LTSE Syncs Rules with Federal Order Priorities for Fair Trading
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 orders, called odd lots, are reported and handled. This change affects traders and brokers using LTSE and starts right away, making sure order priorities and reporting are clear and fair. No extra costs are expected, but it keeps LTSE in sync with the latest market rules.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
LTSE Will Transmit Odd‑Lot Data
If you trade or own stocks, LTSE will transmit the data needed to generate odd‑lot information (as defined in Rule 600 of Regulation NMS) to the exclusive Securities Information Processors (SIPs). The Exchange added subparagraph (b)(3) to Rule 11.220 to codify this reporting obligation under Rule 603 of Regulation NMS.
Odd‑Lot Data Rollout Dates Set
The exclusive SIPs will begin disseminating the BOLO (best odd‑lot order) and best odd‑lot bid and offer priced at or better than the NBBO in May 2026, and will begin disseminating odd‑lot quotations priced between each exchange's (and FINRA's) best odd‑lot bid or offer and the NBBO in May 2028. LTSE will provide the required odd‑lot information to the SIPs on those dates.
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Key Dates
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