Unlisted Trading Privileges (UTP) oversees the

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 ...

for securities listed on

Nasdaq The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

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 details.

UTP and CTA

Not all quote or transaction data are available from a single provider. The quotes and trades of Cboe and NYSE listed securities are consolidated in line with the Consolidated Tape Association (CTA). The Consolidated Tape Association distributes trades and quotes across the Consolidated Tape System (CTS) and the Consolidated Quote System (CQS) feeds. The CTA and CQS are listed across two tapes – A and B. UTP is tape C.

Market data fees for the UTP (Tape C) network

* Co-location/Direct Access: $2,500 * Feed or Internet/Indirect Access: $500 * Non-display: $3,500 * Redistribution: $1,000 * Display (per 20 devices): $480

Participants

The current participants of the UTP Plan include: * Cboe BYX Exchange * Cboe BZX Exchange * Cboe EDGA Exchange * Cboe EDGX Exchange * Cboe Exchange *

Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ...

* Investors' Exchange * Long-Term Stock Exchange * Members Exchange * MIAX Pearl Equities * Nasdaq BX * Nasdaq PHLX * Nasdaq Stock Market * Nasdaq ISE *

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

* NYSE Arca * NYSE American * NYSE National * NYSE Chicago

References