Odd-Lot Order

Odd-Lot Order

An order to buy or sell fewer than 100 shares of a security. Most securities are traded in sets of 100, which are called round lots. An odd lot order may be difficult to fill because, for example, a broker trying to buy 36 shares may have a hard time finding another broker selling 36 shares or one selling 100 shares who is willing to partially fill the order with those 36. See also: Odd-lotter.
References in periodicals archive ?
(14) See NYSE (2007) "Odd-lot Order Requirements," Information Memo 07-60.
This result supports the HFT behavior of submitting smaller, but frequent odd-lot orders. Finally, we also show that small-cap stocks have significantly larger cancellation latency than large-cap stocks suggesting that large-cap stocks are more prone to quote stuffing.