What is an odd lot?

An odd lot is a securities trade made for less than the normal trading unit.  If you are talking about stocks, an odd lot would generally be a trade of less than 100 shares.  The number differs for other types of securities, though.  In some cases, because of the size of the order, odd lot orders can have a higher commission.  These are also occasionally called a broken lot or an uneven lot.  If a trader is buying or selling an odd lot, it probably means that they have limited funds to invest.

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