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I recently asked Why didn't my buy limit order become the highest bid? when my odd lot (1 share) buy limit order did not appear in the public list of bids. If odd lot buy orders do not appear in the public list, how do potential sellers know of the existence of odd lot buy orders? My buy order was eventually executed. What I don't understand is: if my order was not advertised to the public, how did the seller manage to sell their shares to me?

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    I always see my odd lot limit orders in the bits. At least at two providers. Who says the are not publicly advertised? – Aganju Apr 21 at 17:06
  • It seems odd lots are not mandatory to be shown, but obviously many providers show them. If your's doesn't, just check somewhere else. – Aganju Apr 21 at 17:26
  • @Aganju - I always see my odd lot limit orders in the bits. At least at two providers. Who says the are not publicly advertised? Are you seeing odd lot orders on NBBO quotes? On Level 2 quotes? – Bob Baerker Apr 21 at 22:32
  • I don't know about level 2 - I don't look at them. If I put a limit order out above/below the current bid/ask, it changes accordingly at all providers. If the stuff is illiquid enough, I can move the bid/ask up and down a bit and monitor it at various providers (for example, I bid x for 1 share at eTrade, and the lowest bid at Vanguard/JPmorgan changes to x.) – Aganju Apr 22 at 1:21
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It can be done using bunching, which aggregates odd lot orders together as block trades, executing the odd lot orders as one transaction. The order management system usually handles this process.

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  • Who does this aggregation? Whose order management system? – Flux Apr 22 at 12:59

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