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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Waterstechnology? View our subscription options

Firms step up non-compete use to protect tech, data IP

US states are increasingly banning or limiting the use of non-compete contracts, but financial firms are using them more frequently to safeguard proprietary tech and data assets—including the knowledge of the individuals who work on them.

Waters Wrap: Examining ASX’s CHESS do-over

The Australian exchange was the first exchange to be all-in on DLT—and the project failed. Anthony speaks with ASX’s Tim Whiteley to discuss the lessons learned and why he thinks the second attempt will succeed.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here