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What is NBBO?

In the US, the stock and options markets are made up of several exchanges, including the New York Stock Exchange and the Nasdaq. The National Best Bid and Offer (NBBO) provides a consolidated view of the highest bid and the lowest ask (offered) price from all exchanges. NBBO was created by the Securities and Exchange Commission to help ensure that brokerages provide their customers with the best publicly available bid and ask prices when trading securities.

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What’s the bid and ask?

The bid and ask (also referred to as offer) shows the best quoted price for a stock or options among all exchanges. The ask price is what you, as the investor, could expect to pay when purchasing a stock or options on an exchange, and the bid price is what you could expect to receive when selling a stock or options on an exchange, at that point in time.

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What does this mean for you?

Like all brokers, we’re required to pursue best execution for our customers. We aim to have your order executed at the NBBO or better. You can learn more about our execution quality here.

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Exchange codes

The single-letter coding system is sometimes used to represent the name of an exchange. The table below shows the exchanges where NBBO pricing information is gathered.

CodeExchange
ANYSE American
BNASDAQ OMX BX
CNYSE National
DFinancial Industry Regulatory Authority
HMIAX Pearl
INASDAQ ISE
JCBOE EDGA Exchange, Inc.
KCBOE EDGX Exchange, Inc.
LLong-Term Stock Exchange
MNYSE Chicago
NNew York Stock Exchange LLC
PNYSE Arca
QNASDAQ, Inc.
TNASDAQ
UMembers Exchange
VInvestors' Exchange LLC
WCBSX CBOE Exchange, Inc.
XNASDAQ OMX PSX
YBATY Cboe BYX
ZBATS Cboe BZX
Reference No. 20210806-1751864-5280271
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