SEC Grants Request for Exemption Related to Dissemination of Odd-Lot Depth of Book

Odd-Lot Data Will be Added to the Consolidated Tapes in May 2026; Odd-Lot Depth of Book Deferred for Two Years

NEW YORK, Jan. 22, 2026 /PRNewswire/ -- The CTA/CQ and UTP Operating Committees ("SIP OCs") today announced that the SEC has granted their request for a temporary exemption (to May 2028) from the requirement to disseminate odd-lot quotes beyond each Participant's best odd-lot bid or offer quotation for each NMS stock.

Beginning by May 2026, the SIPs will disseminate top-of-book odd-lot quotations, including:

1. the best odd-lot bid and offer priced better than the NBBO across all Participants ("BOLO"); and
2. the best odd-lot bid and offer priced at or better than the NBBO from each Participant.

The plan to add odd-lot quotations priced beyond each Participant's best odd-lot bid or offer for each NMS stock has been deferred until May 2028.

The SIP OCs' exemption request can be found here, on the CTA/CQ website.

The SEC's Exemptive Order can be found here, on the SEC's website. 

About the SIPs

The "SIPs" (Securities Information Processors) link the U.S. markets by processing and consolidating all protected equities bid/ask quotes and trades from every registered Participant, as well as FINRA's Alternative Display Facility (ADF) and Trade Reporting Facilities (TRF), into a single, easily consumable data feed. The SIPs are an asset unique to U.S. market structure and play a critical role in making the U.S. equities markets transparent and accessible to investors worldwide.

Although often referred to in the singular, there are actually two SIPs: the combined CTA (Consolidated Tape Association) and CQ (Consolidated Quotation System) SIP, and the UTP (Unlisted Trading Privileges) SIP. The CTA/CQ SIP is responsible for the dissemination of real‐time quote and trade information in New York Stock Exchange listed securities (sometimes called "Network A" or "Tape A" securities) and Cboe, NYSE Arca, NYSE American, and other regional exchange listed securities (sometimes called "Network B" or "Tape B" securities). The UTP SIP handles Nasdaq-listed securities (sometimes called "Network C" or "Tape C" securities). This structure has been in place since the late 1970s, when the Securities and Exchange Commission ("SEC") mandated that all registered exchanges that trade Network A, B, or C securities send their trades and quotes to the SIPs for consolidated worldwide distribution.

Each SIP is governed by a Plan and run by an Operating Committee ("OC") comprised of its Plan Participants. The OCs are counseled by an Advisory Committee made up of individuals representing firms from across the industry and representing the diverse viewpoints of the market. Among other duties, the OCs set their individual Plan policies, select a Processor that is responsible for providing the technology to power it, and review the performance of both the Processor and the network administrators, which are responsible for the administrative functions for each SIP, such as contracting, billing, auditing, policy development, and vendor relations. The New York Stock Exchange serves as the Administrator for the CTA/CQ SIP Plans and the Securities Industry Automation Corporation is the Processor. Nasdaq business units serve as the Administrator and Processor for the UTP SIP.

One of the primary objectives of both SIPs is transparency. Both the CTA/CQ Operating Committee and UTP Operating Committee meet quarterly, and the summary of the General Sessions of those meetings are posted to their respective websites: www.ctaplan.com and www.utpplan.com. Also provided on those websites are their Plans' announcements, policies, quarterly and monthly performance metrics, the pricing schedules, technical specifications, and more. 

Media Contact
Rafi Reguer
Forefront Communications for the SIP Operating Committees
+1 (718) 781-4946
[email protected]

SOURCE SIP Operating Committees