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Data Technical News #2013 - 34
UPDATED 10/7/2013: FINRA to Disseminate Odd Lot Transactions for OTC Equity Securities on TDDS, Effective December 9, 2013

Markets Impacted:
OTC Bulletin Board (OTCBB)
FINRA OTC Trade Reporting Facility (ORF)
Data Feed Impacted:
FINRA Trade Data Dissemination Service (TDDS)
Contact Information:
FINRA Product Management at [phone]

What you need to know:
In the 4th quarter of 2013, the Financial Industry Regulatory Authority (FINRA) will disseminate odd lot transactions for over-the-counter equity securities via the Trade Data Dissemination Service (TDDS) data feed.
Updated 8/27/2013: FINRA will implement the TDDS change to support odd lot reporting via the OTC Reporting Facility on the same schedule as the Unlisted Trading Privileges (UTP) and Consolidated Tape Authority (CTA) plans. To ensure that firms are prepared for the release, FINRA will also support three Saturday User Acceptance Tests (UATs) as outlined below.

Updated 10/7/2013: At the recommendation of the SEC, pending final review and approval of the plan amendments required for including Odd Lot trade reports to the consolidated tapes, the FINRA / CTA / UTP release for odd lot transactions will be postponed until Monday, December 9, 2013. (Please note that the new sale condition value of "I" will not be available on October 21, 2013 as previously announced.)

What is changing?
In conjunction with the UTP and CTA plans, FINRA will begin disseminating odd lot transactions via the TDDS on Monday, December 9, 2013. TDDS supports all publicly traded U.S. equities that are not NMS stocks, as defined in Rule 600(b) of SEC Regulation NMS and traded over the counter.

Please note that TDDS is part of the UTP Level 1 data entitlement.

How will the TDDS Sale Condition field be populated for Odd Lots?
To support odd lot trades, FINRA will introduce a new sale condition modifier:

Odd Lot Trade ("I"): The Odd Lot Trade modifier will be available to any participant to distinguish a trade resulting from a market center's execution in increments less than the defined round lot size. Odd Lot Trade transactions will be included in volume statistical calculations only. The Odd Trade modifier value "I" will appear in the Sale Condition field of TDDS transaction messages.

Because TDDS supports only a one byte Sale Condition field, FINRA has decided to report all trades reported less than one round in size with the "I" sale condition modifier only. If a FINRA member firm were to enter an odd lot trade with multiple attributes (e.g. weighted-average price trades, prior reference price trades, sold out of sequence), FINRA would disseminate only the "I" sale condition modifier. Please refer to the TDDS data feed specification for details.

Does FINRA have any plans to expand the TDDS sale condition modifier field to match the UTP and CTA feeds?
FINRA has no immediate plans to expand the TDDS sale condition modifier field.

What is an odd lot for an OTC security?
For the majority of securities, FINRA considers an odd lot to be 99 shares or less. For securities priced over $175, FINRA has established different trading unit sizes. Refer to FINRA Rule 6433 for details of security unit sizes.

When will FINRA introduce the new TDDS sale condition modifier?
FINRA is working with the Securities Information Processors (SIPs) to implement the odd lot modifier changes for all U.S. equity securities on Monday, December 9, 2013.

When will FINRA offer testing opportunities for the TDDS change?
FINRA will support three User Acceptance Tests (UATs) for this TDDS release. The UAT dates are:

Saturday, September 14, 2013
Saturday, November 23, 2013
Saturday, December 7, 2013
During the UATs, test data will be disseminated via the TDDS production channels. For additional details, please refer to the FINRA notice posted at http://www.finra.org/Industry/Compliance/MarketTransparency/ORF/Notices/P325364.

Where can I find additional information?
Refer to the TDDS data feed specification.
Contact FINRA Product Management at [phone].

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thx for the link .. i recognized the change re: odd lots
but not the time frame implemented

http://www.nasdaqtrader.com/TraderNews.aspx?id=dtn2013-34

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4kids
all jmo