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The following terms are used in the customer disclosure reports for the National Stock Exchange, the Boston Stock Exchange, and Nasdaq. A complete description of the terms in the report is available in the text of SEC Rule 600(b).

A
At-the-quote limit orders – non-marketable buy orders with limit prices that are equal to the national best bid at the time of order receipt, and non-marketable sell orders with limit prices that are equal to the national best offer at the time of order receipt.
Average effective spread – the share-weighted average of effective spreads for order executions calculated, for buy orders, as double the amount of difference between the execution price and the midpoint of the national best bid and national best offer at the time of order receipt and, for sell orders, as double the amount of difference between the midpoint of the national best bid and national best offer at the time of order receipt and the execution price.
Average realized spread – the share-weighted average of realized spreads for order executions calculated, for buy orders, as double the amount of difference between the execution price and the midpoint of the national best bid and national best offer five minutes after the time of order execution and, for sell orders, as double the amount of difference between the midpoint of the national best bid and national best offer five minutes after the time of order execution and the execution price; provided, however, that the midpoint of the final national best bid and national best offer disseminated for regular trading hours shall be used to calculate a realized spread if it is disseminated less than five minutes after the time of order execution.

C
Covered order – any market order or any limit order (including immediate-or-cancel orders) received by a market center during regular trading hours at a time when a national best bid and national best offer is being disseminated, and, if executed, is executed during regular trading hours, but shall exclude any order for which the customer requests special handling for execution, including, but not limited to, orders to be executed at a market opening price or a market closing price, orders submitted with stop prices, orders to be executed only at their full size, orders to be executed on a particular type of tick or bid, orders submitted on a "not held" basis, orders for other than regular settlement, and orders to be executed at prices unrelated to the market price of the security at the time of execution.
Customer limit order – an order to buy or sell an NMS stock at a specified price that is not for the account of either a broker or dealer; provided, however, that the term customer limit order shall include an order transmitted by a broker or dealer on behalf of a customer.

E
Exchange market maker – any member of a national securities exchange that is registered as a specialist or market maker pursuant to the rules of such exchange.
Executed with price improvement – for buy orders, execution at a price lower than the national best offer at the time of order receipt and, for sell orders, execution at a price higher than the national best bid at the time of order receipt.

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I
Inside-the-quote limit orders – non-marketable buy orders with limit prices that are higher than the national best bid at the time of order receipt, and non-marketable sell orders with limit prices that are lower than the national best offer at the time of order receipt.

N
National best bid offer (NBB) – with respect to quotations for an NMS security, the best bid and best offer for such security that are calculated and disseminated on a current and continuing basis by a plan processor pursuant to an effective national market system plan; provided, that in the event two or more market centers transmit to the plan processor pursuant to such plan identical bids or offers for an NMS security, the best bid or best offer (as the case may be) shall be determined by ranking all such identical bids or offers (as the case may be) first by size (giving the highest ranking to the bid or offer associated with the largest size), and then by time (giving the highest ranking to the bid or offer received first in time).
Near-the-quote limit orders – non-marketable buy orders with limit prices that are lower by $0.10 or less than the national best bid at the time of order receipt and non-marketable sell orders with limit prices higher by $0.10 or less than the consolidated best offer at the time of order receipt.

S
Speed of execution – Speed of execution is displayed in cumulative number of shares executed at various intervals of time (e.g., 0-9 seconds, 10-29 seconds, 30-59 seconds, 60-299 seconds, and 5-30 minutes).
Spread – the difference between the best bid price and the best ask price.

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