Unlisted_Trading_Privileges

Unlisted Trading Privileges

Unlisted Trading Privileges

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Unlisted Trading Privileges (UTP) oversees the Securities Information Processor for securities listed on Nasdaq and other securities that do not meet the requirements for listing on an exchange.

Acquisition and distribution of market data

Nasdaq established the UTP Plan to outline the consolidation and distribution of data through one centralized resource called the Securities Information Processor (SIP).

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.

National Market System (NMS) plan

The NMS Plan regulates the UTP and Consolidated Tape Association (CTA) networks. The particulars for executing the regulation requires real-time reporting of transactions and their volumes, prices, and auditing details.

UTP and CTA

Not all quote or transaction data are available from a single provider. The quotes and trades of Cboe and NYSE listed securities are consolidated in line with the Consolidated Tape Association (CTA). The Consolidated Tape Association distributes trades and quotes across the Consolidated Tape System (CTS) and the Consolidated Quote System (CQS) feeds. The CTA and CQS are listed across two tapes – A and B. UTP is tape C.

Market data fees for the UTP (Tape C) network

  • Co-location/Direct Access: $2,500
  • Feed or Internet/Indirect Access: $500
  • Non-display: $3,500
  • Redistribution: $1,000
  • Display (per 20 devices): $480

[1][2][3][4]

Participants

The current participants of the UTP Plan include:

See also

References

  1. [1]
    "UTDF and UQDF: The Basics of Nasdaq's SIP Feeds". Exegy. Retrieved 2019-12-23.
  2. [2]
    Oliver Abramson (2019-08-07). "UTP Data Policies" (PDF). Retrieved 2019-12-23.
  3. [3]
    "SCHEDULE OF MARKET DATA CHARGES" (PDF). 2018-09-17. Retrieved 2019-12-23.
  4. [4]
    "Level 2 market data: What level supports your trading strategy?". Exegy. Retrieved 2019-12-23.
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This article uses material from the Wikipedia article Unlisted_Trading_Privileges, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.