Advancing the U.S. Consolidated Tape
The U.S. Securities and Exchange Commission (SEC) has published the plan submitted by the U.S. exchanges and Financial Industry Regulatory Authority (FINRA) pursuant to the SEC’s Order on September 1, 2023, directing the creation of a proposed new single National Market System (NMS) plan to govern the public dissemination of consolidated equity market data for NMS stocks.
This positive step supports Nasdaq’s position to combine the tapes, iterated in the previously released Total Markets Framework and SIP Blueprint.
"Nasdaq has been working toward impactful, incremental changes to enhance the consolidated tape distribution for years, and this plan is a positive step for the industry to improve efficiencies in Level 1 data distribution. We look forward to continuing to engage with the other participants and the new advisory committee to implement changes that support the long-term success of investors."
#1
What is happening?
The SEC has ordered the U.S. exchanges to submit a new single NMS plan to govern the public dissemination of consolidated equity market data for NMS stocks, along with a proposed implementation schedule. This plan was sent to the SEC on the deadline of October 23, 2023.
#2
How will the industry know what is happening with the implementation of the plan?
After approval by the SEC, the Consolidated Tape (CT) Plan Operating Committee will publish a quarterly update to inform the public, industry, and the SEC on the status of the implementation.
#3
Will the industry be involved in the implementation of the plan?
Yes. The industry, through a new advisory committee to the proposed CT Plan, will have the opportunity to advise the participants on all aspects of the plan.
#4
Will the implementation of the new plan require any action from clients?
Yes. The plan will call for clients to take action near the end of proposed timeline, likely in 2026. Clients will need to sign new contracts and modify reporting as required after the new administrator becomes operational.
#5
What is the timeline?
To view the full schedule that has been jointly proposed by the exchanges and FINRA, please follow this link.
#6
How can I comment on the plan?
Comments for release #34-99403 can be submitted on the SEC website.
Plan Resources
Nasdaq Resources
Any Questions?
