Transition: valuable lot (4). Lot (Lot) is a Lot on stock exchanges and securities auctions

Lot is a unit or consignment of goods offered for sale on an exchange or auction

The lot is the subject of auction and exchange trading, how to buy and sell a lot, determination of the size, value and initial price of the lot, standard and incomplete types of exchange lots

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Lot is, definition

Lot is the minimum quantity of commercial products or a unit of goods, an item, which are simultaneously put up for sale at auctions or exchange trading as a single object of a trade transaction. Lots can be represented by a number of commodities, stocks or securities, foreign currencies, antiques or art, jewelry, and so on. A lot in exchange trading means the size of a single exchange purchase and sale transaction, a standard market order for the purchase or sale of an object of exchange or auction trading.

Lot is a certain amount of goods of the same name, grade and consumer properties, intended for sale as a unit of a trade transaction.

Lot is in the auction trade, a consignment of goods offered for sale. Usually the lot is designated by the number under which the goods are put up for presentation to the buyer before the auction.

Lot is lot or unit of goods under a certain number, put up for auction or participating in any trade transaction.

Lot is a group of similar objects or a prize in the drawing of lotteries, holding contests, competitions, quizzes, etc.

Lot is a standard trade political party of goods in terms of quantity and quality, one trade contract on the exchange, any group of goods offered for sale, as a whole.

Lot is the minimum allowable number of exchange commodity units in the Application. The lot size is determined by the Specification of the exchange commodity.

Lot is the standard minimum volume of currency that can be presented by the bank for trading on the Forex market.

Lot is a measure of designation of the content of a noble metal in an alloy or product.

Lot is an old Russian measure of weight, used before the introduction of the metric system of measures, equal to three Zolotniks or 12.8 grams.

Lot is in maritime business, the simplest device for measuring the depth of a reservoir directly from a ship. In its simplest form, a sea lot is a lead or other metal load suspended from a rope, cable or line.

Standard lot

A lot is a unit of purchase and sale during trade transactions at auctions, stock exchanges, competitive bidding. The lot size corresponds to a certain predetermined quantity of goods in kind. The standard size of a transaction, a contract made during trading, is established by the rules of auction and exchange trading.

During the auction at the auction, the lot put up for sale consists of one or more goods, items, things, sets, sets of the same quality. Each auction lot is assigned a serial number and its own auction price is set during the auction.

The objects of auction and competitive trading can be exchange commodities - stocks and other securities, currency, stock indices, tangible commodity assets. In addition, with the help of specialized auctions, transactions are carried out for the sale and purchase of jewelry and antiques, furniture, clothing, jewelry, fine art objects, collectibles - coins, stamps, postcards, weapons, and others.

Lot on commodity exchanges

On commodity exchanges, the actual goods are traded in their physical material sense - industrial and agricultural products, raw materials and energy resources, finished goods and consumer goods. Commodities must have certain universal characteristics. There should be a lot of them and there should be a steady demand for them. That is, massive supply and demand. The product must have certain unified characteristics that are understandable to all participants in the trade - for example, the fineness of gold.

The goods must be divided into a certain standard quantity, the size of which is agreed in advance. This certain amount of goods is called a lot, that is, a lot is the minimum amount of goods traded on the exchange. The price for one lot of goods on the exchange is never constant, as in a store. It changes all the time, depending on the balance of supply and demand.

The organizational function of a commodity exchange is to create conditions for conducting exchange trading. The exchange determines the rules for conducting exchange trading, the procedure for the presentation and registration of goods, the pricing mechanism and the procedure for interaction between subjects of commercial transactions. The exchange imposes strict requirements on the goods offered for sale. They include requirements for qualitative uniformity, substitutability of a given product with any other from this batch, quantitative certainty (size, weight, number in a batch).

To simplify exchange transactions, the volume of goods that can be sold under one contract is standardized. This minimum quantity of goods is called the exchange unit. The Exchange always strives to develop unambiguous commodity standards for exchange units that are acceptable for any form of exchange trading. The actual volumes of supplies of goods (lots) provided for in the contracts must be multiples of the exchange unit.

The mode of operation of many leading commodity exchanges is a continuous auction throughout the working day, during which buyers submit bids and sellers submit bids. Where the interests of the parties coincide, a deal is concluded. However, in the case of the sale of perishable or seasonal goods, and also when it is difficult to achieve standardization of the quality of the goods, an auction of a different kind is held on the exchange. In these conditions, the goods go to those buyers who offer the highest price, as, for example, in the case of the sale of wool in Australia, tobacco in the United States, tea in India or London.

