Nasdaq established the UTP Plan to outline the consolidation and distribution of data through one centralized resource called the Securities Information Processor (SIP).
The securities listed on Nasdaq can be quoted and traded from any US exchange.
UQDF provides traders a direct view of an NBBO.
The NMS Plan regulates the UTP and Consolidated Tape Association (CTA) networks.
The particulars for executing the regulation requires real-time reporting of transactions and their volumes, prices, and auditing details.