Federal Register #SR-FINRA-2026-006

SEC Notice: FINRA Rule 6272 Amendment for Odd-Lot Quotation Information

This notice details a regulatory update from the Securities and Exchange Commission (SEC) regarding a proposed rule change by the Financial Industry Regulatory Authority, Inc. (FINRA): - The rule change amends FINRA Rule 6272, which governs the character of quotations for the Alternative Display Facility (ADF) - ADF Market Participants are now required to provide specified odd-lot quotation information to FINRA - This enables FINRA to supply odd-lot data to the Securities Information Processors (SIPs) for consolidated market dissemination - The amendment aligns FINRA's operations with new SEC Regulation NMS requirements - The goal is to enhance price transparency and market efficiency by improving the collection and dissemination of odd-lot information - The SEC has approved the rule change for immediate effectiveness - No products, services, or procurement actions are requested in this notice - Only FINRA and the SEC are mentioned; no OEMs or commercial vendors are involved

Description

This notice announces a proposed rule change filed by FINRA to amend Rule 6272 concerning the character of quotations. The amendment modifies the operation of the Alternative Display Facility (ADF) to comply with new SEC Regulation NMS requirements related to the dissemination of odd-lot quotation information. The rule change requires ADF Market Participants to provide specified odd-lot quotation data to FINRA, enabling FINRA to supply the necessary information to the Securities Information Processors (SIPs) for consolidated dissemination. The SEC has approved this rule change for immediate effectiveness, with an operative date of April 27, 2026.

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