How Primary Listings Determine a Stock’s Consolidated Tape
Summary
The document asks how US consolidated market data assigns an equity to a CTA or UTP tape when the same stock trades on several exchanges. It distinguishes a company’s listing venue from the other venues where its shares are traded, and asks whether tape assignment follows a primary listing.
The response explains that a stock is listed on one exchange, while other exchanges may also trade it. This implies that the listing venue, rather than every trading venue, determines the relevant tape category. The answer is concise and does not explain how listing status is established, cover data-plan rules in detail, or address special cases such as listing changes. It provides a basic distinction useful for understanding consolidated quote and trade feeds, but not a full operational guide.
Key ideas
- A stock has one listing exchange even when it trades on other exchanges.
- Trading a security does not make another venue its listing exchange.
- Tape classification is associated with the stock’s listing venue.
Tags
Full text
# Can a stock belong to multiple "tapes"? # Can a stock belong to multiple "tapes"? My question is about the dissemination of price and quote information by the CTA and UTP (Consolidated Tape Association https://www.ctaplan.com/index , UTP https://www.utpplan.com/). I know that NYSE listed stocks are tape A, NASD listed stocks are tape C, and the rest are tape B. But a stock can be listed on multiple exchanges, so can the same stock be on multiple tapes? Or does it go by primary listing? If so, how is the primary listing of a stock determined when it's listed on multiple exchanges? ## Answer by experquisite (score 2) https://quant.stackexchange.com/a/68976 A stock is listed on only one exchange, the others just trade it also.
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