The Securities Information Processors (SIPs) link the U.S. markets by processing and consolidating all bid/ask quotes and trades from every trading venue into a single, easily consumed data feed.

Founded more than 40 years ago by Congress and the Securities Exchange Commission (SEC) as a part of the SEC’s Regulation National Market System (Reg NMS), the purpose of these SIPs is to establish a nationally recognized source of truth and a trusted way to view the market activity for all U.S. equities.

The SIPs calculate and disseminate critical regulatory information for each listed security. This includes the National Best Bid and Offer (NBBO), Limit Up Limit Down (LULD) Price Bands, Trading Halts, IPOs, and Financial Status just to name a few.

In the United States, two SIPs currently exist. The Consolidated Tape Association (CTA), which oversees the SIP for NYSE listed securities, and the Unlisted Trading Privileges (UTP), which does the same for Nasdaq listed securities. A committee of exchanges, referred to as “participants,” operate each SIP.

Consolidated Tape Association (CTA)

https://ctaplan.com

The Consolidated Tape Association oversees the dissemination of real-time trade and quote information in New York Stock Exchange LLC (Tape A) and Bats, NYSE Arca, NYSE American and other regional exchanges (Tape B) listed securities.

CTA Participants:

  • Cboe BYX Exchange, Inc.
  • Cboe BZX Exchange, Inc.
  • Cboe EDGA Exchange, Inc.
  • Cboe EDGX Exchange, Inc.
  • Cboe Exchange, Inc.
  • Financial Industry Regulatory Authority, Inc.
  • Investors Exchange LLC
  • Long-Term Stock Exchange, Inc.
  • MEMX LLC
  • Nasdaq BX, Inc.
  • Nasdaq ISE, LLC
  • Nasdaq PHLX LLC
  • Nasdaq Stock Market LLC
  • New York Stock Exchange LLC
  • NYSE American LLC
  • NYSE Arca, Inc.
  • NYSE Chicago, Inc.
  • NYSE National, Inc.


Unlisted Trading Privileges (UTP)

https://utpplan.com

UTP is the securities information processor for consolidated market information generated by the trading of Nasdaq listed securities in the United States. The UTP SIP disseminates this data on behalf of all US-registered securities exchanges and FINRA (Tape C).

UTP Participants:

  • Cboe BYX Exchange, Inc.
  • Cboe BZX Exchange, Inc.
  • Cboe EDGA Exchange, Inc.
  • Cboe EDGX Exchange, Inc.
  • Cboe Exchange, Inc. *
  • Financial Industry Regulatory Authority (FINRA)
  • Investors’ Exchange LLC (IEX)
  • Long Term Stock Exchange, Inc.
  • Nasdaq BX, Inc.
  • Nasdaq PHLX LLC
  • Nasdaq Stock Market LLC
  • Nasdaq ISE*
  • New York Stock Exchange LLC
  • NYSE Arca, Inc.
  • NYSE American LLC
  • NYSE National, Inc.
  • Chicago Stock Exchange

Polygon.io and the SIPs

We receive data directly from both SIPs as RAW binary feeds rather than via retransmission or through an intermediary. Not only does this reduce latency, it allows for the unquestionable accuracy and guaranteed integrity of each and every transaction across the entire market.

Our Stocks API  normalizes the RAW data into one easy to use and access source, and gives users 100% of the market volume available in the United States at any given time. By gathering data directly from both SIPs, Polygon.io paints a complete picture of the U.S. equities market at any given time.