SIFMA Statement on SEC Directing Exchanges to Propose Single National Market System for Consolidated Equity Market Data

Washington, D.C., May 6, 2020 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the Securities and Exchange Commission’s (SEC) order directing the exchanges and FINRA to submit a new national market system plan regarding consolidated equity market data:

“SIFMA strongly supports the SEC’s directing the national securities exchanges to propose a single new national market system plan for consolidated equity market data and modernize the governance structure, which is in line with the industry’s longstanding position.  Equity markets have evolved considerably and SIFMA sees the proposal as a positive initial step which addresses current conflicts of interests for exchanges between the SIP data and exchange proprietary feeds, recognizes the importance of ensuring that the SIP is properly maintained, and allows non-SRO market participants the opportunity to be considered in the decision making process for this critical utility.  We find the timeline given for the Exchanges to submit a proposal to be reasonable.  The proposal to develop a new plan should improve market resilience and ensure the equity market continues to benefit investors and play an essential role in capital formation.”


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 nearly 1 million employees, we advocate for 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). For more information, visit