UTP Participants Propose Adding Odd-Lot Trades to Tape


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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