or administer a transaction reporting plan for persons acting jointly under § 242.601(a). This page is limited to the U.S. Regulation NMS definition and does not generalize the term to unrelated reporting bodies.
A defined Regulation NMS plan for collecting, processing, making available, or disseminating transaction reports that is filed with the Commission and meets § 242.601. This page is limited to the U.S. Regulation NMS definition and should not be read as describing every securities reporting plan.
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.
