Also called board lot. An order of trading 100 (or hundreds) shares of a
security. It is opposed to odd-lot order where the order is less than 100 shares of security. Historically, some
brokers charge higher commissions for odd-lot orders. But it is not clear if brokers still charge more for odd-lot orders.
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A transaction involving fewer shares than in a "round" lot, which for most stocks is 100 shares.