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Effective Sale |
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Effective sale A sale based on the most recent round-lot price, which determines the price of the next odd lot. The difference created between the last round-lot price and the odd-lot price is referred to as the odd-lot differential. Effective Sale The sale of a round lot (100 shares) of a security that determines the price of an odd lot trade. Thus, the effective sale is the first trade that takes place after a specialist receives an odd lot order.
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