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US SIPs Must Evolve or Face Uncertain Future

For decades, the vibrant and competitive patchwork quilt of US equities markets functioned smoothly thanks in no small part to the fact that the information flow from these fragmented markets was controlled via two official consolidated tapes of equities market data—the Consolidated Tape Association administered by the New York Stock Exchange, and the Unlisted Trading Privileges (UTP) Plan administered by Nasdaq, collectively referred to as the Securities Information Processor (SIP) feeds.

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