UTP Participants Propose Adding Odd-Lot Trades to Tape

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The Securities and Exchange Commission is inviting comments on proposals by the exchange participants in the UTP (Unlisted Trading Privilege) consolidated tape of quote and trade data in Nasdaq-listed stocks to include odd-lot trades on the UTP last sale price feed, to increase post-trade transparency.

Though the significance of individual odd-lot orders is small─and hence will not be included in calculation of high and low prices, be subject to Limit Up/Limit Down rules, or trigger trading halts─the overall volume is significant, so will be included in calculations of daily consolidated volume.

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