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Friday, September 19, 2025

Data Technical News #2025 - 28
Nasdaq Weekend Testing for SEC Round Lot Changes

Markets Impacted:

Products Impacted:

  • Nasdaq, Nasdaq BX, Nasdaq PSX Market Data Products

Contact Information:

  • U.S. Market Sales at +1 800 846 0477
  • Nasdaq Trading Services at +1 212 231 518

What you need to know:

The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will support testing of the round lot changes during the following industry-wide Saturday testing dates:

  • September 20th, 2025
  • October 11th, 2025
  • October 18th, 2025
  • November 1st, 2025 (Confidence Test)

What is changing?

As previously announced in UTP Vendor Alert 2025-10, starting November 3rd 2025, the SEC will adopt new definitions for “Round Lot” information under the Market Data Infrastructure (MDI) Rules to enhance the transparency for investors and other market participants of quotes and orders in NMS stocks.

Nasdaq will be supporting testing of these round lot values during industry-wide testing dates:

  • September 20th, 2025
  • October 11th, 2025
  • October 18th, 2025
  • November 1st, 2025 (Confidence Test)

The list of Nasdaq-listed securities available for testing can be found in UTP Vendor Alert 2025-20.

Do any Data Products require changes?

No, changes to Data feeds are required to receive the new round lot values. All Nasdaq feeds are equipped to support the new round lot sizes today. This is an optional, but recommended, UAT testing schedule for the new round lot values.

Who should I reach out to for more information?

For any questions, please contact Nasdaq Trading Services at +1 212 231 5180.


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