Securities Industry Automation Corporation (SIAC)

SUMMARY

The Securities Industry Automation Corporation (SIAC) is a technology subsidiary of the New York Stock Exchange (NYSE) that operates critical market data infrastructure for U.S. financial markets. SIAC serves as the technology operator for key Securities Information Processor (SIP) feeds, processing and distributing consolidated market data for equity and options markets.

Core functions and responsibilities

SIAC plays a vital role in U.S. market infrastructure by:

Operating the Consolidated Tape System (CTS) and Consolidated Quotation System (CQS) for NYSE-listed securities
Managing the Options Price Reporting Authority (OPRA feed for U.S. options markets
Providing critical technology services for market data consolidation and distribution

Market data consolidation process

SIAC's infrastructure processes millions of messages per second while maintaining strict latency requirements and ensuring data accuracy. The organization implements sophisticated network latency monitoring to maintain performance standards.

Regulatory framework

Under Regulation NMS, SIAC operates as the official technology provider for consolidated market data plans. This role includes:

Ensuring compliance with Rule 603 requirements for data distribution
Maintaining fair access to market data
Supporting regulatory reporting requirements

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Technology infrastructure

SIAC maintains high-performance data centers and network infrastructure to support its critical market functions. Key aspects include:

Redundant data processing facilities
High-availability systems architecture
Advanced real-time data ingestion capabilities
Sophisticated failover mechanisms

Market impact

SIAC's role in market infrastructure affects various market participants:

Traders relying on consolidated market data
Venues requiring reliable market data distribution
Technology providers building on top of SIP feeds
Regulators monitoring market activity

The organization's performance directly impacts market efficiency and the quality of price discovery in U.S. markets.

Evolution and modernization

SIAC continues to evolve its technology infrastructure to meet growing market demands:

Implementing faster processing capabilities
Reducing data transmission latencies
Expanding capacity for message processing
Enhancing resilience and redundancy

These improvements support the increasing sophistication of modern markets and the growing demands of algorithmic trading systems.