The Investors Exchange LLC (IEX) has proposed a new rule to allow odd lot orders (orders for less than 100 shares) to be displayed and to aggregate them to form a protected quotation. This change aims to make odd lot orders visible, giving them higher execution priority and aligning IEX's rules with other securities exchanges. The proposal is considered non-controversial and does not foresee any significant impact on competition or investor protections. The rule intends to increase liquidity and enhance price discovery on the exchange, benefiting all market participants.
Simple Explanation
The IEX, which is a stock exchange, wants to change the way small orders are shown so they can join together to make a bigger order that gets more attention, helping everyone see prices better and trade more easily.