Source: https://mochatrade.com/learn/glossary/nbbo

# NBBO
URL: https://mochatrade.com/learn/glossary/nbbo
Last modified: 2026-10-17

The NBBO, national best bid and offer, is the highest bid and lowest ask for a US stock across every exchange at once. Since 1975 the venues have been [tied into one national market](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and since 2005 no exchange may fill you worse than this quote, so [twenty order books produce one enforceable price](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form).

## Related terms

- NYSE: https://mochatrade.com/learn/glossary/nyse
- CME Group: https://mochatrade.com/learn/glossary/cme-group
- Dark pool: https://mochatrade.com/learn/glossary/dark-pool
- NASDAQ: https://mochatrade.com/learn/glossary/nasdaq
- US ETF: https://mochatrade.com/learn/glossary/us-etf
- Index futures (E-mini S&P 500): https://mochatrade.com/learn/glossary/index-futures