CT Plan Issues RFP for Independent Administrator

New NMS market data plan seeks firm to oversee administration ahead of its 2027 launch

NEW YORK, Sept. 30, 2025 /PRNewswire/ -- The Operating Committee of the Consolidated Tape Plan ("CT Plan") today announced it has launched a Request for Proposal ("RFP") to select an independent firm to serve as the plan's Administrator. Interested firms must submit responses by November 14, 2025.

The CT Plan Administrator has both day-to-day operational and key business management responsibilities for the CT Plan. The mission of the CT Plan Administrator is to first build and then maintain a new operational model that combines the current administrator functions under both the CTA/CQ and UTP Plans into an integrated support model working closely with the current CTA/CQ and UTP Plan Administrators and Processors. This seamless transition is critical as the CT Plan will be a hard cutover on day one where the previous CTA/CQ and UTP Plan will cease to operate. Once the integration and transition tasks are completed, the Administrator will provide all support, usage reporting, billing, business management and financial reporting, and participant allocation functions.

For the avoidance of doubt, this RFP covers only the Administrator role for the CT Plan. The collection, consolidation and dissemination of equity market data will continue to be performed by the existing CTA/CQ and UTP Securities Information Processors (SIPs). However, the selected CT Plan Administrator is expected to collaborate closely with the current SIPs to ensure the integrity of the overall service model.

The RFP process is intended to select an Administrator that satisfies the CT Plan's independence requirements as set forth under Section 6.2 of the Plan, which prohibit ownership, control, or employment ties to entities that sell proprietary market data, either directly or via a subsidiary. The Administrator will also be responsible for managing the transition from the current CTA/CQ and UTP Plan Administrators and, once live, overseeing all required services as the CT Plan's Administrator. Following the CT Plan's anticipated go-live in early 2027, the CTA/CQ and UTP Plans are expected to be retired after a brief transition period.

Firms interested in bidding to become the Administrator should email Watchdog Data Services' John White ([email protected]), noting their interest in the subject line. Only after demonstrating qualification through the RFP Intake Form will qualified firms receive the RFP.

Any bids must be submitted by November 14, 2025. The CT Plan Operating Committee will be working aggressively to select a new, independent Administrator by the end of Q4 2025.

About the CT Plan

The CT Plan will be the unified successor to the existing three market data equity plans, the CTA Plan/CQ Plan and the UTP Plan. The CT Plan, which will streamline the administrative functions and deliver greater efficiency to the industry, is expected to go live in Q2 2027.

The CT Plan was established pursuant to a September 2023 order by the Securities and Exchange Commission ("SEC") that directed the U.S. equities exchanges and FINRA to act jointly in developing a new single national market system plan to govern the public dissemination of real-time consolidated equity market data.

Current information about the CT Plan, including a timeline, can be found on the CT Plan website at thectplanllc.com. CTA/CQ and UTP Plan web sites, ctaplan.com and utpplan.com, also have information about the CT Plan.

Media Contact
Rafi Reguer
Forefront Communications for the CT Plan
718-781-4946
[email protected]

SOURCE CT Plan