Traders Magazine
By Phil Mackintosh, Chief Economist, Nasdaq
We’ve talked before about how odd lots are increasing and often provide the best quote in stocks. It was the basis for our own proposals on intelligent ticks as well as some of the SEC’s new NMS II rules last year.
It’s mostly the Securities Information Processors (SIPs) that discern between round and odd lots, only including round lot
quotes into the public NBBO. Although, since December 2013, the SIPs have reported all odd lot
. Exchange matching engines usually don’t treat odd lots any differently. Queue priority is unaffected, and odd lots will fill on a spread crossing order, even if that incoming order is a round lot, often giving those incoming orders price improvement.
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WatersTechnology.com
SEC’s Market Data Infrastructure Rule Not Easily Said or Done
The finalized equities market infrastructure reforms will make a difference, but some market participants are calling for additional clarity. Print this page
The market data infrastructure rule finalized by US regulators this month will bring major changes to the National Market System if it is adopted but many of the important details of how it will work have yet to be made clear, say industry experts and observers.
The Securities and Exchange Commission (SEC) finalized amendments to Regulation National Market System (Reg NMS) that it hopes will modernize the system that currently sees the Securities Information Processors (SIPs) filter and
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12/15/2020 08:00 AM EST
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