MFA Joint Petition on SIP Transparency

September 17, 2019



Securities and Exchange Commission

On September 17, MFA, SIFMA, ICI, CII and several individual firms submitted a petition to the SEC regarding governance by the SROs that manage the joint industry Plans of the of securities information processors (SIP, i.e., consolidated market data).  In the petition the Associations asked that the Plans disclose, each quarter, at a minimum:

  • The fee revenue received by each of the Plans, in the aggregate and segmented by fee type – professional subscribers, non-professional subscribers, non-display, quote query, access fees, redistribution charges, or other fee categories. Separately, the Plans should disclose the amounts of any revenues received resulting from audits of market participants, as well as the fee categories that are the subject of such audits.
  • The dollar amounts that are paid to each of the Plan Participants, the Plans’ processors and administrators, and any other amounts paid to subcontractors or for other operational purposes.
  • The dollar amounts, if any, that are paid for system operations, upgrades and enhancements.