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Stats › Intraday and market microstructure › Odd lots

Odd lots are now most on-exchange trades and were a third of price discovery when they were a fifth

2019: 23%+23%20192020: 27%+27%20202021: 34%+34%20212022: 34%+34%2022September 2023: 34%+34%September 2023

Odd lot rate, meaning odd lot trades as a share of all trades, for corporate stocks in the lowest three price deciles, from SEC MIDAS data. These are the cheapest stocks, where odd lots are least common. In the highest priced decile the figure for the first quarter of 2023 is 80.5% of trades and 37.3% of volume.

Odd lots rose from about 15% of on-exchange trades in January 2014 to more than 55% in March 2022. When they were only 19% of trades and 6% of volume, they already carried roughly 30% of intraday price discovery.

Over 55%Odd lot share of on-exchange trades, March 2022
About 10%Odd lot share of on-exchange volume, May 2020
About 30%Price discovery contributed by sub-100 share trades, 2008 to 2009
80.5%Odd lot share of trades in the highest priced decile, first quarter 2023

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