Odd Lots

The SIP Operating Committees of the CTA and UTP Plans (“OCs”) are seeking industry feedback on a proposal for the current CTA and UTP Securities Information Processors (“SIPs”) to disseminate certain consolidated Odd Lot quotation data as ancillary information on the SIP data feeds. 

Background

On October 2, 2019, the OCs published for industry comment an initial proposal for the current CTA and UTP SIPs to disseminate certain consolidated Odd Lot quotation data as ancillary information on the SIP data feeds (“Odd Lot Quotations”).  Overall, industry feedback on the October 2019 proposal was positive and supported the dissemination of Odd Lot Quotations on the current SIPs. Subsequently, the Securities and Exchange Commission proposed (and later approved) the Market Data Infrastructure Rule (“MDIR”) and the plan to add Odd Lot Quotations to the tapes was postponed. The MDIR contemplates that Odd Lot Quotations will be a part of the core data made available to competing consolidators and self-aggregators.

The Feedback the OCs Seek

The OCs continue to support the inclusion of Odd Lot Quotations on the current SIPs and anticipate that such information could be made available by the first half of 2023. However, if this 2022 Odd Lots Proposal is adopted as described below, all data feed recipients would be required to make the technological changes required to receive the Odd Lot Quotations, regardless of whether or not they choose to process and use the Odd Lot information.

The OCs are first seeking comment on the following questions:

  • Do data feed recipients want the current SIPs to proceed with adding Odd Lot Quotations in 2023 or instead wait for Odd Lot Quotations to be made available once the MDIR has been implemented?
  • If adding Odd Lot Quotations to the existing SIPs is preferred, would data recipients prefer Odd Lot Quotations be disseminated through a single, integrated feed, as reflected in this proposal, or a channel separate from existing SIP data?

Technical comments are also welcome.

Details on the Participants’ proposal are contained in the document below.

Odd Lot Proposal


HOW TO SUBMIT COMMENTS

The Participants are making this draft proposal public in the hopes that industry members and individuals will read it and submit comments on the proposal.

The official Comment Period lasts 30 days, from March 28, 2022 to April 27, 2022. Comments submitted after the deadline will continue to be accepted, but run the risk of being too late to be considered.

Please read the instructions below before emailing your comment.

  • At the top of your email should be the information for public display: your name and then the name of your firm. If you wish to remain anonymous, please list the name “Anonymous.” If you are commenting as an individual or are commenting anonymously, please list the word “Individual” as your firm name.
  • After name and firm name, you may type your comment or attach it to the email as a PDF. PDF’s are preferred.
  • At the bottom of your email, please list a contact name, phone number, and email address. This information will NOT be publicly displayed on the website when your comment is posted.
  • If you are submitting a comment on behalf of a firm, we MUST receive information for a contact person.
  • If you are submitting a comment on your own behalf, we would prefer to collect contact information as well; however, if you are submitting anonymously, you may skip this step.
  • To view proper formatting please see sample emails below.

Sample Emails

Sample 1 - Commenting as an individual

Sample 2 - Commenting as a firm

Sample 3 - Commenting anonymously

Submit Comment or send an email to [email protected]

Comments submitted to the SIP Operating Committees will be reviewed and then posted on this site, usually within 2 to 3 business days. The Operating Committees plan to publish all comments submitted, but reserve the right to discard comments that include foul or inappropriate language or are not on the topic of Odd Lots.

For any questions about Submissions, please contact Forefront Communications at [email protected]


SUBMITTED COMMENTS

Ellen Greene, SIFMA
comments
5/18/2022
Stephen John Berger, Citadel Securities
comments
4/27/2022
Said Alonzo
comments
4/27/2022
Peter Stacho, Polygon.io, Inc.
comments
4/27/2022
Andrew Oppenheimer, Nasdaq
comments
4/27/2022
Adrian Griffiths, MEMX
comments
4/26/2022
Anonymous
comments
4/26/2022
Thomas J. Jordan
comments
4/21/2022
Patrick Sexton, CBOE
comments
4/13/2022