Even Lot

A normal unit of trading for securities or bonds. An even lot purchase of stock is 100 shares, while an even lot purchase for bonds is five shares. A stock transaction that involves less than 100 shares is considered an odd lot and may incur higher trading fees on a fee-per-share basis.

Investors may realize cost savings the more shares that they purchase. Institutional investors, for example, trade in much larger lots and can spread costs over more shares. Trading in large even lots results in enhanced market liquidity and minimizes the impact of trading spreads.

Also referred to as round lots or full lots.