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.
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.