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.
5-676: 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
10-511: A direct view of an NBBO . These feeds are considered level 1 or the top-of-book. 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. 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
15-774: 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. The current participants of the UTP Plan include: NBBO National Best Bid and Offer (NBBO) is a regulation by the United States Securities and Exchange Commission that requires brokers to execute customer trades at
20-407: The best available (lowest) ask price when buying securities , and the best available (highest) bid price when selling securities, as governed by Regulation NMS . For example, if the offer (or "ask") price for a stock is $ 25.00 for 100 shares of a stock on one exchange and $ 24.50 for 100 shares of the same stock on another exchange, and a broker has a customer who wishes to purchase 150 shares of
25-447: The stock, then the broker is required to purchase all of the shares available at $ 24.50 on behalf of the customer before purchasing any of the shares available at $ 25.00. Additionally, if an order for 150 shares is sent directly to the first exchange, it is required under most circumstances to route the first 100 shares of the order to the other exchange, where the shares are available at a cheaper price. This economic term article
#695304