IEX Tweaks Rules for Odd-Lot Trades—Nerdy But Not Wild
Published Date: 4/21/2026
Notice
Summary
Investors Exchange (IEX) is updating its rules to match new SEC changes about how small stock trades, called odd-lots, are reported and shared. This affects traders and investors by making trade info clearer and more consistent starting right away. No big costs or delays—just smoother, smarter trading data for everyone involved.
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Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
SIPs will publish BOLO and best odd-lot
If you trade or invest in stocks, starting May 1, 2026 the consolidated market data feeds (SIPs) will include the BOLO (best odd-lot order to buy and sell) and the best odd-lot bid and offer priced at or better than the NBBO. This makes odd-lot pricing information available on the public consolidated feeds rather than only through proprietary data.
Full odd-lot depth delayed until 2028
The detailed odd-lot depth-of-book quotes (odd-lot quotations between each exchange's best odd-lot bid/offer and the NBBO) will not be required to be disseminated through the SIPs until on or before May 1, 2028. The SEC issued a January 15, 2026 Exemptive Order allowing this two-year deferral.
IEX codifies odd-lot reporting duty now
IEX amended Rule 11.240 to state it will transmit the data necessary to generate 'odd-lot information' to the appropriate network processors in accordance with Rule 603 of Regulation NMS and the January 15, 2026 Exemptive Order. The filing was made and designated operative upon filing (filed April 10, 2026) to align the Exchange's rules with the Regulation NMS obligations.
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