In this case, “lots” are bought and sold on commodity exchanges - lots of commercial products of standard volume and quality. The standard form of the contract is established by the board or committee responsible for conducting trading operations on a given exchange. Those who enter into transactions on commodity exchanges undertake to supply goods of the quality specified in the contract. However, it is usually possible to supply goods of a different quality, but with corresponding discounts or surcharges.

According to the terms of exchange service, when placing a product for auction, it is initially registered in the form of a non-uniform commodity lot, which is assigned a unique code. For the registration of a lot and putting it on the exchange trading, the Exchange charges the corresponding exchange fee.

During the registration of the goods, information about the goods is provided as a lot, which is stated by the client in the order for placing the goods for sale. This information must meet the criteria required for the product in this category. As part of the mandatory information (description), the text of the sale and purchase agreement must also be provided, the period for accumulating orders (from 1 to 30 calendar days), and the initial bid price for an increase are indicated.

The brokerage service agreement may establish a fee for the administration of the exchange trading procedure for one lot. To speed up the procedure for placing goods for trading, Exchange intermediaries and their regional brokers pay exchange fees in advance.

A lot can be placed on exchange trades and held in the form of an auction with a period of bids accumulation. Exchange trades are carried out in the form of open auctions of the seller "for increasing". In this case, all time parameters of exchange trading are taken into account, including the beginning of a trading session, countdown time, closing time of trading, etc.

When a product is put up for auction, information about the product (lot) placed on exchange trading becomes publicly available in a compressed form for all visitors and potential participants. Registered users can from the same moment see all the information about the lot being traded. The opportunity to place a bid on the purchase of a lot is provided only to registered bidders.

The trading schedule (assigned, in progress, passed) is available to each potential bidder. Each participant has access to all data on the assigned auctions and lots put up for auctions, information on all ongoing auctions and traded lots, as well as archival information on all exchange auctions.

The regulations for holding exchange trades establish that exchange trades in the form of an "up" auction are closed at the end of the period established for the accumulation of orders, at the same moment the lot is withdrawn from trades. The customer has the right to withdraw the lot from the exchange trading at any time without giving any reason, if not a single bet has been made at the time of withdrawal. If during the period of accumulation of orders at least one bet is made, exchange trades are held within the specified period.

Exchange trades are considered valid if at least one bet is made during the period of orders accumulation. The winner (buyer) is considered the trading participant who made the last highest bid at the time of the close of the next trading session (the end of the exchange trading). An exchange transaction is formalized by an exchange contract, the parties to which are the Auction Customer - as the "seller" and the winner of the auction, who offered the highest price - as the "Buyer". The subject of an exchange contract is the price of an auction lot put up by the Customer of the auction for exchange trading. An exchange contract is a preliminary agreement on the conclusion of a direct supply (purchase and sale) agreement between the Auction Customer and the auction winner at the price and on the terms of the Exchange Contract.

Lot on stock exchanges and securities auctions

Securities on stock exchanges are traded in lots. A lot is the smallest number of securities of one type that can be bought or sold at the time of an exchange transaction. The lot size depends on the value and liquidity of the security. The higher the level of liquidity of the security, the larger the lot size. For example, on Russian stock exchanges, the largest lot is 100,000 shares and is used to trade ordinary shares of InterRAO (1 lot = 100,000 shares). But since the price of one such share is only a few kopecks, the cost of the lot will be only a few thousand rubles. The higher the value of a share or security, the smaller the lot in quantitative terms. For example, the price of one preferred share of Transneft reaches several tens of thousands of rubles, in this case only one share is included in one lot.

Trading on the organized stock market is based on the execution of orders with a certain amount of securities. In general, it is impossible to buy or sell an arbitrary number of securities on the exchange. Trading is carried out in batches that are multiples of the smallest possible number, called a lot. A lot of securities is the smallest number of securities that can be sold or bought at a regular exchange session. Each security at the start of trading is determined by the lot size, which is usually equal to 1, 10 or 100 securities. If the paper is relatively cheap, its lot will consist of 100 securities (for example, ordinary shares of OJSC Mosenergo at the time of writing the book were worth about RUB 1 each and were traded in lots of 100 pieces), and vice versa, if the paper is relatively expensive, the lot is accepted as equal to one paper. Of course, if a security changes in price greatly, then the size of the traded lot can also be changed.

Knowing the size of the lot for trading is important, since in many brokerage systems it is necessary to indicate the number of lots, and not the number of real securities, in orders to buy and sell securities. More correct should be recognized systems that allow you to enter the number of securities and recalculate this amount in the number of trading lots.

On some trading floors, special regimes have been introduced for trading non-multiple lots. In other words, if the client has a number of securities that does not coincide with the number that is a multiple of the number of securities in the lot, then it will not be possible to sell that amount with a regular order. The easiest way is to sell on the exchange the number of securities corresponding to the whole number of lots, and ask the rest to buy out your broker.

