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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 the market center, disseminates zero quotes in its securities thus eliminating
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CTS provides an automated correction processing capability in the event that a market center incorrectly reported its information. When a market center issues a correction message, CTS processes the correction and disseminates the revised trade report along with the updated consolidated and market
260:(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. It is the responsibility of the SRO to determine when a trade is late. Late trades do not impact the national last sale price.
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to data recipients. The use of IP multicast, introduced to the market data industry in 1997, was the first widespread implementation of such technology. SIAC's design and implementation of this technology has been recognized and accepted into the permanent archives of the
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by symbol. 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. This information is updated with each trade.
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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.
226:, 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
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Independent of where the system is physically located (i.e., in lower
Manhattan or in Brooklyn), both streams of data are simultaneously distributed out of both sites using an SIAC-developed
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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
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and eliminates any dependency where one data recipient having a problem might impact another data recipient. In situations where a data recipient has experienced
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in the event of a site disaster. If a site disaster should occur at either location, all of the computer processing would be transferred to the
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59:). It is currently chaired by Emily Kasparov of the Chicago Stock Exchange, the first woman and the youngest chair elected to the position.
327:(SIAC). SIAC simultaneously distributes, via IP multicast, trade and quote information to the CTS and CQS subscribers from both sites.
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connections. Each market center has redundant communication paths into the two operating environments and each uses diverse common
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format. Each system validates its respective message format, verifies the information against its databases (e.g., valid
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93:(CQS) data streams are produced and distributed worldwide. The CTA is the operating authority for CQS and CTS.
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491:
Notice of Filing of
Proposed Rule Change Relating to Approval of Market Data Fees for NYSE Arca Data
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in receiving the information (e.g., due to a system problem at the receiving site) an automated
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computer platforms at different physical computer sites; CTS is operated at CTA’s complex in
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CTS and CQS receive trade and quote information, respectively from NYSE, AMEX, and the other
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facility is available to allow that data recipient to automatically request and receive
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to govern the collection, processing and dissemination of trade and quote data: the
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275:(NBBO) based on a price, size and time priority scheme. If the quote is a NASDAQ
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center information that is maintained in the database. CTS also disseminates at
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quote, CQS also calculates a NASDAQ BBO. CQS disseminates the Market center's
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any stale quotes and taking that market center out of the BBO calculations.
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CTS and CQS receive their data from the market centers over network-based
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For every quote message received from a market center, CQS calculates a
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74:, which governs quotes. The Plans were filed with and approved by the
343:. This technology allows trade and quote data to be distributed in a
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which represents the time that the message is disseminated.
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network. Included in every trade and quote message is a
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Every trade and quote is stored in the system for both
522:Self-regulatory organizations in the United States
292:Both the CTS and the CQS systems are operated on
8:
447:Risks associated with Multiple Consolidators
300:; CQS is operated at CTA’s complex in lower
78:(SEC) in accordance with Section 11A of the
245:processing. Each system maintains a master
206:Acquisition and distribution of market data
436:Securities Industry Automation Corporation
325:Securities Industry Automation Corporation
323:to send its trade and quote data to the
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130:Financial Industry Regulatory Authority
334:(MPR) thus providing "live" redundant
7:
101:The current Participants include:
76:Securities and Exchange Commission
14:
373:Securities Information Processor
70:, which governs trades, and the
29:Securities Information Processor
467:"Consolidated Tape Association"
80:Securities Exchange Act of 1934
1:
258:self-regulatory organizations
256:are required, as authorizing
91:Consolidated Quotation System
21:Consolidated Tape Association
517:Finance in the United States
31:that disseminates real-time
484:"ARCA Proposed Rule Change"
378:National market system plan
332:Multicast Packet Replicator
273:National Best Bid and Offer
72:Consolidated Quotation Plan
16:Financial data organization
543:
51:(AMEX) listed securities (
288:Technology infrastructure
200:Long-Term Stock Exchange
87:Consolidated Tape System
408:New York Stock Exchange
341:Smithsonian Institution
216:regional market centers
160:New York Stock Exchange
49:American Stock Exchange
45:New York Stock Exchange
416:NYSE Stock Data Portal
68:Consolidated Tape Plan
312:at reduced capacity.
97:Participant exchanges
440:"CTS/CQS Background"
304:, thereby providing
527:Computer networking
190:MIAX Pearl Equities
154:Nasdaq Stock Market
321:telephone carriers
195:Investors Exchange
124:Cboe EDGA Exchange
118:Cboe EDGX Exchange
363:retransmissions.
218:using a standard
112:Cboe BYX Exchange
106:Cboe BZX Exchange
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62:CTA manages two
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148:Nasdaq OMX PHLX
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27:) oversees the
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481:NYSE ARCA Inc.
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357:retransmission
310:surviving site
294:fault tolerant
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254:Market centers
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184:NYSE National
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172:NYSE American
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142:Nasdaq OMX BX
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39:information (
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494:. Retrieved
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450:. Retrieved
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419:. Retrieved
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347:mode over a
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277:market maker
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228:IP multicast
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178:NYSE Chicago
100:
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61:
24:
20:
18:
388:Ticker tape
243:after hours
47:(NYSE) and
41:market data
511:Categories
496:2006-06-07
452:2001-05-07
421:2007-08-01
394:References
306:redundancy
266:End of Day
136:Nasdaq ISE
89:(CTS) and
353:data loss
345:broadcast
302:Manhattan
232:timestamp
166:NYSE Arca
383:UTP Plan
367:See also
298:Brooklyn
247:database
156:(NASDAQ)
361:message
349:network
336:streams
239:on-line
220:message
132:(FINRA)
317:TCP/IP
224:symbol
174:(AMEX)
168:(ARCA)
162:(NYSE)
150:(PHLX)
126:(EDGA)
120:(EDGX)
53:stocks
487:(PDF)
443:(PDF)
412:"CTA"
186:(NSX)
180:(CHX)
144:(BSE)
138:(ISE)
114:(BYX)
108:(BZX)
64:Plans
57:bonds
43:) in
37:quote
33:trade
281:root
241:and
55:and
35:and
19:The
25:CTA
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23:(
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