US SIPs Must Evolve or Face Uncertain Future
Traditionally, the core of the US market data ecosystem has been the SIP feeds that consolidate data from all US exchanges. But as the cost of exchange data continues to rise, some firms are finding the US consolidated tapes to be a SIP that’s hard to swallow.
For decades, the vibrant and competitive patchwork quilt of US equities markets functioned smoothly thanks in no small part to the fact that the information flow from these fragmented markets was controlled via two official consolidated tapes of equities market data—the Consolidated Tape Association administered by the New York Stock Exchange, and the Unlisted Trading Privileges (UTP) Plan administered by Nasdaq, collectively referred to as the Securities Information Processor (SIP) feeds.
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