What term refers to a unit of trading that is less than a hundred shares?

The term that refers to a unit of trading that is less than a hundred shares is known as an "Odd Lot". In the context of stock trading, an odd lot consists of any number of shares that is fewer than the standard trading unit, which is typically 100 shares. This term is significant in the trading world because transactions involving odd lots often involve additional considerations, such as different pricing points or execution challenges, compared to standard lots or round lots (which contain 100 shares or more). As a result, the term "Odd Lot" is widely recognized and used in securities trading to identify these smaller units of shares. The correct understanding of this concept is important for traders, as they need to be aware of how odd lots may affect liquidity and transaction costs in the market.