A customer odd-lot market order to sell instructing that the order be executed at the existing bid price of the security. An order to buy is at the prevailing ask price. An on-the-quotation order is unusual because most odd-lot orders are executed on the basis of the price of the next round-lot transaction.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.