SEC Directs Equity Exchanges And FINRA To Submit New Consolidated NMS Plan

The SEC directed FINRA and the equity exchanges to submit a new consolidated National Market System ("NMS") plan (a/k/a the "New Consolidated Data Plan") that provides an updated governance structure for both the (i) creation of public consolidated equity market data and (ii) distribution of trading venues' trade and quote data. (See prior coverage of the proposed version of the Order.)

In the adopted Order, the SEC required FINRA and the equity exchanges to submit a New Consolidated Data Plan within 90 days of publication in the Federal Register. Based on comments received on the proposed Order, the SEC requested that the new plan detail specific governance provisions addressing (i) the current Equity Data Plans' governance structure, and (ii) distribution of equity market data to market participants. (The SEC noted that the three existing Equity Data Plans will remain effective pending approval of the new plan.)