WASHINGTON, April 3 — The U.S. Securities and Exchange Commission has published a notice of filing and immediate effectiveness of a proposed rule change by the Long-Term Stock Exchange to amend its order priority rule to conform with odd-lot reporting requirements under Regulation NMS, according to an SEC notice.
The filing, submitted on March 31, 2026, amends Exchange Rule 11.220 (Priority of Orders) to incorporate provisions addressing the exchange’s obligations to report odd-lot information.
Conformity with regulation NMS requirements
The exchange said the amendment is designed to conform its rules with updates to Rules 600 and 603 of Regulation NMS, which govern the definition, reporting and dissemination of odd-lot information.
The proposed change introduces a new provision under Rule 11.220 to address the exchange’s obligations to transmit data necessary to generate odd-lot information for each NMS stock.
Odd-lot reporting framework
Under Regulation NMS, odd-lot information includes aggregated odd-lot orders priced at or within the national best bid and offer, as well as certain orders priced outside the national best bid or offer.
The framework requires exchanges and national securities associations to provide data to securities information processors to enable the consolidation and dissemination of odd-lot information.
Implementation timeline
The Commission previously set a compliance date for the implementation of odd-lot information requirements as the first business day of May 2026.
Separately, the Commission has granted temporary exemptive relief allowing certain elements of odd-lot data dissemination to be deferred until May 2028.
Effectiveness and process
The proposed rule change became effective upon filing pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(6) thereunder.
The Commission is publishing the notice to solicit comments from interested persons.
