Market data plans revive proposals to move odd lots onto Sips

Consultation on democratizing odd lots data closes next week, but more solutions to order protection concerns may be needed.

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US equity markets trading is based on what many market participants consider to be an anachronism: the use of round lots—units of 100 shares of a stock—as the standard unit of trading, with any order of fewer than 100 considered an odd lot.

For most of the equity markets’ history, odd lots constituted a relatively insignificant proportion of liquidity, but from around 2015 they began to account for a growing proportion of all exchange trades. Mostly this is because retail investors have shifted

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FCA declines to directly regulate market data prices

A year-long investigation by the UK regulator to determine whether competition is hindered in the wholesale data markets has concluded with its decision not to directly regulate much-maligned data pricing and licensing structures.

How GenAI could improve T+1 settlement

As well as reducing settlement failures, researchers believe generative AI can provide investment managers with improved research, prioritization, and allocation resources.

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