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

The Consolidated Tape Plan's Upcoming RFP: A New Era for Market Data Management

On July 7, 2025, the Operating Committee of the Consolidated Tape Plan (CT Plan) made a significant announcement that is set to reshape the landscape of financial market data management. They revealed that they will be releasing a Request for Proposal (RFP) for the selection of an independent administrator for the CT Plan. This initiative is expected to usher in a new era of efficiency and transparency in the industry.

The CT Plan emerges as the consolidated successor to three existing market data equity plans: the CTA Plan/CQ Plan and the Unlisted Trading Privileges Plan. This consolidation is designed to simplify the administrative processes and enhance the dissemination of real-time consolidated equity market data across markets. The expected launch date for the CT Plan is in the second quarter of 2027, after which a press release will follow with specific details regarding the RFP’s timeline and submission procedures.

Responding to Market Needs

The inception of the CT Plan was driven by a September 2023 directive from the Securities and Exchange Commission (SEC). This order called for U.S. equities exchanges and FINRA to work collaboratively to create a unified national market system plan. The goal here is to ensure that market participants have access to consistent and accurate data, which is vital in today's fast-paced trading environment.

Jeff Kimsey, chairman of the CT Plan, emphasized the importance of transparency and proactive communication with the industry, stating, "We wanted to provide ample notice for firms interested in serving as the independent administrator that an RFP will be coming." This approach is intended to foster engagement from potential candidates and to signal the CT Plan's commitment to an open selection process for its administrator.

Benefits of the Consolidated Approach

The consolidation under the CT Plan is expected to catalyze several benefits for stakeholders involved in equity markets. Firstly, by streamlining administrative functions, it promises to cut down on operational redundancies while ensuring that market data is disseminated more effectively. Increased efficiency in data management can translate to improved trading strategies and better market analysis by investors and firms alike.

Moreover, a unified approach to market data governance will likely enhance market resilience. A single administrator responsible for oversight may lead to more standardized data protocols, helping to mitigate discrepancies that can arise when different entities manage data separately.

Anticipated Next Steps

The CT Plan is gearing up for the RFP release in the third quarter of 2025. At that time, they will share more specifics regarding the application process and criteria for potential administrators. Firms that are interested in taking part in this selection are encouraged to monitor the upcoming communications closely. Current details surrounding the CT Plan, including milestones and further updates, will be available on their official websites at ctaplan.com and utpplan.com.

Additionally, the CT Plan is in the process of developing its dedicated website at thectplanllc.com, which will serve as a resource hub for industry participants as well as the general public.

In conclusion, the Consolidated Tape Plan's initiative to appoint an independent administrator marks a significant step towards enhancing market data management in the U.S. equity markets. Stakeholders are eagerly watching as the landscape evolves, looking forward to the improved efficiencies and increased transparency that the CT Plan aims to deliver by 2027.

Media Contact

For inquiries, interested parties may reach out to Rafi Reguer at Forefront Communications via +1 (718) 781-4946 or through email at [email protected]