DataCT Appointed as Independent Administrator for CT Plan
The Consolidated Tape Plan (CT Plan) has officially appointed DataCT as its new independent Administrator. This significant decision is part of a strategic initiative to enhance market data systems in the future.
Overview of the CT Plan Administrator Selection Process
The CT Plan aims to streamline the management of equity market data, and a key component of this is the selection of an independent Administrator. DataCT, an affiliate of DataBP, was chosen after a comprehensive evaluation process led by the Operating Committee of the CT Plan. This process included the development of an extensive Request for Proposal (RFP) and thorough assessments of several candidates.
Selection Criteria and Process
The selection criteria were established to ensure independence from entities involved in selling proprietary market data. A dedicated subcommittee was formed to review responses to the RFP and engage with candidates through interviews, both in-person and virtually. After careful consideration, DataCT emerged as the top choice, pending further negotiations regarding terms and fees.
Future Responsibilities of DataCT
Once an agreement is finalized in early 2026, DataCT will oversee the transition from the current administrators of the CTA/CQ and UTP Plans. This transition is a critical step in integrating operations under the CT Plan.
Operational Model Enhancements
DataCT will implement an operational model that consolidates existing management structures from the CTA/CQ and UTP Plans into a single, efficient framework. This integrated model is designed to improve service delivery and promote collaboration among various entities within the market data landscape.
Timeline for the CT Plan Implementation
The CT Plan is anticipated to go live in the second quarter of 2027, with the current CTA/CQ and UTP Plans scheduled for retirement shortly thereafter. The project's timeline reflects a robust commitment to enhancing the efficiency of market data dissemination.
Statements from Leadership
Jeff Kimsey, the Chairman of the SIP Operating Committees, expressed satisfaction with the timely selection of DataCT: "This new unified approach will significantly improve the management of our market data system. We are excited about this next phase in our efforts to enhance market data services."
About the CT Plan
The CT Plan is set to unify the existing market data equity plans, namely the CTA and UTP Plans, into a singular, more effective framework. This initiative is expected to deliver improved efficiency across the industry while providing clearer insights into market data distributions.
Frequently Asked Questions
What is the CT Plan?
The CT Plan is an initiative to unify existing market data plans into one streamlined system aimed at improving efficiency in data dissemination.
Who is DataCT?
DataCT is the newly appointed independent Administrator for the CT Plan, selected for its ability to meet independence requirements and enhance operational efficiency.
When is the CT Plan expected to launch?
The CT Plan is projected to go live in Q2 2027, following a transition period.
What will be the responsibilities of the new Administrator?
DataCT will manage the transition from the old plans and oversee all services required under the new CT Plan.
How will the CT Plan impact the market data industry?
The CT Plan is expected to streamline operations and improve service delivery, ultimately benefiting users of market data.
