Finance:Unlisted Trading Privileges
Unlisted Trading Privileges (UTP) is Nasdaq's security Information process for trading securities that do not meet the requirements for listing on an exchange.
The UTP's trade and quote feeds
The securities listed on Nasdaq can be quoted and traded from any US exchange. Nasdaq established the UTP Plan to outline the consolidation and distribution of data through one centralized resource called the SIP. The quotes and trades are primarily defined according to two feeds, the UTP Quotation Data Feed (UQDF) and the UTP Trade Data Feed (UTDF).
UQDF provides traders a direct view of an NBBO. These feeds are considered level 1 or the top-of-book.
National Market System (NMS) plan
The NMS Plan regulates the UTP and Consolidated Tape Association (CTA) networks. The particulars for executing the regulation requires real-time reporting of transactions and their volumes, prices, and auditing details.
UTP and CTA
Not all quote or transaction data are available from a single provider. The quotes and trades of Cboe and NYSE listed securities are consolidated in line with the Consolidated Tape Association (CTA). The Consolidated Tape Association distributes trades and quotes across the Consolidated Tape System (CTS) and the Consolidated Quote System (CQS) feeds. The CTA and CQS are listed across two tapes – A and B. UTP is tape C.
Market data fees for the UTP (Tape C) network
Co-location/Direct Access: 2,500 Feed or Internet/Indirect Access: 500 Non-display: 3,500 Redistribution: 1,000 Display (per 20 devices): 480
See also
Market data Financial data vendors
References
- ↑ "UTDF and UQDF: The Basics of Nasdaq's SIP Feeds". https://www.exegy.com/2019/05/utdf-uqdf-basics/. Retrieved 2019-12-23.
- ↑ Oliver Abramson (2019-08-07). "UTP Data Policies". https://www.utpplan.com/doc/DataPolicies.pdf. Retrieved 2019-12-23.
- ↑ "SCHEDULE OF MARKET DATA CHARGES". 2018-09-17. https://www.ctaplan.com/publicdocs/ctaplan/notifications/trader-update/Schedule%20Of%20Market%20Data%20Charges%20-%20January%201,%202015.pdf. Retrieved 2019-12-23.
- ↑ "Level 2 market data: What level supports your trading strategy?". https://www.exegy.com/2019/03/level-2-market-data-trading-strategy/. Retrieved 2019-12-23.
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