What Market Data does IMC’s SDP use?
Our SDP executes trades based on its formulation of the NBBO using direct data feeds from market centers (‘Direct Market Data Feeds’) and, in some instances, with market data received from the Securities Information Processor (‘SIP’). At any point in time, we use a single data feed per market center to derive the NBBO. Direct Market Data Feeds comprise our primary market data source, while the SIP is used for certain (e.g. lower volume) market centers. If we determine not to use a Direct Market Data Feed for a market center for any reason, including but not limited to the Direct Market Data Feed becoming unreliable or potentially inaccurate, we may, at any time and at our sole discretion, execute transactions based on our formulation of the NBBO using SIP market data for any (or all) market centers.