I scratch my head trying to understand what’s round lot and odd lot. Any help is great! This is from volume 1 p55. If the issue is oversubscribed, then the issue should be prorated to all subscribers. *** This action should be taken on a round-lot basis to avoid odd-lot distributions. In addition, if the issue is oversubscribed, members and candidates should forgo any sales to themselves or their immediate families to free up additional shares for clients.
Round Lot = Multiple of 100 shares, as odd lot quantities are harder to sell on the open market
Invesopedia says What Does Round Lot Mean? The normal unit of trading for a security, which is generally 100 shares of stock. Anything less than 100 shares is considered an odd lot. Not sure exactly how this prevents odd-lots ect but hope it helps.