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SIP Operating Committees Welcome Newly Elected Advisory Committee Members

SEC "Gift" to the Industry: Four Market Structure Proposals, 3-2 Votes (In Part), but No Partridge in a Pear Tree | Goodwin

On December 14, 2022, the SEC proposed four separate equity market structure rulemakings, each of which, if adopted, will have significant effects on the markets and various industry.

TECH TUESDAY: The Third Annual Intern's Guide to the Market Structure Galaxy

Need-to-know technological underpinnings of market structure include automated execution and high-speed trading, Nasdaq s Phil Mackintosh writes.

House bill looks to back up SEC market data efforts - WatersTechnology.com

Congress is stepping into the US equity market data debate as the DC Circuit Court of Appeals considers dismissing the SEC’s initiatives.

Odd Facts About Odd Lots - Traders Magazine

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.