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Monday, September 15, 2025

UTP Vendor Alert #2025 - 23
Testing Dates for Regulation NMS Mandated Odd Lot Changes

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As announced in, UTP Vendor Alert 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 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.

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.

What are the testing opportunities?

The UTP SIP and SIAC have worked jointly, in consultation with the UTP Operating Committee, to establish a release schedule that ensures a smooth transition.

It is expected that testing will be conducted in March/April 2026 on the following weekends.

  • Saturday, March 7, 2026: Odd-Lot Test #1 (Functional)
  • Saturday, March 14, 2026: Blackout No Testing
  • Saturday, March 21, 2026: Odd-Lot Test #2 (Functional/Intraday Fallback)
  • Saturday, March 28, 2026: Odd-Lot Test #3 (Functional)
  • Saturday, April 4, 2026: Holiday Weekend Blackout No Testing
  • Saturday, April 11, 2026: Disaster Recovery and MWCB Level 1/2 Breach Test
    (Odd-Lot Code is used during this DR/MWCB test)
  • Saturday, April 18, 2026: Odd-Lot Test #4 (Functional for Participants)
  • Saturday, April 25, 2026: Odd-Lot Confidence Test
  • Monday, April 27, 2026: Odd Lot Activation

    • Who should I contact for additional information?