Nasdaq expects to make changes to its Securities Information Processor by the end of this year, to comply with the reporting rules of Reg NMS.
The SIP consolidates trades from each participant in the Unlisted Trading Privileges scheme, processes quote changes and last tick values and then sends them to redistributing data vendors.
The current format for UTP participants does not give sufficient data on a trade to meet the requirements of Reg NMS—for example when an exchange needs to identify a
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