Consolidated Tape Association
The Consolidated Tape Association is an association which overseas the dissemination of real-time trade and quote information in New York Exchange LLC (Network A) and Bats, NYSE Arca, NYSE American and other regional exchange (Network B) listed securities. Since the late 1970s, all SEC-registered exchanges and market centers that trade Network A or Network B securities send their trades and quotes to a central consolidator where the Consolidated Tape System (CTS) and Consolidated Quote System (CQS) data streams are produced and distributed worldwide.
The current participants of the system are:
- 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, LLC.
- New York Stock Exchange LLC
- NYSE American LLC
- NYSE Arca, Inc.
- NYSE Chicago, Inc.
- NYSE National, Inc.
The job of the association involve collection, processing and dissemination of trade and quote data. The New York Stock Exchange LLC is the Administrator of Network A and NYSE American is the Administrator of Network B.
The association acts as a Security Information Processor (SIP) as per SEC rules. The following are main functions that it performs as a SIP.
Role of CTA as a Securities Information Processor (SIP)
- The SIP links the U.S. markets by processing and consolidating all protected bid/ask quotes and trades from every trading venue into a single, easy consumed data feed.
- The SIP disseminates and calculates critical regulatory information including the National Best Bid and Offer (NBBO) and Limit Up Limit Down (LULD) price bands among other important information such as short sale restriction and regulatory halts.
- CTA metrics on SIP performance (system availability, capacity, latency) and Subscriber use (non-professionals, professionals, quote usage, households) is available monthly and historically at a dedicated link named "SIP metrics".
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