CT Plan Requests Extension for Fee Schedule Submission to SEC
The Operating Committee of the Consolidated Tape Plan (CT Plan) has officially requested a three-week extension from the Securities and Exchange Commission (SEC) regarding its upcoming fee schedule filing. This request, made today, aims to delay the submission from its original due date of November 20, 2025, to a new date of December 11, 2025. The allowance for additional time is expected not to disrupt the overall timeline of the transition from the current National Market System (NMS) data plans, which include the Consolidated Tape Association (CTA)/Consolidated Quotations (CQ) and the Unlisted Trading Privileges (UTP) plans, nor the planned launch of the CT Plan itself, anticipated for the second quarter of 2027.
Since March 2025, the Fees and Policies Subcommittee of the CT Plan has been diligently working to create a comprehensive fee structure for transaction reports and quotations of eligible securities. Both the CT Plan Members and the Advisory Committee have collaborated closely in this effort, and to ensure that the fee structure aligns well with industry needs, they engaged an independent consultant. This consultant has conducted two rounds of surveys targeting market data subscribers, enabling the Subcommittee to gather detailed industry feedback, which has added some time to their development process.
"It is imperative that we establish a fee schedule that not only supports the industry's requirements but also ensures the long-term sustainability of the CT Plan as an organization," stated Jeff Kimsey, who serves as the Chairman of the CT Plan Operating Committee. He emphasized the dedication the Fees and Policies Subcommittee has shown in refining this proposal and expressed gratitude for the SEC's consideration of their extension request.
The CT Plan marks a significant shift in the management of market data within the United States. It is set to unify the existing trio of equity market data plans—the CTA Plan/CQ Plan and the UTP Plan—into a single efficient framework. This consolidation is designed to streamline administrative processes, boost operational efficiency, and better meet the needs of market participants. Following the SEC’s directive in September 2023, the establishment of the CT Plan aims to enhance public access to real-time consolidated equity market data.
For more information about the CT Plan, including an updated timeline and other relevant details, stakeholders can visit the official CT Plan website at thectplanllc.com. Additionally, information pertaining to the previous CTA/CQ and UTP Plans can be found on their respective websites: ctaplan.com and utpplan.com. The CT Plan continues to evolve as it prepares for its forthcoming implementation, poised to potentially transform the landscape of market data dissemination.
In conclusion, the request for an extension highlights the commitment of the Operating Committee to ensure that the fee schedule is well thought out and reflective of industry needs, facilitating a smoother transition to the new market data structure under the CT Plan.
Since March 2025, the Fees and Policies Subcommittee of the CT Plan has been diligently working to create a comprehensive fee structure for transaction reports and quotations of eligible securities. Both the CT Plan Members and the Advisory Committee have collaborated closely in this effort, and to ensure that the fee structure aligns well with industry needs, they engaged an independent consultant. This consultant has conducted two rounds of surveys targeting market data subscribers, enabling the Subcommittee to gather detailed industry feedback, which has added some time to their development process.
"It is imperative that we establish a fee schedule that not only supports the industry's requirements but also ensures the long-term sustainability of the CT Plan as an organization," stated Jeff Kimsey, who serves as the Chairman of the CT Plan Operating Committee. He emphasized the dedication the Fees and Policies Subcommittee has shown in refining this proposal and expressed gratitude for the SEC's consideration of their extension request.
The CT Plan marks a significant shift in the management of market data within the United States. It is set to unify the existing trio of equity market data plans—the CTA Plan/CQ Plan and the UTP Plan—into a single efficient framework. This consolidation is designed to streamline administrative processes, boost operational efficiency, and better meet the needs of market participants. Following the SEC’s directive in September 2023, the establishment of the CT Plan aims to enhance public access to real-time consolidated equity market data.
For more information about the CT Plan, including an updated timeline and other relevant details, stakeholders can visit the official CT Plan website at thectplanllc.com. Additionally, information pertaining to the previous CTA/CQ and UTP Plans can be found on their respective websites: ctaplan.com and utpplan.com. The CT Plan continues to evolve as it prepares for its forthcoming implementation, poised to potentially transform the landscape of market data dissemination.
In conclusion, the request for an extension highlights the commitment of the Operating Committee to ensure that the fee schedule is well thought out and reflective of industry needs, facilitating a smoother transition to the new market data structure under the CT Plan.
Topics Financial Services & Investing）
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