SRO Monitor Digest

The SEC approved amendments to both the CTA/CQ Plans and the UTP Plan (whose participants include all major U.S. equity exchanges, FINRA, and IEX) to extend SIP operating hours to an overnight session (roughly 9:00 p.m. to 4:00 a.m. ET, Sunday-Thursday), with dissemination beginning December 6, 2026 subject to conditions like DTCC overnight clearing support. The CTA/CQ amendment covers consolidated quote and trade data for NYSE/other listed names, while the UTP amendment covers Nasdaq-listed securities, but both remove the same infrastructure barrier that had blocked exchanges like 24X, Nasdaq, NYSE Arca, and Cboe EDGX from launching their already-approved near-24-hour trading sessions.

The CT Plan Operating Committee (the joint SRO body, including IEX, that will run the single consolidated equity market data feed replacing the legacy CTA/CQ/UTP tapes) proposed the first-ever fee schedule for SIP data under the new plan, harmonizing definitions across the three tapes, shifting to use-based Professional/Non-Professional classifications, and applying a ~16% inflation adjustment to certain fees. The SEC approved the fee schedule but modified it to require quarterly publication of population/revenue/processor metrics and a mandatory fee re-analysis and amendment after a two-year Initial Implementation Period — meaning the fees are locked in for now but will be revisited with real data, and the SEC notably declined to require the cost-based justification that commenters (SIFMA, Fidelity) demanded. In practice, these fees won't be charged until the CT Plan goes fully operational, but this clears a key prerequisite for launching the consolidated tape and sets the pricing framework all exchanges and data consumers will operate under.