Open Meeting Agenda

Wednesday, January 8, 2020

Item 1: Notice of Proposed Order Directing the Exchanges and the Financial Industry Regulatory Authority to Submit a New National Market System Plan Regarding Consolidated Equity Market Data
Office: Division of Trading and Markets
Staff: Brett Redfearn, Christian Sabella, Michael Coe

In 1975, Congress directed the Commission to facilitate the establishment of a national market system for the trading of securities including the public dissemination of consolidated information about quotes and trades in equity securities.[1] The Commission has recognized that investors must have certain data relating to quotes and trades to participate in the U.S. equity markets.[2] Self-regulatory organizations (SROs) currently act jointly pursuant to three national market system (NMS) plans to disseminate consolidated information on quotations for and transactions in NMS stocks.

The Commission will consider whether to issue for public comment a proposed order that would require the SROs to propose a single, new NMS plan that would increase transparency and address inefficiencies, conflicts of interest and other issues presented by the current governance structure of the three NMS plans that govern the public dissemination of real-time, consolidated equity market data for NMS stocks.

For further information, please contact Michael Coe in the Division of Trading and Markets at 202-551-5870.

[1] 15 U.S.C. 78k-1.

[2] Regulation NMS, Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37560 (June29, 2005).