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With or Without
Describing an order to buy or sell an odd-lot of a security immediately at the best available price. An odd-lot is any quantity of shares other than 100. Odd-lot orders are more difficult to execute because there are fewer of them; many sellers charge more for odd-lot orders and many buyers will not pay as much. As a result, many odd-lot orders look for a counter-order without this premium attached. A with or without order does not wait for this and is simply executed immediately.
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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.