Anyone in here trade with, or knows of anyone that trades with a CBSX firm or broker dealer that allows LIVE odd lot trades in the equities markets? If so, what are the caveats? Thanks very much!
Only account I can trade odd lots on is my pairs program. Only time I get odd lots on my prop account is when I am not completely filled. I cannot do it on purpose on my prop account as it is not allowed. But I have 52 pairs live in my pairs account and they are all odd lots. Hope this helps.
Just to clarify - the difference between odd lots and mixed lots. You can trade pairs, prop, with 152 shares by 390 shares (over 100 share orders), but not 52 by 90. FWIW, Don
As far as I know it has nothing to do with CBSX or not. It is a firm and Broker/Clearing decision. The settings in your front end (platform) can be changed at a firm level (depending on which platform). Also, as Don stated, you aren't going to be allowed to buy 37 shares of something but 137 or 337 would go through assuming the firm allows it.
It's up to clearing with most of the CBSX firms. The larger clearing firms like Wedbush do not allow it unless you can give them a really good reason why you need it.