The amendments of 1975 later led to the enactment of Regulation NMS in 2005, which established comprehensive requirements for collecting, consolidating, and disseminating the data by the SIPs.
The UTP SIP handles Tape C securities and provides two feeds, the UQDF for quotes and the NBBO and the UTDF for trades.
[citation needed] SIPs redistribute their profits to participants, rewarding them for providing competitive quotes and executing trades at the best price.
[10] According to a 2020 statement by the then-Commissioner of the Securities Exchange Commission (SEC) Allison Lee, the SIPs have not kept pace in terms of competition, speed, and content.
The Securities Industry Automation Corporation (SIAC), which is a subsidiary of NYSE, operates and maintains the CTA's and OPRA's infrastructure.
[12] The participant exchanges and market centers that send trade and quote data to the UTP Plan's SIP operate under a service agreement with Nasdaq.
[18][19] The SIPs only publish quotes protected under Regulation NMS, meaning only round lots of 100 shares or more are included.