Odd lot
An odd lot is a order for fewer shares than the standard that exchanges and quoting systems are built around, which for most means fewer than one hundred shares. For a typical , a ten share order or a forty three share order both qualify as odd lots, since neither reaches the hundred share .
Odd lots historically received different, generally worse treatment than orders. Exchanges built their core quoting and matching systems around , so odd lot orders were often handled separately, sometimes at less favorable prices or with slower execution, and for a long time odd lot trades were not even included in the or counted toward the . Those differences mattered more in the past, when share prices were generally lower and buying in of one hundred shares was more affordable for most investors.
Modern regulations and exchange rules have narrowed most of those differences, and odd lot trades are now reported on the alongside . Odd lot quotes still do not set the , but since 2026 the consolidated data feed also carries the best odd lot prices separately. This matters more today than it used to, since high prices have pushed many ordinary into buying in odd lots as a matter of course rather than exception, particularly for expensive where even a single share represents a meaningful dollar amount. , which lets an investor buy less than a single whole share, goes even further below the odd lot threshold and is generally handled internally by the rather than executed directly on an exchange.