Rules of NYSE National, Inc.,Rule 7.38.Odd and Mixed Lots


(a)

Order Types. Rule 7.31 specifies whether an order may not be entered as an odd lot or mixed lot.

(b)

Ranking and Execution. Round lot, mixed lot and odd lot orders are treated in the same manner in the Exchange, provided that:

(1)

The working and display price of an odd lot order will be adjusted both on arrival and when resting on the Exchange Book as follows:

(A)

If the limit price of an odd lot order to buy (sell) is at or below (above) the PBO (PBB), it will have a working and display price equal to the limit price.

(B)

If the limit price of an odd lot order to buy (sell) is above (below) the PBO (PBB), it will have a working price equal to the PBO (PBB). The display price will also be adjusted to the PBO (PBB) unless the order’s instruction requires a display price that is different from the PBBO.

(C)

If the PBBO is locked or crossed and the limit price of an odd lot order to buy (sell) is above (below) the PBO (PBB), it will have a working and display price equal to the PBB (PBO). The working and display price of such odd lot order will not be adjusted again until the PBBO unlocks or uncrosses.

(2)

For an order that is partially routed to an Away Market on arrival, if any returned quantity of the order joins resting odd-lot quantity of the original order and the returned and resting quantity, either alone or together with other odd-lot orders, would be displayed as a new BBO, both the returned and resting quantity will be assigned a new working time.

Adopted: May 17, 2018 (NYSENAT-2018-02).

Amended: March 7, 2019 (NYSENAT-2019-04)

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