Jeff Kimsey Elected As New Chairman Of The Sips (Securities Information Processors)

Kimsey, Vice President and Head of Data Regulation at Nasdaq, is a veteran of financial services industry in general and market data in particular and has represented nasdaq as a Participant in the SIPs for nearly 15 years. In his current role, Kimsey is responsible for public policy, internal policies, and other strategic initiatives within the market data business. Since joining Nasdaq in 2001, Kimsey has held various leadership roles in research, business development and product management. He has extensive experience and expertise across all aspects of market data, including pricing, policy, distribution, operations, and technical processes. Kimsey holds an MBA from Loyola University, Baltimore MD.

In the Chairman role, Kimsey succeeds Bob Books of Cboe, who has held the position since 2019 and played a pivotal role in advancing the interests of the SIPs. Under the stewardship of Mr. Books, the SIPs have seen significant advancements in transparency and technological innovation. Mr. Books will continue to serve as a member of the SIP Operating Committees.

"I am deeply honored to take on this important role and follow in Bob Books' footsteps," said Kimsey. "As we continue to evolve and adapt to the changing dynamics of the financial markets, I look forward to collaborating with my colleagues on the Operating Committees and the members of the Advisory Committee to further enhance the efficiency, transparency, and integrity of the SIPs."

The SIPs play a critical role in ensuring that market participants have access to accurate, real-time information necessary for fair and efficient trading. Jeff Kimsey's leadership comes at a time when market data infrastructure is evolving rapidly, and the role of SIPs remains central to maintaining a transparent and effective market.

ABOUT THE SIPs
The "SIPs" (Securities Information Processors) link the U.S. markets by processing and consolidating all protected equities bid/ask quotes and trades from every registered exchange and FINRA's Alternative Display Facility (ADF) into a single, easily consumable data feed. The SIPs are an asset unique to U.S. market structure and play a critical role in making the U.S. equities markets transparent and accessible to investors worldwide.

Although often referred to in the singular, there are actually two SIPs: the combined CTA (Consolidated Tape Association) and CQ (Consolidated Quotation System) SIP, and the UTP (Unlisted Trading Privileges) SIP. The CTA/CQ SIP is responsible for the dissemination of real–time quote and trade information in New York Stock Exchange listed securities (sometimes called "Network A" or "Tape A" securities) and Cboe, NYSE Arca, NYSE American and other regional exchange listed securities (sometimes called "Network B" or "Tape B" securities). The UTP SIP handles Nasdaq listed securities (sometimes called "Network C" or "Tape C" securities). This structure has been in place since the late 1970s, when the Securities and Exchange Commission ("SEC") mandated that all registered exchanges that trade Network A, B, or C securities send their trades and quotes to the SIPs for consolidated worldwide distribution.

Each SIP is governed by a Plan and run by an Operating Committee ("OC") comprised of its Plan Participants. The OCs are counseled by an Advisory Committee made up of individuals representing firms from across the industry and representing the diverse viewpoints of the market. Among other duties, the OCs set their individual Plan policies, select a Processor that is responsible for providing the technology to power it, and review the performance of both the Processor and the network administrators, which are responsible for the administrative functions for each SIP, such as contracting, billing, auditing, policy development and vendor relations. New York Stock Exchange serves as the Administrator for the CTA/CQ SIP Plans and the Securities Industry Automation Corporation is the Processor. Nasdaq business units serve as the Administrator and Processor for the UTP SIP.

One of the primary objectives of both SIPs is transparency. Both the CTA/CQ Operating Committee and UTP Operating Committee meet quarterly, and the summary of the General Sessions of those meetings are posted to their respective websites: and . Also provided on those websites are their Plans' announcements, policies, quarterly and monthly performance metrics, the pricing schedules, technical specifications, and more.

MEDIA CONTACT
Rafi Reguer
Forefront Communications for the SIP Operating Committees
+1 (718) 781-4946
[email protected]

SOURCE SIP Operating Committees

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