Regulatory Notice 07-63

FINRA Adopts Rule Amendments Relating to Reporting of Odd-Lot Transactions

Effective Date: March 3, 2008

Effective Monday, March 3, 2008, when reporting odd-lot transactions1  to a FINRA Trade Reporting Facility (TRF), the Alternative Display Facility (ADF) and the OTC Reporting Facility (ORF) (collectively referred to as the "FINRA Facilities"), firms:

  1. will no longer use the special ".RO" trade report modifier to indicate that an odd-lot transaction is reported for regulatory transaction fee purposes and
  2. must report odd-lot transactions marked for media dissemination (i.e., "for publication" or as "tape eligible"), as applicable.

The text of the amended rule language is available at

Questions regarding this Notice may be directed to the Legal Section, Market Regulation, at (240) 386-5126; or the Office of General Counsel, at (202) 728-8071.

1 For purposes of the trade reporting rules, an odd lot is less than a "normal unit of trading," which is defined as "100 shares of a security unless, with respect to a particular security, NASD determines that a normal unit of trading shall constitute other than 100 shares." See NASD Rules 4200, 4200A, 4200C and 4200E.