National Market System Plans
The Securities and Exchange Commission (“SEC”) requires that each participant in an effective national market system plan (“NMS Plan”) ensure that a current and complete version of the NMS Plan is posted on a website designated by plan participants. Below are links to web sites that provide copies of each NMS Plan in which CHX is a participant.
National Market System Plan to Address Extraordinary Market Volatility
On May 31, 2012, the Securities and Exchange Commission (“SEC”) approved, on a pilot basis, a National Market System Plan, known as the Limit Up/Limit Down Plan (“LULD”) to address extraordinary market volatility. This plan is meant to replace Single Stock Circuit Breakers (“SSCBs”) as it is phased in. Under LULD, trades in NMS Stocks will be required to execute within Price Bands that are based on a Reference Price for that security. The Price Bands will be set at a percentage level above and below the continually updated average Reference Price of a security over the preceding five-minute period and will be disseminated market-wide by the consolidated feeds (“SIPs”).
National Market System Plan for the Selection and Reservation of Securities Symbols (The Intermarket Symbol Reservation Authority, or “ISRA” Plan)
The ISRA Plan governs the establishment, operation and administration of a uniform system for the selection and reservation of securities symbols (the “Symbol Reservation System”). Self-regulatory organizations (“SROs”) that have joined the plan utilize this system to reserve one- to five-character root symbols, utilizing a web-based tool developed and maintained by the Options Clearing Corporation, the Plan Processor.
Consolidated Tape Association Plan/Consolidated Quotation Plan (“CTA/CQ Plans”)
The CTA/CQ Plans govern the collection, processing, and distribution of quotation and transaction information for exchange-listed securities (excluding those securities listed on the Nasdaq Stock Exchange). The data reflected on the consolidated tape (Networks A and B) is derived from various market centers, including securities exchanges, FINRA, electronic communications networks (“ECNs”), and other broker-dealers. Under the CTA/CQ Plans, all U.S. exchanges and associations that quote and trade exchange-listed securities must provide their data to a centralized securities information processor (“SIP”) for data consolidation and dissemination.
Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis (“OTC UTP Plan”)
The OTC UTP Plan governs the collection, processing and distribution of quotation and transaction information for issues listed on the NASDAQ Stock Exchange. UTP data is derived from various market centers, including securities exchanges, FINRA, ECNs, and other broker-dealers. Under the OTC UTP Plan, all U.S. exchanges and associations that quote and trade NASDAQ-listed securities must provide their data to a centralized SIP for data consolidation and dissemination.