Stock Exchanges operate on the basis of an auction, according to the rules established by the management of the exchange. The Exchange provides its participants with premises for operations with securities, provides settlement and information services. It is a non-profit organization, i.e. does not pursue the goal of making a profit, organizes trades on the principle of self-sufficiency.

In the Russian Federation, stock exchanges can conduct transactions with securities that have passed state registration with the Ministry of Finance of the Russian Federation. In addition, each exchange has the right to establish its own additional requirements for securities accepted for circulation on the exchange. The process of admitting the Central Bank to operations on the exchange is called listing. Basically, trading on exchanges is carried out in lots - lots of securities (a standard lot is 100 shares). Exchange transactions can be cash (settlement is immediate or in the coming days) or urgent (settlement within a contractual period).

In the system of exchange trading in securities, the most important concepts are the lot and ticker of a security. Both of these concepts are included in the system of execution of client orders in trading, which is based on the fact that orders for a certain number of securities are executed. To summarize, trading on the stock exchange is simply impossible for an indefinite number of securities. All papers are sold in clear quantities.

Each lot of securities must be a multiple of the smallest number of them, which is called a lot, which is the minimum amount that can be bought or sold during the exchange session. Lots are most often equal to one share, or ten shares, or one hundred. But there are also trading platforms where shares are not sold in multiple lots, i.e. such a situation develops when the client does not have the number of securities that would be a multiple of the lot. And such securities simply cannot be sold by a simple order. Therefore, such leftovers are easier to ask to buy a broker.

As for the ticker, this is a short name that is given to every security on the stock market. Such tickers appeared because many clients make a large number of transactions daily, and at the same time it is not profitable to write the number of securities in the transaction, which is assigned to each security, since it is easy to make a mistake in the number, and buy absolutely the wrong shares that wanted to. Also, it is impractical to write the whole name of each action, as it is very long and laborious.

Lot on currency exchanges

A currency exchange is a place where the purchase and sale of national currencies takes place, based on their exchange rate ratio (quotation), which develops in the market under the influence of supply and demand. All elements of classic exchange trading are inherent in this type of exchange: quotes depend on the purchasing power of the exchanged currencies, which, in turn, is determined by the economic situation in the issuing countries. The main task of the exchange is not to make high profits, but to mobilize free foreign exchange resources, redistribute them by market methods from one sector of the economy to others and to establish the market rate of the national and foreign currencies in conditions of fair and legal trade.

National currencies are traded in accordance with certain generally accepted principles. An investor accredited on the exchange (trader) gets the right to conclude transactions for the purchase / sale of currencies of different countries. Rather, trading is carried out on currency pairs, where each pair represents the ratio of prices of specific currencies. For example - EUR / USD (euro-dollar), USD / JPY (dollar-yen), GBP / USD (pound-dollar), etc.

During a working day (exchange session), depending on many factors, the price ratios of currency pairs are constantly changing. The trader's task is to use this process as efficiently as possible: to buy currency pairs at a lower price, in order to sell them at a higher price. One of the features of the foreign exchange market is the constant availability of financial news. Messages alone marked "important" can get about a dozen on a trading day. Why should you know the news? Because they affect currency quotes.

Currency trading on foreign exchange markets is carried out in the form of lot formation, that is, certain fixed packages of currency funds of strictly defined volumes.

To buy / sell any of the currency pairs, you do not need to have the entire required amount on your account; for this, the trader is provided with the so-called "leverage" (1: 100 or 1: 500). Thus, having only $ 1,000 in your account, you can purchase a lot worth $ 100,000 (with a 1: 100 leverage) or $ 500,000 (with a 1: 500 leverage). But it should always be remembered that leverage does not provide any advantages, but only increases the level of risk / reward. Therefore, on currency trading, you can both quickly make money and quickly lose capital.

Currency Lot is a unit of measure of currency during trading on the currency exchange. It is also the standard amount of currency used in exchange transactions. The lot size is always indicated in relation to the base currency. That is, if CHF = 1.7862, then this means that for 10 thousand dollars they give a little less than 18 thousand francs. Lot sizes are usually multiples of 10 and 100 thousand. For convenience, the lot size is written in fractions of a million dollars. That is, the entry "0.3" is a short designation of a lot of 300 thousand. The minimum allowed lot depends on the brokers. (For partners of the "Forex Club" company - International Analytic Service LLC (USA) and KB "MeritBank" (Moscow) - the minimum lot is 10,000 USD, the maximum lot is not limited).

On currency exchanges, using the size of the trading lot, the volume of the currency that is traded under a given contract is estimated. In the foreign exchange market, we are talking about the volume of a buy or sell transaction. When concluding a deal on the foreign exchange market, the trader chooses a position size that is a multiple of the standard trading lot, thus determining how much currency is involved in the turnover. The risks and the size of the potential profit change depending on the lot chosen. A standard lot is equal to 100,000 currency units. Knowing this, you can calculate the profit per pip.

