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 (7)
| Label | Occurrences |
|---|---|
| Regulation NMS canonical | 7 |
| Order Protection Rule | 3 |
| Regulation National Market System | 2 |
| Market Data Infrastructure Rules (2020) | 1 |
| Market Data Rules | 1 |
| Regulation NMS Order Protection Rule | 1 |
| Rule 612 of Regulation NMS | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T858533 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Regulation NMS Context triple: [NYSE National, listedIn, Regulation NMS]
-
A.
National Securities Markets Improvement Act of 1996
The National Securities Markets Improvement Act of 1996 is a U.S. federal law that reallocated regulatory authority between federal and state securities regulators to streamline oversight of investment advisers and securities offerings.
-
B.
Regulation T
Regulation T is a Federal Reserve Board rule that governs the extension of credit by securities brokers and dealers, including margin requirements for purchasing securities.
-
C.
Regulation D
Regulation D is a set of SEC rules that provides exemptions from the registration requirements for certain private offerings of securities in the United States.
-
D.
Regulation D
Regulation D is a Federal Reserve Board rule that governs reserve requirements for depository institutions and defines certain types of bank accounts and transaction limits in the U.S. banking system.
-
E.
Rule 10b-5
Rule 10b-5 is a core SEC anti-fraud regulation that prohibits deceptive practices in connection with the purchase or sale of securities.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Regulation NMS Target entity description: 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.
-
A.
National Securities Markets Improvement Act of 1996
The National Securities Markets Improvement Act of 1996 is a U.S. federal law that reallocated regulatory authority between federal and state securities regulators to streamline oversight of investment advisers and securities offerings.
-
B.
Regulation T
Regulation T is a Federal Reserve Board rule that governs the extension of credit by securities brokers and dealers, including margin requirements for purchasing securities.
-
C.
Regulation D
Regulation D is a set of SEC rules that provides exemptions from the registration requirements for certain private offerings of securities in the United States.
-
D.
Regulation D
Regulation D is a Federal Reserve Board rule that governs reserve requirements for depository institutions and defines certain types of bank accounts and transaction limits in the U.S. banking system.
-
E.
Rule 10b-5
Rule 10b-5 is a core SEC anti-fraud regulation that prohibits deceptive practices in connection with the purchase or sale of securities.
- F. None of above. chosen
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 ⓘ Order Protection Rule ⓘ
linked to:
Regulation NMS
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 National Market System
ⓘ
linked to:
Regulation NMS
|
| jurisdiction |
United States
ⓘ
linked to:
United States of America
|
| legalBasis |
Securities Exchange Act of 1934
ⓘ
linked to:
U.S. 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 |
U.S. Securities and Exchange Commission
ⓘ
linked to:
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 (16)
Full triples — surface form annotated when it differs from this entity's canonical label.
linked to: Regulation NMS
linked to: Regulation NMS
linked to: Regulation NMS
linked to: Regulation NMS
linked to: Regulation NMS
linked to: Regulation NMS
linked to: Regulation NMS