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Peggy Sullivan, a key figure at the New York Stock Exchange, has left the Big Board.Sullivan, who started at NYSE nearly 20 years ago, was vice president of strategic analysis and market data, according to her LinkedIn profile. She also served as the administrator of the Consolidated Tape Association, and headed market data for various NYSE markets. She left in the past week or so, according to people familiar with the matter. A spokeswoman for NYSE declined to comment.
Her departure comes at a contentious time for the CTA plan, which has entered into a war of words with Bloomberg. The financial data giant last month filed a letter with the Securities and Exchange Commission, complaining about changes to the fee schedule for some trading data.
The changes were a result of a "clarification" filed by the CTA plan. NYSE is the CTA plan administrator, and Bloomberg's letter focused in on the exchange group, a company it has been at loggerheads with for years.
In response, the chairman of the CTA plan operating committee sent a letter to the Securities and Exchange Commission stating that Bloomberg had been exploiting a loophole to gain a competitive advantage. The CTA plan then withdrew the fee proposal, a move that many market participants found surprising.
A spokesman for the CTA plan told Business Insider that it planned to redraft and resubmit a proposal. Here's the statement:
Our initial filing aimed to provide clarification to market data vendors to ensure there were no misinterpretations of the existing SIP fee policy. The customary comment period followed, during which letters of both support and concern were received. While the Plan Participants issued our own letter to again address common misunderstandings, we have now elected to withdraw the original filing, and re-draft and resubmit it, in order to better explain our reasons for why this clarification is needed