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Monday, January 12, 2026

UTP Vendor Alert #2026 - 2
Testing Opportunities - Regulation NMS Mandated Odd Lot Changes

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As previously announced in UTP Vendor Notice 2025-18, 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.

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.

What are the testing opportunities?

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly beginning February 23, 2026, through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) March 7, 2026;
March 21, 2026 (Intraday Fallback);
March 28, 2026;
April 11, 2026 SIP Failover MWCB Level 1/2 Test (with Odd Lot code enabled);
April 18, 2026;
April 25, 2026 (Confidence Test)
 Participants will enter data and process this through SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Production Launch April 27, 2026 UTP SIP plans for a “Hot Cut” production implementation to begin April 27, 2026.

In addition to the weekend and nightly testing the UTP is providing the Odd Lot code within the Nasdaq Testing Facility (NTF) beginning on Monday February 23, 2026 continuing through production launch.

Who should I contact for additional information?