Odd Lot Orders

Opening Orders

An odd lot order to OPEN a new position may only be sent to NYSE or Amex as part of a basket order or as a market-on-close (MOC) order. IB prohibits odd-lot opening orders from being routed to NYSE Arca.

Closing Orders

Odd-lot closing orders may be routed to any market center to which IB routes orders, and can be directed either by the customer or via IB SmartRouting¹.

Partial Round Lot Orders

A partial round lot order (PRL), for example 249 shares, will be routed as follows:

If the order is direct-routed to NYSE or Amex, the entire order will be submitted (this applies to both market and limit orders).
If the order is direct-routed to NYSE Arca, only the round lot portion of the order will be submitted and, if it is executed, the IB system will cancel the remaining odd-lot portion of the order.
If an order is routed via IB SmartRouting, all market centers are eligible to receive the order according to IB SmartRouting logic (including NYSE Arca - but only for the round lot portion of the order).

For more information, contact IB Customer Service.

Notes:

Individual exchanges may impose certain restrictions on odd lot orders in addition to the restrictions specified above.

¹IB will not route odd-lot orders for HOLDRS. Note that the odd-lot portion of a PRL order in HOLDRS will be rejected by the IB system after the round lot portion of the order is executed.