Regulation NMS
Regulation National Market System (Reg NMS) is an SEC framework governing U.S. equity markets, including rules on quote display, order routing, and protections against trading at prices worse than the best available quotes.
Example: Example: A broker's trading system routes a customer order to the venue with the best protected quote; if a more favorable protected quote appears at another venue, routing rules may redirect the order to that venue to maintain compliance with Reg NMS.
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