Equity Consolidated Data Plans (“SIP” Plans)
The securities information processor (SIP) Plans govern the collection, processing and distribution of quotation and transaction information for exchange-listed securities. Data is derived from various market centers, including securities exchanges, FINRA, and broker-dealers. Under the SIP Plans, all U.S. exchanges and associations that quote and trade exchange-listed securities must provide their data to a SIP for data consolidation and dissemination.
CT Plan
On November 20, 2024, the SEC approved the "CT Plan" -- a new NMS Plan to govern the public dissemination of real-time consolidated equity market data for NMS Stocks. The CT Plan is currently being implemented by IEX, FINRA, and the other national securities exchanges that trade equities (the "CT Plan Participants"). The CT Plan Participants have until April 2027 to implement the new plan, at which point the CTA/CQ and UTP plans will cease to operate. The approval order for the CT Plan is below, as is a link to the UTP Plan and CTA/CQ Plan pages with more information about the CT Plan implementation:
Consolidated Audit Trail ("CAT")
This plan implements Exchange Act Rule 613, which calls for the creation of a single comprehensive database that will enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets. The CAT plan, among other things, details the methods by which self-regulatory organizations and broker-dealers will record and report information, including the identity of the customer, resulting in a range of data elements that together provide the complete lifecycle of all orders and transactions in the U.S. equity and options markets.
Limit Up-Limit Down Plan
This plan governs the establishment, operation and administration of a market-wide limit up-limit down mechanism that is intended to address extraordinary market volatility in NMS stocks, as defined in Rule 600(b)(47) of Regulation NMS under the Exchange Act. The Plan sets forth market-wide limit up-limit down requirements designed to prevent trades in individual NMS Stocks from occurring outside of the specified price bands and also governs quotations in NMS stocks.
Tick Size Pilot Program
This plan governs the establishment and implementation of a pilot program that the SEC ordered to evaluate the impact that a wider tick size would have on trading, liquidity, and market quality of securities of smaller capitalization companies.
- Plan to Implement Tick Size Pilot Program
- FINRA Tick Size Pilot Program
- Assessment Report of the Tick Pilot Program
Order Execution Quality Disclosure Plan (Rule 605)
This plan establishes procedures under Rule 605 of Regulation NMS (previously Rule 11Ac1-5 under the Securities Exchange Act of 1934). Rule 605 generally requires a market center that trades Regulation NMS stocks to make available to the public monthly electronic execution reports that include uniform statistical measures of execution quality.
Options NMS Plans
Options Regulatory Surveillance Authority (ORSA)
The Options Regulatory Surveillance Authority (“ORSA”) Plan provides for the joint surveillance, investigation and detection of insider trading on each of the participating exchanges’ options markets.
Options Price Reporting Authority (OPRA)
The Options Price Reporting Authority (“OPRA”) Plan provides for the collection, consolidation and dissemination of last sale reports, quotation information and other information regarding eligible options contracts. The OPRA Plan also provides for the distribution and sale of such information.
Options Order Protection and Locked/Crossed Market Plan
The options exchanges currently use a decentralized linkage to route orders through the use of private routing brokers. The Options Order Protection and Locked/Crossed Market Plan enables the Participants to act jointly in establishing a framework for providing order protection and addressing Locked and Crossed Markets in eligible options classes. Each Participant in the Plan is required to establish, maintain and enforce rules, policies and procedures that are reasonably designed to prevent trade throughs and to avoid displaying locked and crossed markets. See Chapter 28 of the IEX Rule Book for more information.
Options Listing Procedures Plan (OLPP)
The U.S. options exchanges and OCC are sponsors of the Options Listing Procedures Plan (“OLPP”), a national market system plan which describes procedures to be followed by the parties in connection with selecting specified underlying interests for listing purposes and requesting a review of such selections. The OLPP additionally describes procedures for selecting options series, determining operational procedures relative to adjustment decisions, and admitting and removing plan sponsors.