🔵 IEX Competitive Intel
The SEC is granting all U.S. equity exchanges and FINRA a two-year delay (until May 2028) from having to disseminate aggregated odd-lot quote data at each price level through the consolidated tape, a requirement that was originally supposed to take effect in May 2026. The exclusive SIPs (run by NYSE and Nasdaq) argued they are already overwhelmed with concurrent system upgrades — including the new round lot definition, fractional share data, tick size changes, and extended hours — and that adding depth-of-book odd-lot quote dissemination would create unmanageable complexity. This is a postponement, not a cancellation; the underlying rule remains in place and exchanges will still need to comply eventually, but nothing changes for market participants in the near term since this data was never actually being disseminated yet.
IEX RELEVANT IEX is a named participant subject to this exemption, and the continued delay in consolidated odd-lot quote dissemination means the market data transparency improvements that could benefit IEX's investor-protection narrative — by making more pricing information available to all participants through the SIP — remain on hold until 2028.