Home Breadcrumb caret Industry News Breadcrumb caret Industry Breadcrumb caret Investments Breadcrumb caret Market Insights Odd lots: The invisible’s now visible Millions of hidden U.S. trades were revealed for the first time last December when a new SEC rule took effect. For the first time, odd-lot trades—those with fewer than 100 shares—appeared on the consolidated order book. That means information on those deals is available to everyone, not just investment banks and sophisticated traders. By Jessica Bruno | May 9, 2014 | Last updated on May 9, 2014 1 min read Millions of hidden U.S. trades were revealed for the first time last December when a new SEC rule took effect. For the first time, odd-lot trades—those with fewer than 100 shares—appeared on the consolidated order book. That means information on those deals is available to everyone, not just investment banks and sophisticated traders. Sources: “What’s Not There: Odd-Lots and Market Data” (Journal of Finance, 2014) by Maureen O’Hara, Chen Yao and Mao Ye; Mark Yamada; SEC; Consolidated Tape Association. *Data not yet available for trading since the SEC’s latest rule took effect. Jessica Bruno is a Toronto-based financial writer. Jessica Bruno Save Stroke 1 Print Group 8 Share LI logo