odd lots

C

chud

I was trading an odd lot of SMH thru IB. I sent a market order routed SMART that never got executed. Customer support told me because it was an odd lot, I had to send a marketable limit instead. So I changed to a marketable limit and thousands of shares traded up to 5 cents below my limit but I still wasn't filled. Eventually I just changed to a full lot to get the fill.

I've traded odd lots many times in the past and used market orders and never had this happen.

Can somebody explain what's going on there?


Thanks.
 
yes.

SMH and all the other holders don't allow odd lots or mixed lots.

they trade in even multiples of 100 lots only. IB shouldn't have accecepted your order in the first place...

a while back (maybe a year or so) BRUT used to allow odd lots on SMH but that is no longer the case... all the ecn's now reject odd and mixed lots on the holders...

mnx

Quote from chud:

I was trading an odd lot of SMH thru IB. I sent a market order routed SMART that never got executed. Customer support told me because it was an odd lot, I had to send a marketable limit instead. So I changed to a marketable limit and thousands of shares traded up to 5 cents below my limit but I still wasn't filled. Eventually I just changed to a full lot to get the fill.

I've traded odd lots many times in the past and used market orders and never had this happen.

Can somebody explain what's going on there?


Thanks.
More...
 
Thanks for the explanation mnx.

IB told me they would have shown me a rejection message but my order was GTC. I didn't understand why that would matter. I guess I'll ask about that under the Retail Forum board.
 
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