FINRA Fixes Odd-Lot Quotes to Match SEC Rules
Published Date: 4/2/2026
Notice
Summary
FINRA is updating how its Alternative Display Facility (ADF) shares odd-lot stock quotes to follow new SEC rules. This change affects brokers and traders by improving how small stock orders are shown, starting immediately with no extra costs. It’s a smooth update to keep the market info clear and fair for everyone involved.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
ADF Firms Must Send Odd-Lot Quotes
If you are an ADF Market Participant, starting April 27, 2026 you must provide FINRA with your best odd-lot buy (highest priced order to buy for less than a normal unit of trading priced at or higher than the national best bid) and your best odd-lot sell (lowest priced order to sell for less than a normal unit of trading priced at or lower than the national best offer). FINRA will forward that data to the exclusive securities information processors (SIPs) so the SIPs can publish BOLO (best odd-lot bid and offer) and TOB odd-lot quotation data.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in