https://www.linkedin.com/pulse/industry-has-asked-modern-consolidated-tape-nyse-we-blaugrund-cfa

Michael Blaugrund – “What should this modernization look like? NYSE recently filed a comment letter recommending that the Commission undertake rulemaking to:

• Expand SIP content to include depth-of-book data, odd lots and auction information. We also recommend displaying protected quotes in terms of shares (not number of round lots)
• Reduce the administrative burden on subscribers by establishing fees based on distinct products instead of user classifications.
• Establish competing consolidators in multiple data centers to minimize geographic latency and create incentives for continued improvement.
• Eliminate unanimous voting requirements under the current Plans.
• Update revenue allocation to reward displayed quotes that result in trades.”

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