The lot has a strictly fixed size and it is used to estimate the volume of a traded currency pair, for example, the euro - dollar. Based on the lot size, the potential risk is set, the estimated profit, loss and possible fluctuations (up or down) of the currency rate are determined.

When concluding a trading transaction on the foreign exchange market, the trader must indicate the size of the selected position, which is a multiple of the standard lot. The size of this position shows how many currency units are involved in the trading turnover. For example, a $ 10 bid equals 0.01 lots, and a $ 100 bid equals 0.1 lots. And since there is a concept of leverage in the foreign exchange markets (1 to 100), by placing a bet of $ 1000, you can operate with a capital of $ 100,000 in foreign exchange trading.

Lot size is not the same for major currency pairs. For the EUR / USD currency pair, one standard lot is equal to 100 thousand EUR, for the USD / CHF pair it is 100 thousand USD, for USD / JPY - one hundred thousand USD, for USD / CAD - one hundred thousand $; for GBP / USD - seventy thousand GBP; and for AUD / USD it is two hundred thousand AUD.

By starting a trade by placing a standard lot size bet, the stock trader risks either losing or winning ten USD per pip. Since all risks (profit and loss) depend on the size of the transaction. If the trade size is small (that is, the trader has made a trade at 0.01 of the standard lot size), then both the gained profit and the resulting losses will be 0.01.

Currency lot in the Forex market

Each trading operation in the Forex market, as well as in other foreign exchange trading platforms, is measured in lots - this is one of the fundamental concepts and every novice trader should be familiar with it. The most important thing is not only to know the definition of a Forex trading lot, but also to be able to correctly calculate this indicator for Forex trading. What is a lot, what is the price and value of a lot, what is one standard lot - let's analyze these definitions in more detail.

Lot (from the English Lot) is a standard unit for measuring the volume of a currency transaction in the Forex market. One lot is equal to 100,000 base currency units. For example, in the USD / JPY currency pair, the base currency is the US dollar, therefore, one lot of the currency contract for this pair will be equal to 100 thousand dollars. The volume of a transaction can be measured by an integer or fractional number of lots.

It is clear from the definition that either large speculators or financial institutions (banks, insurance funds, investment companies) can trade whole lots. To enter the Forex market for individuals, brokers and popular dealing centers provide the opportunity to use various options for a standard lot:

Standard lot(it is also called a whole lot) contains 100,000 units of the base currency, its volume is 1;

contains 10,000 units of the base currency and its volume is 0.1 of the standard (whole) lot;

Contains 1000 units of the base currency and its volume is 0.01 of the standard lot.

The principle of brokers and dealing centers is that they "collect" crushed lots from their clients, combine them and bring them to the Forex market. All this happens automatically and unnoticed by users. But it is thanks to this that you and I have the opportunity to trade on the Forex market - very few people have $ 100,000 to enter the Forex market directly.

When trading on the Forex market, you must be able to correctly calculate the volume of a currency lot. The volumes of trading operations are different for each trader. Even for one trader, the volumes can change during the working day. It depends on several factors: the size of the trading deposit and the speculative strategy.

Before calculating the forex lot size, you need to decide on two values ​​- the risk percentage and the number of points before the stop order (Stop-Loss). Let's say that your strategy assumes the following indicators: a trading deposit of $ 1000 and a risk of no more than 1% of the deposit amount for one currency operation with a stop level of 50 points. Therefore, for one unprofitable trade, we can lose $ 10 (1000 * 1%). It turns out that 50 points = $ 10, and one point will be equal to $ 0.2. If the price of one point is 10 cents for a lot of 0.01, your working lot will be 0.02 (that is, 2 micro lots).

Often with the question What is a lot on Forex? newbies care about how much it will be in real money. Let's figure it out. Let's start with a micro lot of 0.01. In this case, one point will be equal to ten cents, that is, by buying the EURUSD currency instrument at 1.3245 and selling it at 1.3255, the trader's income will be 10 points. With the specified lot size, the profit will be $ 1. With a lot of 0.1, one point will already be equal to one dollar, and 10 points - 10 dollars.

Buying a standard EUR / USD lot with a volume equal to 1, and selling it later at the specified prices, the same 10 points will be $ 100 (that is, 1 point - $ 10). With a lot volume equal to 10, one point of change in the currency price will cost $ 100. As a result: on a standard lot, a change in the price of a currency by 1 point will be equal to 10 dollars, on a mini lot, a change in the price of a currency by 1 point will be equal to 1 dollar, on a micro lot, a change in the price of a currency by 1 point will be equal to 10 cents.

