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Securities Information Processor
A securities information processor (SIP) is a part of the infrastructure of public market data providers in the United States that process, consolidate, and disseminate quotes and trade data from different US securities exchanges and market centers. An important purpose of the SIPs for US securities is to publish the prevailing National Best Bid Offer (NBBO). There are three exclusive SIPs in operation as of 2023. The UTP Plan oversees the SIP for securities listed on Nasdaq and over-the-counter securities, also called unlisted trading privileges securities. The Consolidated Tape Association (CTA) Plan oversees the SIP for securities listed on all other exchanges, including the New York Stock Exchange, NYSE Arca, NYSE American, NYSE Chicago, and Cboe stock exchanges. The Options Price Reporting Authority (OPRA) oversees the SIP for all exchange-traded securities options in the US. History Securities Acts Amendments of 1975 The SIPs were introduced in 1975 through the passa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unlisted Trading Privileges
Unlisted Trading Privileges (UTP) oversees the Securities Information Processor for securities listed on Nasdaq and other securities that do not meet the requirements for listing on an exchange. Acquisition and distribution of market data Nasdaq established the UTP Plan to outline the consolidation and distribution of data through one centralized resource called the Securities Information Processor (SIP). The securities listed on Nasdaq can be quoted and traded from any US exchange. Trades and quotes on these securities are distributed on two separate feeds, the UTP Quotation Data Feed (UQDF) and the UTP Trade Data Feed (UTDF). UQDF provides traders a direct view of an NBBO. These feeds are considered level 1 or the top-of-book. National Market System (NMS) plan The NMS Plan regulates the UTP and Consolidated Tape Association (CTA) networks. The particulars for executing the regulation requires real-time reporting of transactions and their volumes, prices, and auditing detai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Members Exchange
The Members Exchange (MEMX) is an American technology-driven stock exchange founded by its members to serve the interest of its founders and their collective client base. The founding members, which include nine major financial organizations, claim they seek to transform markets around the goals of transparency, innovation, and competition in order to align exchange services with the interests of market participants. It is a member-formed equities trading platform, and competes with the major equity exchanges: NYSE, Nasdaq, and CBOE. The mission of the exchange is "to increase competition, improve operational transparency, reduce fixed costs and simplify the execution of equity trading in the U.S." Initially, after launch, MEMX is not charging for market data or connectivity. History MEMX was founded in early 2019 by a group of nine banks, financial services firms, market makers, and retail broker-dealers: BofA Securities, Charles Schwab Corporation, Citadel LLC, E-Trade, Fideli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |