#USA #New York #Market Data #Consolidated Tape Plan #RFP

CT Plan Issues RFP for Independent Administrator

The Consolidated Tape Plan, also known as the CT Plan, is embarking on a significant initiative that could reshape the landscape of equity market data in the United States. On September 30, 2025, the Operating Committee of the CT Plan revealed the launch of a Request for Proposal (RFP) aimed at selecting an independent firm to take on the critical role of Administrator for the plan.

Background of the CT Plan

Established under a directive from the Securities and Exchange Commission (SEC) in September 2023, the CT Plan seeks to provide a unified framework for the public dissemination of real-time consolidated equity market data. This plan will serve as the successor to the existing three market data equity plans: the CTA Plan/CQ Plan and the UTP Plan. The primary objective of the CT Plan is to streamline administrative functions, enhancing efficiency across the industry. It is set to go live in the second quarter of 2027.

The CT Plan Administrator will shoulder both operational responsibilities and key business management tasks. This will include designing an operational model that integrates existing functions of both the CTA/CQ and UTP Plans, requiring seamless collaboration with current Administrators and Processors. The transition is crucial as both the CTA/CQ and UTP Plans will cease operations upon the rollout of the CT Plan.

The RFP Process and Requirements

Firms interested in responding to the RFP must submit their proposals by November 14, 2025. The RFP specifically encompasses only the Administrator role for the CT Plan, meaning that the existing Security Information Processors (SIPs) responsible for the collection and dissemination of equity market data will continue their functions independently. Nevertheless, the new Administrator is expected to work closely with these SIPs to uphold the integrity of service delivery.

In compliance with Section 6.2 of the CT Plan, the chosen Administrator must adhere to independence requirements which disallow any ownership, control, or employment link to entities that deal in proprietary market data. This independence is critical to ensure unbiased administration of the CT Plan and to secure stakeholder confidence in the process.

Next Steps and Selection Timeline

Following the successful submission of proposals, the CT Plan Operating Committee will meticulously evaluate and select a new Administrator by the end of the fourth quarter of 2025. This administrator will be tasked with not only managing the transition from previous Administrators but will also oversee all operational services required once the CT Plan goes live. A brief transition period will occur before the anticipated retirement of the CTA/CQ and UTP Plans.

How to Apply

Interested firms should reach out via email to John White at Watchdog Data Services, ensuring they indicate their interest in the subject line. After verifying their qualifications through the RFP Intake Form, eligible firms will receive the RFP document. This is an essential step in participating in a process that will shape the future of equity market data governance.

As the financial ecosystem evolves, the implementation of the CT Plan promises a more integrated and efficient approach to market data administration—one that stakeholders across the financial industry will be closely monitoring in the lead-up to the 2027 launch. For continuous updates on the CT Plan and its timeline, visit thectplanllc.com.