Readily tradable instrument.

Readily tradable instrument. Readily tradable instrument means
(1) Any instrument that is part of an issue any portion of which is traded on an established securities market (within the meaning of section 453(f)(5)); or
(2) Any instrument that is regularly quoted by brokers or dealers making a market.

Source

26 CFR § 31.3406(h)-1


Scoping language

None
Is this correct? or