Foreign exchange trading using mini and micro lots is very attractive, since you can start trading with a minimum amount of one hundred dollars, which, with a leverage of one to one hundred, will amount to 0.1 lot or 10,000 currency units.

Foreign exchange trading with micro lots can be carried out starting from one dollar. Leverage can be one to one hundred, two hundred and even 1: 500.

And yet, when choosing a trading lot size (from micro to standard type), do not overestimate your real possibilities. After all, exchange currency trading requires practical experience, global economic knowledge and many different technical strategies, as well as tremendous willpower to control your actions and the absence of any emotions.

Please note that all of the above is only valid for dollar accounts! For cent accounts, the calculation will be slightly different. The change in the currency price on a standard lot will be equal to 10 cents, on a mini-lot - 1 cent, on a micro-lot - 0.1 cents.

To accurately determine the price of one point of currency for any volume of the lot, you can use some specialized software products used in trading on the Forex market. Launch the MetaTrader 4 terminal, open a demo account and a chart of the required currency pair. After that, open a new order with the volume you need. In the Trade tab, in the Price column, the current currency price will be indicated, and in the Profit column - the current profit or loss of an open deal. Remember this figure, and if the current price changes by 1 point in the Price column, calculate how much the profit has changed. The resulting figure will be the price of 1 point of currency for a lot of the selected volume (do not forget - for a dollar account!). For example, you have opened a lot of 0.01 for the GBPUSD pair at the current price. Now, watching the price, you can see that it has changed by 1 point. Your profit (loss) on this trade has also changed by 0.1 dollar - this figure is the price of 1 point for a lot of 0.01!

It is extremely important to adhere to the rules for calculating a Forex lot not only for beginners mastering the possibilities of currency speculation, but also for successful professionals. Neglecting this simple math can expose your deposit to risks and lead to unexpected drawdowns. But there is a wonderful Forex advisor - a specialized program that automatically performs the necessary calculations and tells you how much volume you need to open an order depending on the size of your deposit and the selected money management rules. Moreover, using this Expert Advisor, you can open orders with the specified take-profit and stop-loss parameters in one click! Clients of Forex and Alpari dealing centers can use the corresponding lot value calculator to calculate the lot value.

Forex lot is unit of measurement of volumes of financial instruments (currencies). The standard lot for all Forex brokers is equal to 100,000 units of the base currency. For example, buying 2 lots of EUR / USD implies a long position of 200,000 USD, and selling 6 lots of EUR / JPY implies a short position of 600,000 euros. If we draw an analogy with a stock exchange, a lot on Forex is analogous to a standard contract size.

Standard Forex lots are not used in interbank practice. Banks buy and sell the base currency against the quoted currency in any arbitrary volume. That is, the term “lot” is intended exclusively for the foreign exchange market.

Forex brokers used to define the account type depending on the lot. Today, account types have many other differences - not only in terms of the minimum traded volume and step, but also in the number of open positions, trading conditions, etc. Any Forex broker allows you to use not only whole numbers when working with lots, but also fractional ones. If the full lot is always an integer (10 lots = 1,000,000 currency units, 23 lots = 2,300,000 currency units), then fractional lots are part of the full lot (0.01 lot = 1,000 currency units, 2.3 lots = 230,000 currency units). The lot size when opening a position in Forex is very important, because it is he who determines the risk, profit, and loss from the transaction. Depending on the size of the Forex lot, the value of a Forex pip will vary. The higher the lot, the higher the pip value.

Lots can be either whole or fractional numbers. For example, we can buy 4 micro lots, which is 0.04 of a standard lot. How to determine the value of a lot? Let the EUR / USD rate be 1.3235, we will buy 1 lot, then we will have to pay $ 132 350 for it. For example, it is important to be able to calculate the allowable transaction volume in order to comply with the principles of risk management. For example, we want to risk only 0.5% of our $ 200,000 deposit in each trade, how much position can we open?

To answer this question, you need to determine the value of the Stop Loss order. Let us think and decide that in this transaction for the EUR / USD pair (rate 1.3100), the Stop Loss will be equal to 100 points. Consequently, it turns out that 1 pip cannot cost more than $ 10 or the volume of the transaction cannot exceed 1 standard lot, which will cost us $ 131,000. Plus the risk of $ 1,000. Our own deposit freely with a margin withstands a load of $ 132,000. In this example, rather specific conditions are presented, and this is due to the fact that in it we consider trading without leverage. At the same time, we get a very low percentage of profitability. Let's assume that Take Profit will be equal to 200 points or $ 2,000 - this is only one percent of our deposit, which in this deal will be loaded by more than half. A completely different picture develops in the conditions of margin trading.

