Odd lot order execution I bet no one can answer

Sky123987 · Nov 4, 2008

Bid 20.10 * 20.20

You'll often see prints outside the NBBO like @ 19.85 for an odd lot amount of shares? Why is this?

are odd lots not subject to reg NMS?

speculatus · Nov 4, 2008

Quote from Sky123987:

Bid 20.10 * 20.20

You'll often see prints outside the NBBO like @ 19.85 for an odd lot amount of shares? Why is this?

are odd lots not subject to reg NMS?

What exchange?

Sky123987 · Nov 4, 2008

several exchanges

bespoke · Nov 4, 2008

delayed print probably

Sky123987 · Nov 5, 2008

definitely not a delayed print. I have the genesis data feed and unless they are really really delayed like yesterday there is no way.

forsalenyc · Nov 5, 2008

Quote from Sky123987:

Bid 20.10 * 20.20

You'll often see prints outside the NBBO like @ 19.85 for an odd lot amount of shares? Why is this?

are odd lots not subject to reg NMS?

third market. we're secondary market. third mkt works quite differently.....it's more like exchange of hands. If i could've gotten those prints, i'd be a billionaire lol

Lucky · Nov 5, 2008

Quote from Sky123987:

definitely not a delayed print. I have the genesis data feed and unless they are really really delayed like yesterday there is no way.

could be delayed in the sense "oops we missed a couple hundred shares from a transaction, better print those" or off-exchange transactions that can be reported whenever they feel like it that trading day

lescor · Nov 5, 2008

Odd lots aren't reported on the tape except for very high priced stocks. Do you have a screen shot of t&s?

ecritt · Nov 5, 2008

Quote from Sky123987:

Bid 20.10 * 20.20

You'll often see prints outside the NBBO like @ 19.85 for an odd lot amount of shares? Why is this?

are odd lots not subject to reg NMS?

I've been through this before; found out that odd lot orders are paired up with other odd lot orders. This process is kept separate from round lot orders and often times has different supply/demand realities.

FCCT · Nov 5, 2008

Quote from ecritt:

I've been through this before; found out that odd lot orders are paired up with other odd lot orders. This process is kept separate from round lot orders and often times has different supply/demand realities.

Ive tried to transfer shares from 1 account to another, a mixed lot on arca, heres what happened.

Account A: Long 635 shares
Account B: Bid 635 shares

When A hit B, All of A shares were gone, but B only recieves 600...

Back in the day I know specialists would eat up all the odd lots, maybe some exchanges using the same theory now.