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Wednesday, August 6, 2025

UTP Vendor Alert #2025 - 18
Regulation NMS Mandated Odd Lot Changes

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • Beginning April 27, 2026, as set forth in Securities and Exchange Commission (SEC) Final Rule Notice, the SEC has adopted new definitions for “Odd 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.

  • The objective of this project is to improve the transparency of quotation data for orders by exchanges and FINRA that are at increments less than a defined round lot, by enhancing the SIPs to support Odd Lot Quotation reporting. Odd Lot Quotation is an activity in which a participant has order interest that is at or better than their protected quote but does not have enough interest (shares available) to represent a round lot size.

  • U.S. equity exchanges do not currently report to the SIP’s orders that are less than a round lot. However some may provide this transparency within proprietary data services. This initiative enhances the existing SIPs products to support Odd Lot quotation reporting.

  • The UTP SIP changes are described in updated specifications, which are available on the UTP Plan webpage and will be implemented as a “Hot Cut” release.

What is Changing?

The objective of this project is to improve the transparency of quotation data for orders by exchanges and FINRA that are at increments less than a defined round lot, by enhancing the SIPs to support Odd Lot Quotation reporting. Odd Lot Quotation is an activity in which a participant has order interest that is at or better than their protected quote but does not have enough interest (shares available) to represent a round lot size.

How will the UTP Quotation Data Feed Change?

This initiative enhances the existing SIPs products to support Odd Lot quotation reporting. The UTP Processor proposes the following new implementation.

New outbound messaging will be required on the UTP SIP to receive and publish potentially multiple odd lot quote price levels per participant per security. In order to facilitate this new release, two basic categories of messages will be introduced to support odd lot quotes on the UTP Quotation Data Feed (UQDF):

  • Odd Lot Quotes - one or more odd lots without a protected quote change in a single message
  • Combined Quotes - protected quote and one or more odd lots in a single message

In addition to the new message types, the UTP SIP has defined new types of message appendages and message attachments to support odd lot quotes.

New Message Types will be supported:

Message Type Variant(s) Purpose
Odd Lot Quote Short Form
Long Form		 UTP SIP publication of odd lot quote information only
UTP Combined Quote Short Form
Long Form		 UTP SIP publication of both protected and odd lot quote information

New Appendage / Attachment Types

Message Type Variant(s) Applies to
BOLO Appendage Short Form
Long Form
MPID Form		 UTP SIP Odd Lot Quote,
UTP SIP Combined Quote
NBBO Appendage MPID Form UTP SIP Combined Quote
UTP Odd Lot Attachment Short Form
Long Form		 UTP SIP Odd Lot Quote,
UTP SIP Combined Quote,
FINRA ADF Market Participant Combined Quote
ADF Odd Lot Attachment n/a UTP SIP Odd Lot Quote
UTP SIP Combined Quote

What is the timeline for this enhancement?

Beginning on Monday April 27, 2026, The UTP SIP will introduce the new messages via a “Hot Cut” release, all Direct data Recipients must be prepared to process the new messages.

Which Data Feed Recipients need to test and be prepared for the new “Hot-Cut” Services?

Direct Data Feed Recipients need to be prepared for the new UTP Quotation Data Services (UQDF). Indirect Data Feed Recipients should experience a seamless transition managed by their Data Feed Provider.

UTP Quote Messages Cutover Requirements
  • Migration to the new UQDF messages shall be a “hot cut”, upon day one of the enhancement, new messages shall replace all existing messages pertaining to quote reports, the new appendages and attachments will begin to be supported on day one of the release.

  • All direct data recipients must be prepared to read the new messages on this cutover date or risk losing access to quote data.

In addition to the UQDF changes the UTP SnapShot service will also be subject to the same message format changes. Please refer to the revised SnapShot specification on the UTP Plan technical web page.

What are the testing opportunities?

The UTP SIP and SIAC are working jointly, in consultation with the UTP Operating Committee, to establish a release schedule that ensures a smooth transition. The UTP SIP and SIAC will work closely with the industry to ensure participation in testing. Once a more detailed testing plan is established, we will provide additional notifications.

It is expected that testing will be conducted in March/April 2026.

Who should I contact for additional information?