Firms who want to build the newSecurities Information Processor now can submit thier bids to so.
The process to upgrade the Securities Information Processor just became open for public bidding as the request for proposal to build the trading system is now online for firms interested.
Jordan & Jordan has been hired to prepare two RFPs, one for the UTP SIP Processor and one for the UTP SIP Administrator and manage the selection process for each. Jordan & Jordan, on behalf of the UTP Operating Committee, is seeking firms interested in being considered as a replacement Processor and/or as an Administrator for the UTP. A firm can bid for one or both RFPs.
To Submit:utpsiprfp@jandj.com
The RFP for the UTP SIP Processor is now available to interested firms. Ten firms signed a NDA and received the RFP on April 25 the first day that the RFP was available. The deadline for an Intent to Bid statement for the UTP SIP Processor is Friday, May 23, 2014.
The contracts with the current service provider are set to expire November 2014 for the Administrator functions and November 2015 for the Processor functions.
The UTP SIP Processor RFP responses are due on Friday, June 27, 2014.
The Unlisted Trading Privileges (UTP) Operating Committee had previously authorized the evaluation of service providers for both the UTP SIP and the UTP SIP Administrator.
The UTP SIP Processor is responsible for the consolidation and dissemination of best bid and offer data calculation, last sale reports and quotation information generated by the exchanges that quote and trade NASDAQ-listed securities in the United States.
The UTP SIP Administrator is responsible for managing all of the administrative functions that relate to the UTP Plan, including record keeping, billing, contract administration and preparation of financial records.
The RFP for the UTP SIP Administrator will be available for distribution at a later date.
For additional information regarding the UTP SIP Processor RFP visit http://utpsiprfp.jandj.com.
