IEX Updates Rules for Tiny Stock Trade Reporting
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 extra costs are expected, just smoother and smarter trade reporting.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Odd‑Lot Depth Dissemination Deferred
The SEC allowed the SIPs to delay sending depth‑of‑book odd‑lot quotations (odd‑lot quotes between each venue's best odd‑lot and the NBBO) for two years, so those depth odd‑lot quotes will be disseminated on or before May 2028. Until then, only the BOLO and best odd‑lot bid/offer at or better than the NBBO will be required to appear in the consolidated feeds starting May 1, 2026.
BOLO and Odd‑Lot Data on SIPs
Starting May 1, 2026, the consolidated market data providers (SIPs) will disseminate the BOLO (best odd‑lot order to buy and best odd‑lot order to sell) and the best odd‑lot bid and offer priced at or better than the NBBO from each exchange and FINRA. IEX will transmit the data the SIPs need so these odd‑lot best prices appear in the consolidated feeds.
IEX Codifies Odd‑Lot Reporting Duty
IEX amended Rule 11.240 to add a subparagraph requiring the Exchange to transmit to the network processors the data necessary to generate 'odd‑lot information' under Rule 600 and Rule 603 of Regulation NMS. The change codifies IEX's obligation to report odd‑lot data to the SIPs and is intended to reduce confusion and increase transparency for investors and market participants.
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Key Dates
Department and Agencies
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