<p><span>The US Court of Appeals </span><a href="https://www.cadc.uscourts.gov/internet/opinions.nsf/265FAD4E1FDE293F85258876004F2CF9/$file/21-1167-1953361.pdf">struck down the SEC’s CT-Plan</a><span> on July 5, 2022. Without the CT-Plan to “</span><a href="https://www.linkedin.com/pulse/new-administration-showcases-what-governance-means-kelvin-to/">outsource</a><span>” certain SEC authority to the operating committee (2/3 SROs and 1/3 Non-SROs), how will Market Data Reform likely evolve? The Self-Regulatory Organizations (SROs), including FINRA, have stated their willingness to provide part of the expanded data under the Market Data Infrastructure Rules (MDIR). Their </span><a href="https://www.ctaplan.com/publicdocs/ctaplan/CTA Odd Lots Proposal 2022.pdf">Odd-Lot</a><span> </span><a href="http