When carrying out foreign exchange transactions using the so-called leverage, there are positive and negative sides. A broker can provide traders with credit funds, with which speculators can buy large amounts of currency. The loan is issued on the basis of a pledge of margin - funds on the client's deposit. The amount of collateral can be as low as 0.2% to 50%, and usually there is no charge for a loan on Forex. The dealing center wins back its own by increasing deductions from the spread. The larger the transaction volume, the larger the amount of deductions for a fixed number of spread points.

In addition, the principles of margin trading allow you to sell currencies (or goods) that you do not actually have in stock. For example, when selling Euros, you do not have any Euros, you only have dollars in your account or rubles. But you can take the required amount of Euros from the broker against the security of a certain amount of dollars. At the same time, you also undertake to buy the required amount of Euros on the market after a while and transfer them back to the broker. All these operations (trade without delivery) in the trading terminal occur automatically and do not require additional approvals and the conclusion of special agreements.

Often, instead of indicating the margin, they talk about the provision of leverage, which is expressed as a ratio, for example, 1: 200, which corresponds to a margin of 0.5%. Standard leverage in Forex ranges from 1: 2 to 1: 500. The leverage on commodity exchanges is significantly less than on the foreign exchange market.

For example, when using a leverage of 1: 200, we will need to have only $ 670 on the deposit to buy one standard lot of the EUR / USD pair at a rate of 1.3400. In reality, you need to have a little more money to cover the spread and to ensure that we are not knocked out of the market at the slightest price movement in the opposite direction. Let the spread be 3 pips, with a trade volume of 1 lot, this is $ 30. Stop Loss is set at 100 points. It will take another $ 1000 to cover it. With a margin, we get the necessary deposit to cover the costs of such a transaction in the amount of $ 2000. What about profitability? She's impressive. Let the Take Profit be set at 200 points, then the potential profit will be $ 2,000 or 100% of the initial deposit for one trade, which can be completed even within one day. Compare this with example # 1, in which we made 1% profit without using leverage for the same transaction volume.

Lot at specialized auctions

Specialized over-the-counter auctions sell exclusive and rare goods - jewelry and antiques, furniture, historical, cultural and technical values ​​and items, clothing, jewelry, fine art, books and other printed and printed products, collectibles - coins, stamps, postcards, weapons, medals and awards and more.

The sale of movable and immovable property of enterprises and organizations, production equipment of land plots and forest lands, skins of fur-bearing animals, breeding farm animals and other goods is also carried out through specialized auctions.

Auction (from the Latin auctio - public sale) is a method of selling certain goods at prices set by buyers as a result of the auction. An auction is a procedure, following which a decision is made about who to transfer the lot to and how much each participant must pay. Participants declare their willingness to pay, and this decision is made solely on the basis of the signals received.

Both legal entities and individuals can act as sellers and buyers at auctions. Sellers put up for sale the goods they own, called in the process of trading lots.

Holding auctions is possible not only by organizations for which this type of activity is the main one. There are also exchange auctions, auction trading can be organized by art salons, galleries, etc. The development of electronic commerce has led in recent years to the emergence, including in Russia, of a large number of Internet auctions.

With the help of auction and competitive (tender) tenders, trade transactions for the purchase and sale of property are carried out, contracts are concluded for the production of work and the provision of services by state organizations and institutions.

The presented goods undergo a preliminary examination necessary to assess their quality and decide on the initial price. As a subject of trading, the goods are drawn up by an auction agreement signed by the owner of the goods and the director of the auction, and, in addition, by an expert, auctioneer and legal adviser.

All goods are pre-divided into lots (standard in terms of quantity and other characteristics of a batch of goods). A single item can also be a lot. Each lot has its own number, under which it participates in the auction. Before the bidding, the goods or their samples are exhibited for inspection by the buyers. In addition, the organizers of the auctions may produce catalogs describing the lots offered for sale. Depending on the type of goods, descriptions can be supplemented with their photographs.

Auction sales are held in a special hall. The day and time of their holding, starting prices and sizes of lots are determined in advance and are indicated in advertisements, catalogs, invitations, electronic media.

In the field of auction trade, the organizer of the auction is not the owner of the lot and, therefore, is interested not so much in maximizing revenue as in the lot being sold. This is especially true in the case of state structures of the operational level, for which plans are usually set not in terms of revenues, but in terms of volumes.

Depending on the technology of the auction, the following are distinguished: an auction with an increase in the price of a lot (a willing auction), an auction with a decrease in the price of a lot, and a “blind” auction.

