On February 14, the Securities and Exchange Commission proposed to modernize the infrastructure for the collection, consolidation and dissemination of market data for exchange-listed national market system (NMS) securities, including by expanding the content of included NMS market data and introducing a decentralized consolidation model with competing data consolidators.

The rules that govern the content and dissemination of NMS market data have not be updated since the 1970s. The proposal will be published on SEC.gov and in the Federal Register. There will be a 60-day comment period following publication.

More information from the SEC is available here.