If I am trying to get into lets say 156 shares (I know this is not considered an odd lot)...what is the best/cheapest way to go about getting the shares? If I market to NYSE it's the easiest way to get filled, but with the hybrid, I am paying higher than inside ECN's a lot of times and getting screwed on the market order. If I go to an ECN...sometimes they will split the order, so I will get 100 shares and then 56 (which IS an odd lot)...and I have heard that ARCA charges a lot more for odd lot orders. Is that true? Is ISLD the same way? Basically trying to see if I can avoid market orders to NYSE (obviously I can limit, but prefer immediate fills), and potentially get inside ECN price...and want to see if anyone knows about the commission fees for odd lots to ecn's. Thanks
I would just set an all or nothing limit order near the market price if you're concerned about immediate execution.
All or nothing orders generally have lower priority than other orders at the same price. They will therefore receive inferior average execution prices.