At a price increase auction the initial price of the lot is set by agreement with the seller. After its announcement by the auctioneer (leading the auction), the buyers offer their price, increasing the previous one by the amount determined by the auction rules. The product is considered sold to the highest bidder. If the lot put up for auction is not in demand (there are no offers to increase its price), it can be withdrawn from the auction. Increasing trades can be public or private. In the first case, buyers express their desire to purchase goods openly (using a signal plate), and the auctioneer names everyone who offers a higher price. If buyers raise the price using conventional signs given to the auctioneer, then such bidding is called tacit or dumb.

At auctions with a drop in price the initial lot price is always overstated. During the bidding process, it is reduced until one of the buyers informs about his intention to purchase the product. This method is called "Dutch auction", as it is widely used in Holland, where auctions of flowers and ornamental plants and vegetables are held in this way. They are sold using the auction clock. The essence of auctions with a decrease in price is that at first the auctioneer sets the maximum starting price, which lights up on the dial installed in the auction room, after which the hour indicator moves in the direction of its decrease.

If none of the buyers expresses a desire to purchase the lot at this price, then the auctioneer begins to reduce the price. Each of the buyers present in the hall has a special remote control with a button that allows you to stop the pointer. The buyer of the goods is the one who is the first to press the button in front of him, which stops the price change on the dial. After that, the dial lights up the number under which this buyer is registered with the organizers of the auction. He is considered the buyer of this lot. He gets the right to choose and purchase the required amount of goods at the price fixed on the watch. From the same price, the auctions are resumed and continue until the moment when the minimum price set for each product is reached. This method of holding an auction significantly accelerates the rate of auction bargaining.

Condition of the auction "Blindly"- simultaneous provision by buyers of their rates (for example, in writing). The lot goes to the one whose price is the highest.

Depending on the method of increasing the price of the lot, there are two types of auctions - public and private.

In the vowel mode the auctioneer announces the number of the lot to be offered for sale, names the starting price and asks: "Who is more?" A buyer wishing to purchase a lot at a higher price names a new price that is higher than the previous one by an amount not lower than the minimum markup specified in the bidding rules. The auctioneer calls the number of the buyer, under which he is registered at the auction, the new price of the lot and again asks the question: "Who is more?" If, after repeating the question three times, no new offer follows, the auctioneer strikes with a hammer, confirming the sale of the lot to the buyer who was the last to name the highest price.

In the case of an unspoken method, buyers submit to the auctioneer a conventional sign of consent to raise the price for the current lot. The premium to the price is standard and is stipulated in the trading rules. The auctioneer announces a new price each time without naming the buyer. The administration of the auction has the right to withdraw the lot from the auction until it is sold, without giving any reasons. She is also entitled to lower the starting price if no buyer wishes to raise the starting price. After all lots have been sold, the unsold lots can be put up for sale again.

Thus, the organization of the auctions has its own characteristics, which are determined by the technology of the auctions, the significance of the auctions, the method of increasing the prices for lots, as well as the nature of the goods.

In the organization of auction trade, several stages are distinguished - preparation of an auction, inspection of goods and formation of lots, directly auction bargaining, registration and execution of an auction transaction.

During preparation the auction, the owner of the goods delivers it to the warehouse of the auction organizer. During this period, the preparation of goods for sale is carried out, catalogs are compiled, advertising activities are carried out, large consignments of goods are divided into lots. The item is selected for the lot of the same quality. The lot size depends on the value of the item. Each lot is assigned a number, under which it is entered into the catalog of this auction, indicating the characteristics of the lot. Several lots with the same quality characteristics form a string. A characteristic sample is selected from each lot or string and displayed in a special inspection room.

During the inspection of the goods potential buyers have the opportunity to familiarize themselves with the lots and strings put up for sale both on the basis of samples and, if desired, with all the goods in the auction warehouse. Tastings are organized for buyers at food auctions. Inspection is carried out according to the auction catalog, which indicates the numbers of lots and strings, their characteristics, the conditions of the auction sale, the date and place of the opening of the auction, its duration and other rules of the auction.

Which is conducted by the auctioneer together with assistants. It starts on a predetermined day and hour in a specially equipped room. Registration of an auction transaction is usually carried out immediately after the end of the auction. The buyer signs a standard contract on the basis of which the invoice is issued, paid by the buyer. The final stage is the execution of the auction deal. Payment is usually made in installments. In case of non-payment for the goods within the specified time, the organizers of the auction consider the transaction violated and can dispose of the goods at their discretion, and cover the losses from the received advance.

Lots are traded at the auction in an open manner. All persons wishing to take part in the auction can familiarize themselves with the lots put up for auction on the pre-auction viewing, by purchasing the auction catalog and immediately before the start of the auction. Since the organizer of the auction publishes the auction catalog and provides everyone with the right to preview the lots, no claims related to the quality and condition of the lots will be accepted after the auction. The auction catalog, including in electronic form, posted on the website of the auction organizer, is an information message (notification) about the auction, containing data on lots and other information.

