It is the responsibility of the SRO to determine when a trade is late. Market centers are required, as authorizing self-regulatory organizations ( SROs) per the CTA Plan, to report their trade activity within 90 seconds of execution time to CTS otherwise the trade report must be designated as a late report. This information is updated with each trade. CTS maintains in its database, by symbol, a consolidated high, low, last price and volume and for each market center that trades that symbol, the market’s last sale and volume information. Each system maintains a master database by symbol.
Included in every trade and quote message is a timestamp which represents the time that the message is disseminated.Įvery trade and quote is stored in the system for both on-line and after hours processing. Each system validates its respective message format, verifies the information against its databases (e.g., valid symbol, etc.), consolidates the information with the other market centers' information, and disseminates the information to the data recipients in its respective common standard message format via the IP Multicast network. The New York Stock Exchange is the Administrator of Network A, which includes NYSE-listed securities, and the American Stock Exchange is the Administrator of Network B, which includes AMEX-listed securities.ĬTS and CQS receive trade and quote information, respectively from NYSE, AMEX, and the other regional market centers using a standard message format. Bats Exchange ( BATS BATSY EDGA EDGX), acquired by CBOEĪcquisition and Distribution of Market Data.National Stock Exchange ( NSX), acquired by NYSE.
International Securities Exchange ( ISE).Financial Industry Regulatory Authority ( FINRA).American Stock Exchange ( AMEX), acquired by NYSE.2 Acquisition and Distribution of Market Data.The CTA is the operating authority for CQS and CTS. Since the late 1970s, all SEC-registered exchanges and market centers that trade NYSE or AMEX-listed securities send their trades and quotes to a central consolidator where the Consolidated Tape System ( CTS) and Consolidated Quotation System ( CQS) data streams are produced and distributed worldwide. The Plans were filed with and approved by the Securities and Exchange Commission ( SEC) in accordance with Section 11A of the Securities Exchange Act of 1934. It is currently chaired by Emily Kasparov of the Chicago Stock Exchange, the first woman and the youngest chair elected to the position.ĬTA manages two Plans to govern the collection, processing and dissemination of trade and quote data: the Consolidated Tape Plan, which governs trades, and the Consolidated Quotation Plan, which governs quotes. The Consolidated Tape Association ( CTA) oversees the dissemination of real-time trade and quote information ( market data) in New York Stock Exchange ( NYSE) and American Stock Exchange ( AMEX) listed securities ( stocks and bonds).