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Tuesday, February 3, 2026

UTP Vendor Alert #2026 - 5
UTP Data Service (UQDF) Updated Specs Related to Dissemination of Odd-Lot data

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As previously announced in UTP Vendor Notice 2026-02, beginning Monday, April 27, 2026, the Securities and Exchange Commission (SEC) is adopting amendments to certain rules of Regulation National Market System (“Regulation NMS”). As part of these amendments, the SEC has mandated for “Odd Lot” information under the Market Data Infrastructure (MDI) Rules to be included in the exclusive Securities Information Processors (SIPs) so that market participants that subscribe to the exclusive SIP feeds will be able to view and access these orders.

  • On August 14, 2025, the Operating Committee of the CTA/CQ and UTP Plans submitted an exemption request related to dissemination of Odd-Lot depth of book. The SEC has granted their request for a temporary exemption (to May 2028) from the requirement to disseminate odd-lot quotes beyond each Participant's best odd-lot bid or offer quotation for each NMS stock. For the full announcement, click here.

  • As per this announcement, starting April 27, 2026, the SIPs will disseminate top-of-book odd-lot quotations, including:
    • the best odd-lot bid and offer priced better than the NBBO across all Participants ("BOLO"); and
    • the best odd-lot bid and offer priced at or better than the NBBO from each Participant.

  • The plan to add odd-lot quotations priced beyond each Participant's best odd-lot bid or offer for each NMS stock, priced at or better than the NBBO, has been deferred until May 2028.

Will this Impact the Release Schedule?

  • As this release is a mandated change by the SEC, it will go forward. There are no changes to the new Odd Lot message formats to be implemented on April 27, 2026.

  • As previously announced in UTP Vendor Notices 2025-23 and 2025-18, the UTP provided updates to the Vendor Specifications and release schedule for the Odd Lot enhancements.

  • With this exemptive relief, the UTP messaging will support one level, the best odd-lot bid and offer priced at or better than the NBBO, from each Participant along with the BOLO when appropriate.

Who should I contact for additional information?