Hi I recently me a person trading regularly in odd lot share sizes such as 260, 358 etc. I was really surprised since I though this isn't allowed. Can anyone confirm?
Sorry to be pedantic, but ... - strictly speaking, 260 and 358 are NOT odd lots. Odd lots would be 60 and 58... see http://www.investopedia.com/terms/o/oddlot.asp - also, itâs not clear which national market you are referring to. As you posted this shortly before 3h00am EST (or 00h00 PCT), itâs reasonable to assume you might be referring to markets other than US equity markets. If thatâs the case, I donât know the answer to your question. - If you ARE referring to US; yes, odd lots are allowed. But you may get worse fills (see http://apps.nyse.com/commdata/PubInfoMemos.nsf/0/85256FCB005E19E88525735A0063C607/$FILE/Microsoft%20Word%20-%20Document%20in%2007-92.pdf )
I think it was SMH that was the only security that did not allow me to buy in odd lots. I typically buy & sell in odd lots. I own 414 shares of EWZ, 320 shares of XME. Yesterday, I traded in & out of 331 shares of XME. I do business with 4 different brokers, and no one gives me.problems.
The last time I tried to trade in odd lots was in NVR in mid-2007, I was caught on the wrong side of a sharp move with something like 90 shares, and had a very hard time getting out, finally on arca. Most bid/offer would come on NYS on which my order was not matched.