NBBO, or National Best Bid and Offer, refers the best bid price andthe best offer price available for each security at any given time aggregatedacross all competing market centers.
The NBBO is updated throughout the day to show the highest andlowest offers for a security among all exchanges and market makers. The highestbid price and lowest ask price displayed in the NBBO do not have to come fromthe same exchange. The best bid and ask prices from a single exchange or marketmaker are called “best bid and offer.”