February 18, 2021

Vanessa Countryman
Secretary
Securities and Exchange Commission
100 F Street NE., Washington, DC 20549

Re: File No. 4-757; SEC Order Instituting Proceedings to Determine Whether to Approve or Disapprove a National Market System Plan Regarding Consolidated Equity Market Data

Dear Ms. Countryman:

The Securities Industry and Financial Markets Association (“SIFMA”)1 respectfully submits this letter to the U.S. Securities and Exchange Commission (“Commission” or “SEC”) to comment on the Commission’s above-referenced order (“Order”) regarding the proposal filed by the national securities exchanges and FINRA (collectively, the “SROs” or “Participants”) to establish under Section 11A of the Securities Exchange Act of 1934 (“Exchange Act”) a new single national market system plan governing the public dissemination of real-time consolidated equity market data for national market system (“NMS”) stocks (the “CT Plan”).2 The CT Plan was filed by the SROs in response to the Commission’s order directing the SROs to consolidate the three current market data plans (i.e., the CTA Plan, CQ Plan and Nasdaq UTP Plan) into a single plan to govern the distribution of equity market data.3

SIFMA appreciates the Commission’s continued consideration of the CT Plan. SIFMA continues to support approval of the proposed CT Plan and strongly encourages the Commission to incorporate our previous recommendations to improve the CT Plan as part of that approval.