Approximately 27% of trading volume is routed from retail brokerages to seven market-
making firms (“internalizers”). We estimate that two of these firms, Citadel and Virtu, handle …

We show how current market practices relating to odd lot quotes result in a large “inside”
market where for many stocks better prices routinely exist relative to the National Best Bid or …

We investigate the degree to which orders are aggressively priced, paying particular
attention to odd lot orders, and examine whether odd lot orders are being successfully used …

In this paper we examine the role of the consolidated feeds in the current US equities market
by studying exogenous events which affect their speed and availability respectively. We find …

Price and quantity are two of the most important variables in economics. Most economists
assume that price and quantity are continuous, but they are discrete in reality, even in most …

We examine the rising of odd-lot trading activity and nominal stock prices in recent years.
We find that odd-lot trading activity is positively associated with nominal stock price, on both …

We study the case of mispricing in the odd lots equity market in Brazil. Contrary to
expectation, odd lot investors are paying higher prices than round lot investors. The pricing …