On November 6, New York Stock Exchange LLC (NYSE) filed a proposal with the Securities and Exchange Commission to update NYSE Rule 411(b) concerning odd-lot order handling requirements, particularly by adding a new subparagraph to explicitly address fraudulent or manipulative conduct, such as wash sales. As amended, Rule 411(b) would also require that odd-lot orders be aggregated only during regular trading hours and would clarify that a person, member or member organization is not permitted to enter or accept multiple odd-lot orders where such orders can be aggregated into round-lots.  

Additionally, to provide a single, comprehensive source of interpretive guidance for odd-lot order system and trading practices, NYSE proposes to (i) rescind NYSE Information Memorandum 94-14 to the extent that it created a distinction in the regulatory treatment of odd-lot limit and odd-lot market orders, and (ii) issue a new Information Memorandum that would update and restate current interpretive guidance on these issues.  

http://www.sec.gov/rules/sro/nyse/2008/34-58979.pdf  

http://apps.nyse.com/commdata/pub19b4.nsf/docs/5388F885B786C86A852574FA00766E51/$FILE/NYSE-2008-118.pdf