Stock Exchange Updates Rules to Match Fed Standards
Published Date: 4/8/2026
Notice
Summary
The Long-Term Stock Exchange (LTSE) is updating its rules to match new federal rules about how small stock trades, called odd lots, are reported and handled. This change affects traders and brokers using LTSE and starts right away, helping keep everything fair and clear. No big costs here, just smoother, smarter trading!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
LTSE must transmit odd‑lot data to SIPs
LTSE will add Exchange Rule 11.220(b)(3) to require the Exchange to transmit to the exclusive Securities Information Processors (SIPs) the data necessary to generate odd‑lot information as defined in Rule 600 of Regulation NMS, pursuant to Rule 603 and the January 15, 2026 Exemptive Order.
May 2026 BOLO and best odd‑lot dissemination
Beginning in May 2026, the exclusive SIPs will disseminate the BOLO (best odd‑lot order to buy priced higher than the national best bid and best odd‑lot order to sell priced lower than the national best offer) and the best odd‑lot bid and offer priced at or better than the NBBO from each exchange and FINRA.
May 2028 odd‑lot depth dissemination deferred
The Commission granted an Exemptive Order allowing the exclusive SIPs to defer dissemination of odd‑lot information aggregated at each price level (odd‑lot quotations priced between each exchange's and FINRA's best odd‑lot bid or offer and the NBBO) until May 2028; LTSE will provide required odd‑lot information to SIPs in accordance with these implementation dates.
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