CTS and CQS receive trade and quote information, respectively from NYSE, AMEX, and the other regional market centers using a standard message format. Each system validates its respective message format, verifies the information against its databases (e.g., valid symbol, etc.), consolidates the information with the other market centers' information, and disseminates the information to the data recipients in its respective common standard message format via the IP Multicast network. Included in every trade and quote message is a timestamp which represents the time that the message is disseminated.