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The securities listed on Nasdaq can be quoted and traded from any US exchange. Trades and quotes on these securities are distributed on two separate feeds, the UTP Quotation Data Feed (UQDF) and the UTP Trade Data Feed (UTDF). UQDF provides traders a direct view of an NBBO. These feeds are considered level 1 or the top-of-book.
The UTP Plan oversees the SIP for securities listed on Nasdaq and over-the-counter securities, also called unlisted trading privileges securities. The Consolidated Tape Association (CTA) Plan oversees the SIP for securities listed on all other exchanges, including the New York Stock Exchange , NYSE Arca , NYSE American , NYSE Chicago , and Cboe ...
If the quote is a NASDAQ market maker quote, CQS also calculates a NASDAQ BBO. CQS disseminates the Market center's root quote with an appendage that includes the National and NASDAQ BBOs. In the event that a market center is experiencing technical difficulties in providing quote information, CQS also has a facility that, at the direction of ...
A national market system plan (or NMS plan) is a structured method of transmitting securities transactions in real-time. In the United States, national market systems are governed by section 11A of the Securities Exchange Act of 1934 .
In November 1979, the Cincinnati Stock Exchange became a CQ Plan Participant and commenced disseminating quotations in mid-1980. The Consolidated Tape Association (CTA) is the operating authority for both the Consolidated Quotation System and the Consolidated Tape System (CTS).
Two Security Information Processors (SIPs) consolidate this data in real time: the Consolidated Quotation System run by the Intercontinental Exchange (NYSE affiliate) [36] and the OTC/UTP Plan. [37] Each processes data for half of all such securities, based on the ticker symbol of each. All the equity and equity options exchanges broadcast in ...
UTP Plan operates the Securities Information Processors for securities listed on Nasdaq and over-the-counter securities. OPRA operates the Securities Information Processors for equity options in the United States. SIAC, the Securities Industry Automation Corporation, which operates the CTA and OPRA SIPs.
OPRA is a national market system plan that governs the process by which options market data are collected from participant exchanges, consolidated, and disseminated. Participant exchanges [ edit ]