Regulatory Intelligence | Market Data News

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Active Rulemaking Tracker

Agency	Rule / Proposal	Status	Comment Deadline	Effective Date	Impact
SEC	Rule 605 NMS Plan Amendments Enhanced execution quality reporting — new data fields in execution quality reports for market data professionals and compliance teams.	Final Rule	Closed	Aug 1, 2026	HIGH Requires new data fields in execution reports
SEC	Regulation NMS Amendments Odd lot quote inclusion in the national best bid and offer. Expands SIP data content requirements and quote consolidation scope.	Proposed	Closed	TBD 2026	HIGH Expands SIP data content
SEC	CAT NMS Plan — Phase 2d Consolidated Audit Trail Phase 2d reporting expansion. Additional order event types and equity option reporting requirements.	Active	Rolling	Q3 2026	MEDIUM Additional order event reporting
FINRA	SLATE System — Enhanced Trade Reporting FINRA SLATE replaces legacy OATS. Streamlined Longitudinal And Tracking Engine for equity and options trade reporting.	Implementation	N/A	Live Jan 2, 2026	HIGH Replaces legacy OATS entirely
CFTC	Real-Time Swap Data Reporting Amendments Updated reporting requirements for swap data repositories. New data elements, revised validation rules, and amended reporting timeframes.	Final Rule	Closed	Q2 2026	MEDIUM Affects swap data feeds
SEC	Market Data Infrastructure Rule SIP competition framework. Decentralized consolidation model for NMS data. UTP/CTA plan governance changes and competing consolidator framework.	Implementation	N/A	Ongoing	HIGH UTP/CTA plan governance changes
MiFID II	Consolidated Tape Provider — European Equity Tape European consolidated tape for equities under MiFID II/MiFIR reforms. ESMA-designated provider framework for post-trade data consolidation.	Implementation	N/A	2026	MEDIUM Affects European market data costs

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Compliance Deadline Calendar

January 2, 2026 Completed

FINRA SLATE — Legacy OATS Fully Decommissioned

FINRA's Streamlined Longitudinal And Tracking Engine went live. All OATS reporting obligations ceased. Firms on OATS migrated to SLATE.

January 25, 2026 Completed

CME iLink SBE Schema V9 — Production Launch

CME Group deployed updated iLink SBE binary schema version 9. Order management systems required updated message templates.

March 1, 2026 Completed

CME 1 Gbps MDP 3.0 Multicast Bandwidth Deadline

CME required all co-location and proximity hosting customers to provision minimum 1 Gbps network capacity for MDP 3.0 multicast feeds. Legacy 100 Mbps connections de-supported.

August 1, 2026 Upcoming

SEC Rule 605 — Enhanced Execution Quality Reporting

Amended Rule 605 takes effect. Market centers must include new data fields in execution quality reports. Significant system changes required for reporting infrastructure.

Q2 2026 Upcoming

CTA / UTP SIP Annual Fee Review — Decision Expected

CTA and UTP Operating Committees expected to conclude annual fee schedule review. Any fee adjustments announced this quarter would take effect Q3/Q4 2026.

Q3 2026 Upcoming

OPRA 96-Line Multicast Expansion — Production Launch

OPRA doubles multicast line capacity from 48 to 96 lines. All subscribers must provision additional network connections before cutover. Capacity planning should be underway now.

Q3 2026 Upcoming

CME Globex — Google Cloud Migration

CME Group's Globex matching engine migration to Google Cloud infrastructure targeted for Q3 2026. Connectivity topology and latency profiles will change for co-location and proximity participants.

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Recent Enforcement Actions

FINRA

Broker-Dealer Fined $2.1M for CAT Reporting Failures

FINRA fined a registered broker-dealer $2.1 million for systematic failures in Consolidated Audit Trail reporting obligations. Deficiencies included late submissions, missing order events, and inadequate supervisory controls over CAT reporting infrastructure.

March 2026

SEC

SEC Issues Guidance on AI Use in Market Data Dissemination

The SEC's Division of Trading and Markets issued staff guidance addressing the use of artificial intelligence in market data feed processing, dissemination, and real-time analytics. Guidance clarifies existing obligations under Reg NMS and Exchange Act Rule 17a-4 as applied to AI-generated data products.

February 2026

CFTC

Swap Data Repository Fined $800K for Reporting Failures

The CFTC assessed an $800,000 civil monetary penalty against a registered swap data repository for failures to accurately report swap transaction data under Part 49 reporting requirements. Errors included missing counterparty identifiers and delayed trade confirmation submissions.

January 2026

SEC

Firm Charged with Rule 605 Non-Compliance for Stale Execution Data

The SEC charged a registered market center with violations of Rule 605 of Regulation NMS for publishing execution quality reports containing materially stale data. The firm's reporting infrastructure failed to incorporate intraday execution updates, resulting in reports that did not accurately reflect actual execution quality metrics.

December 2025

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