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Monday, August 18, 2025

UTP Vendor Alert #2025 - 20
Round Lot Testing Reminder

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As announced in UTP Vendor Alert UTP2025-10, beginning November 3, 2025, as set forth in Securities and Exchange Commission (SEC) Final Rule Notice, the SEC has adopted new definitions for “Round Lot” information under the Market Data Infrastructure (MDI) Rules to enhance the transparency for investors and other market participants of quotes and orders in NMS stocks.

  • With this change the SEC will introduce new Round Lot rules that require the following Round Lot Tier designations:

    • Share Price Round Lot Size
    $0 - $250 100
    $250.01 - $1,000 40
    $1,000.01 - $10,000 10
    $10,000.01 - more 1
  • Testing begins Monday August 25, 2025 with the nightly broadcast of evening test data between 9:30 - 10:30 PM EST.

What is Changing?

The SEC has introduced changes to the definition of “Round Lot” information and rules that require the following Round Lot Tier designations:

Share Price Round Lot Size
$0 - $250 100
$250.01 - $1,000 40
$1,000.01 - $10,000 10
$10,000.01 - more 1

What are the testing opportunities?

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly beginning in Aug/Sep 2025 through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing.
Saturday User Acceptance Test (UAT) Tentative schedule:
September 20, 2025;
October 11, 2025;
October 18, 2025;

November 1,2025
(confidence test)		 Participants will enter data and process this through SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Tentative Production Launch November 3, 2025 UTP tentatively plans for production implementation to begin November 3, 2025.

Will there be assigned symbols with different lot designations to focus testing on?

All production securities will be available during the testing. However, in order to provide the participants and the direct data subscribers with the ability to focus their testing, we will assign the following securities for each weekend testing specific Lot Designations.

SIP Channel Lot Designation Symbol
UTDF1 10 BKNG
UTDF1 40 CDNS
UTDF1 100 CDZIP
UTDF2 10 FCNCA
UTDF2 40 ESLT
UTDF2 100 FDUS
UTDF3 40 LIN
UTDF3 100 LKQ
UTDF4 10 NFLX
UTDF4 40 ONC
UTDF4 100 PBYI
UTDF5 40 SNPS
UTDF5 100 SPYQ
UTDF6 1 ZAZZT
UTDF6 10 ZBZZT
UTDF6 40 ZCZZT
UTDF6 40 ZS
UTDF6 100 ZZZ
UTDF6 100 ZXZZT

How will this be Disseminated to Data Subscribers?

The UTP SIP will use the existing Issue Symbol Directory Message (Category A – Type B) to provide data subscribers with the Round Lot Size assigned to the NMS security. For the weekend tests it is recommended that subscribers have their systems up and ready to receive data by 7:00 am EST. This message is disseminated upon start up of the feed around 8:00 am EST each weekend test.

Who should I contact for additional information?