SEC Proposes Improvements to Governance of Market Data Plans

The Securities and Exchange Commission is seeking public comment on a proposed order to modernize the governance of National Market System (NMS) plans that produce public consolidated equity market data and disseminate trade and quote data from trading venues. “Today’s action is an important step in our ongoing efforts to modernize our national market system,” said SEC Chairman Jay Clayton. “The Commission has received extensive public input on issues relating to equity market structure and access to market data, as well as suggestions for how that structure should be updated to ensure that our markets continue to best serve the interests of investors.