DataCT, an independent affiliate of market data licensing and administration firm DataBP, has been selected to serve as independent administrator for the US consolidated tape (CT) plan.
The new CT plan, or new national market system (NMS), brings together the three existing NMS plans. It is expected to launch in Q2 2027, with current NMS plans being phased out.
“The selection of DataCT is the culmination of a lengthy, robust process,” CT Plan stated. In September, a request for proposal was launched by the plan’s operating committee to select an administrator. The number of applications has not been disclosed, but the company reports receiving “strong interest from the market data industry”.
Securities Information Processors (SIPS) Operating Committee chairman Jeff Kimsey added, “We set an aggressive timeline to have a firm selected by the end of 2025, and I am very happy we met that deadline.”
Terms of the final agreement will be determined in due course.
Acting as independent administrator, DataCT will cover a range of the CT’s operations: subscriber onboarding, account management, licensing administration, usage reporting, billing and collections, audit and compliance oversight, revenue allocation administration and communications. It will also handle coordination with the SIPs.
The company will operate under the direction and oversight of the CT Plan Operating Committee, and has independent governance, management, controls, and accountability from DataBP.
It will initially be led by DataBP CEO Mark Schaedel as acting CEO, before a permanent DataCT chief administrative officer is appointed. The transition process will be supported by Deloitte as a service provider.
