UTP SIP Committee Selects NASDAQ as Administrator

And the winner is…NasdaqOMX.

The UTP Securities Information Processor (SIP) Operating Committee has selected NASDAQ as the UTP SIP Administrator.

Upon review of the RFP, six firms submitted the Intent to Bid documentation and three firms eventually submitted bids. After a prudent review of each bid and detailed presentation, the UTP Operating Committee selected NASDAQ as the best choice to support the UTP Operating Committee in administering important plan functions.

See Also:RFP For New UTP SIP Processor Now Online

The UTP SIP Administrator is responsible for managing all of the administrative functions that relate to the UTP Plan, including record keeping, customer communication, billing, contract administration and preparation of financial records.

UTP is the securities information processor for consolidated market information generated by the trading of NASDAQ-listed securities in the United States. Consolidated last sale reports and quotations are the core of the information that the UTP SIP disseminates.

The UTP SIP Operator is the “exclusive processor” as defined in the Securities Exchange Act of 1934. Through market data vendors, the UTP SIP disseminates this data on behalf of all US-registered securities exchanges and FINRA, including: BATS Exchange, BATS Y-Exchange, the Chicago Board Options Exchange – CBOE, Chicago Stock Exchange, EDGA Exchange, EDGX Exchange, Financial Industry Regulatory Authority, International Securities Exchange, NASDAQ OMX BX, NASDAQ OMX PHLX, National Stock Exchange, New York Stock Exchange- NYSE, NYSE Amex, NYSE Arca, and NASDAQ Stock Market LLC.

The request for proposal (RFP) for the UTP SIP administrator was started back in June 2014 and ten firms made clear their interestin pursuing the UTP Administrator role.