Exchanges Submit New NMS Plan for Consolidated Equity Market Data

The equity exchanges submitted a new joint national market system plan "to govern the public dissemination of real-time consolidated equity market data for NMS stocks."

The proposed plan would replace the three current national market system plans. The Plan was developed in response to the SEC's Amended Order (see previous coverage) and is intended to create a framework for the exchanges to collaboratively manage and disseminate market data. The activities covered include the collection, consolidation and dissemination of quotation and transaction information for NMS stocks. The proposed Plan outlines a governance structure for the new system, including the selection of a new administrator and the development of fees, policies and data subscriber agreements. It also details the implementation phases, impact on competition and terms and conditions of access.