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I was reading Schwab's market data catalog. Excerpt:

NYSE Pro

New York Stock Exchange (NYSE) offers Level I quote data for all NYSE-listed stocks and ETFs, providing:

• Trades

• National Best Bid and Offer (NBBO)

• Regional Bid and Ask prices (stocks only)

I know what NBBO is, but what are "regional bid and ask prices"?

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A regional stock exchange is a stock exchange not located in that country's primary financial center, and where regional companies are listed. Often, companies who cannot meet the strict listing requirements of a national exchange may qualify for a listing on a regional exchange, though a company that qualifies to be on a national exchange may also register for a listing on one or more regional exchanges.

Some examples would be:

  • Boston: Primary focus is mutual funds.
  • Chicago: Trades regionally listed stocks and stocks from other exchanges
  • Pacific: Known for derivatives
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  • The NYSE is not a regional exchange. Why would does it provide regional bid and ask prices? Is the NYSE merely reselling the data obtained from regional exchanges?
    – Flux
    Jul 22, 2020 at 5:18
  • @Flux imagine the scenario of a company listed on the Nasdaq, but traded on the NYSE pursuant to unlisted trading privilege. I think from the perspective of a market data provider, NYSE would be a regional in that scenario
    – dsolimano
    Feb 17, 2021 at 15:12

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