SIFMA Statement on SEC Order on New National Market System Plan

Washington, D.C., September 1, 2023 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the Securities and Exchange Commission (SEC) directing equity exchanges and FINRA to improve governance of market data plans:

“SIFMA supports the action taken today by the SEC to order the exchanges and FINRA to update the governance structure of the current equity market data plans.  We have long held the view that updates were needed to streamline and make more efficient the distribution of equity market data, which is the lifeblood of the U.S. equity markets.  Today’s action is designed to establish a new, single equity market data plan to replace the three that currently exist, thus fostering greater efficiency in the distribution of equity market data.  We look forward to reviewing the order and offering the industry’s views.”

-30-

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).