Regulation NMS
E101199
Regulation NMS is a set of U.S. Securities and Exchange Commission rules designed to modernize and strengthen the national market system for equity trading, emphasizing fair access, price transparency, and best execution across exchanges.
All labels observed (3)
| Label | Occurrences |
|---|---|
| Regulation NMS canonical | 3 |
| Order Protection Rule | 1 |
| Regulation National Market System | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
SEC rule set
ⓘ
U.S. securities regulation ⓘ |
| abbreviation | Reg NMS ⓘ |
| affects |
alternative trading systems
ⓘ
broker-dealers ⓘ market data vendors ⓘ national securities exchanges ⓘ |
| appliesTo |
FINRA members trading NMS stocks
ⓘ
NMS stocks ⓘ equity securities ⓘ registered national securities exchanges ⓘ |
| component |
Access Rule
ⓘ
Market Data Rules ⓘ Regulation NMS self-linksurface differs ⓘ
surface form:
Order Protection Rule
Sub-Penny Rule ⓘ |
| defines |
NBBO
ⓘ
NMS stock ⓘ automated quotation ⓘ manual quotation ⓘ national best bid and offer ⓘ protected quotation ⓘ |
| emphasizes |
best execution
ⓘ
fair access to markets ⓘ price transparency ⓘ |
| fullName |
Regulation NMS
self-linksurface differs
ⓘ
surface form:
Regulation National Market System
|
| jurisdiction |
United States of America
ⓘ
surface form:
United States
|
| legalBasis |
U.S. Securities Exchange Act of 1934
ⓘ
surface form:
Securities Exchange Act of 1934
|
| marketStructureImpact |
influenced development of smart order routing
ⓘ
promoted fragmentation of trading across multiple venues ⓘ reinforced the importance of the NBBO ⓘ |
| policyGoal |
enhance market fairness
ⓘ
promote competition in execution and market data ⓘ protect retail investors ⓘ |
| purpose |
foster competition among trading venues
ⓘ
modernize the national market system for equity trading ⓘ promote fair and efficient access to quotations ⓘ strengthen price transparency in U.S. equity markets ⓘ support best execution of investor orders ⓘ |
| regulator |
Securities and Exchange Commission
ⓘ
surface form:
U.S. Securities and Exchange Commission
|
| requires |
consolidated public dissemination of core market data
ⓘ
fair and non-discriminatory access to quotations ⓘ limitations on sub-penny pricing for most NMS stocks ⓘ routing of orders to avoid trade-throughs of protected quotations ⓘ standardized access fees for quotations ⓘ |
| ruleNumber | Rule 600 series under the Securities Exchange Act of 1934 ⓘ |
| status | in force ⓘ |
| subjectOf |
Regulation NMS modernization proposals
ⓘ
ongoing SEC review and modernization efforts ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Regulation NMS Description of subject: Regulation NMS is a set of U.S. Securities and Exchange Commission rules designed to modernize and strengthen the national market system for equity trading, emphasizing fair access, price transparency, and best execution across exchanges.
Referenced by (5)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Regulation National Market System
this entity surface form:
Order Protection Rule