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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Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T

Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.

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