SRO Monitor Digest

The consolidated tape plan (CT Plan) operating committee, which includes IEX and all other major U.S. equity exchanges, has filed an amended fee schedule proposal that would set the prices subscribers pay for the new consolidated equity market data feed. The SEC is opening formal proceedings to decide whether to approve or disapprove the fee schedule — this is not a rejection, but a procedural step that allows for deeper scrutiny and public comment before a final decision, meaning the proposal is still alive but faces a higher bar. For market participants, nothing changes immediately; existing SIP fee schedules remain in effect until the CT Plan is fully implemented and a fee schedule is approved, but the proposal would simplify Professional/Non-Professional definitions, reduce non-professional display fees, introduce a sliding scale for large retail platforms, and extend inflation adjustments to non-display and access fees.

This is a housekeeping amendment to the UTP Plan — the consolidated tape plan for Nasdaq-listed securities — that does two things: renames Nasdaq BX as 'Nasdaq Texas' and formally admits the Texas Stock Exchange (TSE) as a new participant. Because it's classified as a purely administrative 'ministerial' change, it took effect immediately upon filing without needing SEC approval. The practical consequence is that TSE is now officially part of the consolidated tape ecosystem, meaning its quotes and trades in Nasdaq-listed securities will be included in the national market system data. This signals that TSE has cleared the necessary regulatory hurdles to begin operating as a live exchange.