⁠New market data NMS plan selects Administrator in anticipation of its 2027 launch

NEW YORK, Dec. 17, 2025 /PRNewswire/ — The Operating Committee of the Consolidated Tape Plan (“CT Plan”) today announced that it has selected DataCT, an independent affiliate of DataBP, to serve as the CT Plan’s independent Administrator, pending the outcome of negotiations.

The CT Plan requires that the new Administrator satisfy the Plan’s independence requirements set forth under Section 6.2 of the Plan, which prohibits ownership, control, or employment ties to entities that sell proprietary market data, either directly or via a subsidiary. The selection of DataCT is the culmination of a lengthy, robust process. The CT Plan created a subcommittee that designed a detailed Request for Proposal (“RFP”), reviewed each bidder’s response to the RFP, and then held in-person and virtual meetings with each bidder. Upon completion of this process, the subcommittee made a recommendation to the Operating Committee of the CT Plan, who then voted for a new Administrator.

The RFP drew strong interest from the market data industry, and, after multiple rounds of interviews, DataCT was conditionally selected. The CT Plan and DataCT will now negotiate terms and fees. It is expected that a final agreement will be reached some time in Q1 2026. The Administrator will be responsible for managing the transition from the current CTA/CQ and UTP Plan Administrators and, once live, overseeing all required services as the unified CT Plan’s independent Administrator. Following the CT Plan’s anticipated go-live in early 2027, the CTA/CQ and UTP Plans are expected to be retired after a brief transition period.

The CT Plan Administrator will maintain a new operational model that combines the current administrator functions under both the CTA/CQ and UTP Plans into an integrated support model, working closely with the current CTA/CQ and UTP Plan Administrators and Processors to ensure a seamless transition. Once the integration and transition tasks are completed, DataCT will provide all necessary functions of the new Administrator.

“A key difference between the existing SIP Plans and the CT Plan is the creation of a single Plan that is administered by a new independent Administrator,” said Jeff Kimsey, Chairman of the SIP Operating Committees. “We set an aggressive timeline to have a firm selected by the end of 2025, and I am very happy we met that deadline.”

About the CT Plan

The CT Plan will be the unified successor to the existing three market data equity plans, the CTA Plan/CQ Plan and the UTP Plan. The CT Plan, which will streamline the administrative functions and deliver greater efficiency to the industry, is expected to go live in Q2 2027.

The CT Plan was established pursuant to a September 2023 order by the Securities and Exchange Commission (“SEC”) that directed the U.S. equities exchanges and FINRA to act jointly in developing a new single national market system plan to govern the public dissemination of real-time consolidated equity market data.

Current information about the CT Plan, including a timeline, can be found on the CT Plan website at thectplanllc.com. CTA/CQ and UTP Plan web sites, ctaplan.com and utpplan.com, also have information about the CT Plan.

Media Contact
Rafi Reguer
Forefront Communications for the CT Plan
718-781-4946
[email protected]

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