UTP to Decide SIP Processor in Oct., After Renewing Nasdaq as SIP Administrator

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The decision marks the end of a four-month process to identify potential administrators of the tape, after Nasdaq decided at the start of this year not to renew its contract to run the SIP (Securities Information Processor) because the UTP Committee failed to respond to quickly enough to its 10 recommendations designed to improve the SIP's operational resiliency, disaster recovery capabilities and governance (IMD, Jan. 16).

In February, the UTP Committee approved Nasdaq's recommendations, but we