Market Data Governance Plan

On January 19 the SEC published for comment the amended market data governance plan submitted by the SROs (the exchanges and FINRA) on October 23, 2023. The amendment includes a process for selecting a new plan administrator. Comments are due 30 days after publication in the Federal Register. As described in the SEC notice: “The SROs propose that the Plan would become operative after the steps set forth in Exhibit F of the proposed Plan are completed. Generally, the SROs believe there are six workstreams associated with the implementation of the Plan: (1) Setting up the Plan’s governance; (2) Developing Plan fees, policies, and data subscriber agreements; (3) Selecting the new Administrator; (4) Contract negotiations with the new Administrator; (5) Administrator setup; and (6) Retirement of the CTA Plan, CQ Plan, and UTP Plan.” FIF will be scheduling time on an upcoming FIF call to review the SEC notice.