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What is an Odd-Lotter?

An odd-lotter buys securities in odd lots. An odd lot is a group of shares that is not a multiple of 100 (100 shares is called a round lot).

How Does an Odd-Lotter Work?

For example, let's assume John wants to buy a few shares of Disney stock as a present for his son's 12th birthday. John calls his broker with a buy order for 12 shares of Disney stock, which is an odd lot. This makes John an odd-lotter.

Why Does an Odd-Lotter Matter?

Typically, individual investors are the most likely to be odd-lotters. Because it takes much more work to fill an order for an odd lot, John's broker may charge a higher commission. The broker may have to purchase a round lot (100 shares) and then break the shares up to provide John with his 12 shares.

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Paul Tracy
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades. Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 3 million monthly readers.