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Thursday, November 21, 2013

Equity Technical Update #2013 - 33
Odd Lot Reporting to the Consolidated Tape and Revised Sale Conditions

Markets Impacted:

Contact Information:

What you need to know:

  • On Monday, December 9, 2013, in support of Amendments to the Plans of the UTP Operating Committee (UTPOC) and Consolidated Tape Authority (CTA), the NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX markets will begin publishing Odd Lot executions to the UTP SIP and Consolidated Tape System (CTS) using the following new modifiers:
    • "I" - Odd Lot Trade
    • "9" - Corrected Consolidated Close (per listing market)

What is changing?

On Monday, December 9, 2013, in support of the Amendments to the Plans of the UTP Operating Committee (UTPOC) and Consolidated Tape Authority (CTA), The NASDAQ Stock Market® (NASDAQ®), NASDAQ OMX BXSM (BXSM) and NASDAQ OMX PSXSM (PSXSM) markets will begin publishing Odd Lot executions to the UTP SIP and Consolidated Tape System (CTS).

What are the specifics?

Odd Lot Trade ("I"): The Odd Lot Trade modifier will be available to any participant to distinguish a trade resulting from a market center's execution in increments less than the defined round lot size. Odd Lot Trade transactions will be included in volume statistical calculations only. The Odd Trade value "I" will appear in Level 4 of the extended sale condition modifier field on the UTDF and CTS data feeds.

Corrected Consolidated Close - per the Listing Market ("9"): This new modifier will be allowed to be used only by the Listing Market and may be used to adjust the consolidated last sale price. The Corrected Consolidated Close will be eligible to set the High, Low and Last for the consolidated statistics and will not update the participant records. Volume will always be reported as zero and will appear in Level 2 of the extended sale condition modifier field on the UTDF and CTS data feeds.

Odd lots will not update the Limit Up / Limit Down (LULD) references prices.

What is an Odd Lot?

An Odd Lot is defined as transaction involving a trade in any increment less than its defined 'round lot' size (generally a round lot is equal to 100 shares).

Will testing be available?

Yes, on Saturday, November 23, 2013 and Saturday December 7, 2013, NASDAQ, BX and PSX will be participating in the Industry Wide tests.

Where can I find additional information?


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