24X National Exchange faces uphill battle in exemption fight
The Waters Wrap: 24X wants exemption from the requirement that the SIP be operational during overnight hours for its overnight session to proceed. Nyela explains why that’s asking a lot.
I stumbled into the overnight trading beat last year, expecting stories with interesting tech angles. Like, how do you get a matching engine to run for 23 or 24 hours a day? What I didn’t expect to find so much contention around was the dissemination of market data.
Last March, I got word that the securities information processors (SIPs) committees, made up of the Consolidated Tape Association (CTA) and Unlisted Trading Privileges (UTP) Plan, were unable to agree on trading proposals from Nasdaq
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