In 2022, more than 8 out of every 10 on exchange trades in the highest-priced U.S. stocks were odd lots. 81.2%. The SEC found that in Q1 2022, odd lots accounted for 81.2% of on exchange trades in stocks in the highest price decile. But by share volume, they represented only about 40%. That sounds strange until you remember what an odd lot is Generally, fewer than 100 shares. A 7 share trade and a 100 share trade count as one trade each. But they obviously don’t represent the same number of shares. And that creates a fascinating picture of modern markets. In the most expensive stocks, the majority of individual trades could be smaller than a traditional round lot. The “small” trade had become normal. The SEC’s data makes the shift hard to ignore. Market structure is full of definitions that sound permanent until the market changes underneath them. What counts as a normal trade? What counts as a meaningful quote? What gets displayed? What gets measured? Sometimes the market evolves faster than the vocabulary used to describe it. And that can make yesterday’s definition of a “small trade” look surprisingly large.