Nasdaq Redefines 'Round Lot' for Smoother Stock Trades
Published Date: 12/30/2025
Notice
Summary
Nasdaq is updating its rules about what counts as a 'round lot' or normal trading unit to follow new national standards. This change affects traders and investors by clarifying how shares are grouped for buying and selling, making trading smoother and more consistent. The new rules took effect right away on December 11, 2025, with no extra costs involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Round Lot Size Now Tied to Share Price
The Exchange changed the definition of a "round lot" to match Reg NMS Rule 600(b)(93). A round lot is now: 100 shares for stocks with average closing price $250.00 or less; 40 shares for $250.01–$1,000.00; 10 shares for $1,000.01–$10,000.00; and 1 share for $10,000.01 or more. This rule became operative upon filing on December 11, 2025.
Semiannual Updates of Round Lot Units
Nasdaq will publish semi-annual updates of the round lot unit for all Nasdaq-listed securities. The round lot is assigned based on a one-month Evaluation Period (all trading days in March for the May assignment and all trading days in September for the November assignment) and is operative on the first business day of May (through the last business day of October) and the first business day of November (through the last business day of April).
Trust Receipts No Longer Locked to 100 Units
Nasdaq removed the rule language requiring Trust Issued Receipts to be made only in round lots of 100 receipts or multiples (Nasdaq Rule 5720(c)(6)). Trust receipts will follow the round lot definition under Rule 600(b)(93) instead of a fixed 100-receipt requirement.
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