Proposed Rule Change to Amend Exchange Rule 11.220
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The proposed rule change aims to amend Exchange Rule 11.220 to align with recent amendments to Rules 600 and 603 of Regulation NMS regarding the reporting and dissemination of odd lot information. The rule will introduce a new subparagraph (b)(3) to address the LTSE's obligations for odd lot reporting as these new rules come into effect in May 2026 and 2028. This change is expected to enhance clarity and transparency for market participants.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduction of subparagraph (b)(3) under Exchange Rule 11.220
- Alignment of LTSE's odd lot reporting with NMS Rules 600 and 603
- Increased transparency for market participants regarding odd lot reporting
Obligations
What this law requires
LTSE must transmit data necessary to generate odd-lot information to the appropriate network processor (SIPs) for each NMS Stock in accordance with Rule 603 of Regulation NMS
LTSE must make available to the exclusive Securities Information Processors (SIPs) all data necessary to generate odd-lot information as defined in Rule 600(b)(69) of Regulation NMS
LTSE must provide odd-lot information including the best odd-lot bid and offer priced at or better than the NBBO from the exchange, effective May 2026
LTSE must provide odd-lot quotations priced between the exchange's best odd-lot bid or offer and the NBBO for each NMS stock to SIPs, effective May 2028
LTSE must comply with the January 15, 2026 Exemptive Order issued by the Commission regarding the implementation timeline for odd-lot information dissemination