SEC, Exchanges Clash Over Revised Consolidated Tape Plans

US equity exchanges have pushed back aggressively against an SEC order directing them to submit a revised plan for operating the consolidated tapes of US equities quote and trade data.

Stag standoff

The US Securities and Exchange Commission (SEC) has ignited a war of words between industry groups representing financial firms and exchanges by instructing US equity exchanges and regulatory body Finra to submit plans for a new NMS plan for the equitable distribution of market data that will replace the current US consolidated tapes of equities quote and trade data.

The order, issued on Wednesday, May 7, aims to address concerns about the current tapes’ ability to fulfill their purpose of

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