What are the Securities Information Processors (SIPs)?
Securities Information Processors (SIPs) are regulatory bodies that process and consolidate bid/ask quotes and trades from all trading exchanges into a single data feed.
In the United States, there are currently two SIPs: 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. Each SIP is operated by a committee of exchanges known as “participants”. You can read more about the SIPs in our blog post - Understanding the SIPs
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