dxFeed Announcement on Odd Lot Quote Data

Update details

March 19, 2026

Odd Lot Quote Data — CTA/UTP SIP Changes

Effective Monday, April 27, 2026, the CTA/CQ and UTP Securities Information Processors (SIPs) will activate mandatory Odd Lot Quote dissemination as required by the SEC’s Market Data Infrastructure (MDI) Rule (Release No. 34-101070, September 18, 2024).

The dxFeed data model will not disseminate Odd Lot Quote data at launch on April 27, 2026, for three key reasons:

Odd Lot data introduces complex new elements that most clients find of limited use, increasing traffic and maintenance without clear benefit.
SIP assessments indicate that demand for these data is currently too low to justify the added costs and integration effort.
Odd Lot quotes are not protected under Regulation NMS and do not impact core market metrics, so their dissemination is not a regulatory requirement for dxFeed.

More details follow below.

If you require Odd Lot Quote data, please contact your dxFeed account representative for further assistance.

Background: What the SIPs Are Changing

CTA/CQS Changes (Tapes A & B)

The MDI Rule requires the SIPs to collect and publish odd lot quote data — quotes for quantities below the standard round lot size for a given symbol. Two key aspects are relevant to dxFeed clients:

Best Odd Lot Order (BOLO) — a new consolidated data element representing the best odd lot bid and offer across all Participants priced more aggressively than the NBBO. Importantly, odd lot quotes are not protected under Regulation NMS and do not affect the NBBO.
Odd lot depth-of-book (multiple price levels per participant) has been deferred to May 2028 under a Temporary Exemptive Relief granted by the SEC. For the initial phase, only top-of-book odd lot quotes at or better than the NBBO are disseminated.

For full details, refer to the CTA SIP FAQ.

CTA SIP Announcement references: #110000954100, #110000951459, #110000950619.

UTP Changes (Tape C — Nasdaq-listed Securities)

The UTP SIP is making parallel changes under the same mandate, with the same April 27, 2026 activation date. The BOLO element and depth-of-book deferral to May 2028 apply equally to Tape C. See UTP Vendor Alert #2025-18 and UTP Vendor Alert #2026-02.

Why the dxFeed Data Model Will Not Disseminate Odd Lot Data at Launch

Two factors drive this decision:

1. New data constructs with limited practical utility for most clients.
Odd Lot data introduces concepts that do not map cleanly onto existing dxFeed event types:

Per-participant odd lot bids and offers at top-of-book are structurally different from the consolidated NBBO.
BOLO (Best Odd Lot Order) is a new best-of-odd-lot price point priced better than the NBBO — distinct from the existing Quote event semantics.

Expanding the dxFeed data model to accommodate these constructs would increase message traffic and broaden the event schema for data that, based on current client usage patterns, is unlikely to be consumed by the majority of clients. We prefer to extend the model only where there is a demonstrated need, rather than absorb the ongoing infrastructure overhead speculatively.

2. Limited demonstrated demand — a conclusion the SIPs themselves reached.
The SIPs concluded in their SEC exemption request (August 14, 2025) that disseminating odd lot depth-of-book data on day one was not justified by market demand, given the bandwidth costs and integration burden it would impose on all data recipients regardless of whether they need it. The same logic applies here: introducing Odd Lot data into the dxFeed model before client demand is established would impose a permanent traffic and maintenance cost on the entire platform with no clear benefit to the users who would bear it.

3. Odd lot quotes are not protected under Regulation NMS.
Odd lot quotes do not affect the NBBO or LULD band processing and are not actionable in the same way as round lot quotes. Their unprotected status means they do not alter the core market data obligations dxFeed must meet on day one.

Impact on Existing dxFeed Clients

Clients consuming CTA/UTP data via dxFeed are not impacted with respect to round lot quote and trade data continuity. dxFeed will maintain uninterrupted delivery of:

Round lot quotes and NBBO
Trade and last sale data
Market status, halt, and administrative messages

What will not be available via the dxFeed data model on or after April 27, 2026:

Odd Lot Quote events (per-participant top-of-book odd lot bids and offers)
BOLO (Best Odd Lot Order) as a standalone or enriched data element

For dxFeed Clients Interested in Odd Lot Data

For the vast majority of dxFeed clients, this change will have no operational impact. Odd lot quotes are not protected, do not affect the NBBO, and are not used in execution or compliance workflows based on the consolidated quote. If your use case centres on NBBO-based pricing, trading, or regulatory reporting, your data pipeline is fully unaffected.

That said, we understand that some clients may have specific analytical or informational use cases for Odd Lot data, and we are happy to hear from you. A few things worth bearing in mind before reaching out:

Depth-of-book odd lot data will not be available from the SIPs until May 2028. The initial release covers only the best odd lot quote per participant at or better than the NBBO, plus the BOLO — a narrower dataset than some clients may expect.
The BOLO quotes are new and exchange reporting practices are still being established. There may be adjustments in how participants report odd lot data in the weeks following launch, which introduces some early-production uncertainty.
Message volume will increase materially. Any integration with Odd Lot data must account for higher bandwidth and processing requirements on the client side.

If, having considered the above, you have a confirmed operational need for Odd Lot data, please reach out to your dxFeed account representative. We will be glad to discuss your requirements and timeline together.