The auction is conducted in the order of the lot numbers in accordance with the auction catalog. The starting price of lots during the auction can be either lower or higher than indicated in the auction catalog. Proposals to purchase a lot for an amount less than the initial cost of the lot will not be accepted. The organizer of the auction reserves the right not to accept bids in person at the auction and absentee bids of a person without giving reasons.

The organizer of the auction has the right to withdraw any lot from the auction without explaining the reasons before the first lot is put up for auction and is not responsible for losses incurred by the auction participants in connection with their intentions to purchase this lot, as reported by the auctioneer before the start of the auction. Auction participants can take part in it in person, in absentia, including by phone or via the Internet in real time (if the auction organizer has the necessary technical capabilities and resources).

For personal participation in the auction, a potential auction participant must register in advance with the secretary of the auction organizer, presenting the necessary documents and filling out the registration form, and receive a card with the bid number of the auction participant (its electronic counterpart). A representative of a potential bidder should follow the same steps. The card with the bid number of the auction participant is the only proof of the person's right to participate in the auction. The registration of the auction participants ends at the moment of the announcement of the start of the auction for the last lot of the current auction.

If a person wishing to purchase any lot does not have the ability or desire to participate in the auction in person, he can leave an application for participation in absentia, including by participating in the auction by phone. Absentee bids are kept in sealed envelopes, which are opened before the start of the auction. If the maximum prices for one and the same lot indicated in two or more absentee bids coincide, the order with a lower ordinal number gets priority. In this case, the starting price of the lot is set based on the maximum price indicated in these absentee bids. If two persons received equivalent absentee bids for the same lot, the auction participant whose application was registered first has priority.

The auction participant may be given the opportunity to participate in the auction via the Internet in real time. The procedure for holding an auction via the Internet and the procedure for carrying out other activities related to such an auction are determined by the special rules of the auction organizer, posted on the website of the auction organizer.

The auction begins with the announcement by the Auctioneer of the opening of the auction. The auctioneer begins the sale of a lot by announcing the lot number, a brief description of the lot, and the starting price of the lot, as well as announcing that there are absentee bids for the lot. If there are bids for a lot by absentee bids, the Auctioneer also informs the Auction Participants that he reserves the right to keep his hand raised until the maximum bid in relation to the lot for absentee bids is exceeded during the auction.

The step by which the lot price rises during the auction is 5-10% of the starting price of the current lot. An auction participant can make an offer to buy a lot at an arbitrary price that exceeds the previous offer by more than one step. In this case, further counting is carried out from the price offered by such a participant in the auction. Raising the card with the bid number means the unconditional and irrevocable consent of the auction participant to buy the lot put up for auction at the announced price. Each subsequent raising of cards with a bid number by the auction participants means that they agree to purchase the lot at a price higher than the last price of the lot named by the auctioneer by one step.

The hammer blow of the auctioneer means the end of the auction for this lot at the price announced by the auctioneer. The person who won the auction (i.e. the buyer) is the auction participant who was the last to raise the card with the bid number. If the highest bid received from the auction participant in the hall is equal to the bid of the absentee bid, the winner is the bidder who left the absentee bid. From the moment the hammer is struck, when, after three times the highest bid was announced, none of the bidders made a new bid, the contract for the purchase of the lot is considered concluded, and the bidder who offered the highest price becomes the owner of the lot, and the burden of maintenance and the risk of accidental death or damage passes to him. lot.

On the day of the auction, the auction participant who won the auction in respect of the lot and the organizer of the auction sign a protocol on the results of the auction, which has the force of a contract for the sale and purchase of the lot.

The buyer's premium in the amount of 15% of the selling price of the lot is added to the selling price of the lot reached during the auction. The purchase of a lot at auction means the unconditional consent of the buyer to pay the buyer's premium in excess of the selling price of the lot. The won lots are transferred to the buyer only after their full payment and payment of other financial obligations of the buyer to the organizer of the auction.

Purchased and fully paid lots, the buyer is obliged to pick up within 7 (seven) calendar days after their final payment. The delay in receiving lots for more than 10 (ten) working days from the specified date releases the auction organizer from any responsibility for the condition of the lots, and the auction organizer has the right to set a fee for keeping the lots or transfer the lots for storage to a specialized organization and establish a retention over it until the debt is repaid for keeping lots.

The organizer of the auction guarantees the authenticity and safety of the lots put up for auction, and is responsible for this for one year. In the event of violation of these warranty conditions, the organizer of the auction shall indemnify the buyer for direct damage in the amount of the sale price of the lot. The organizer of the auction shall under no circumstances be liable to the buyer for indirect losses and lost profits associated with the purchase or non-purchase of the lot.

Types of trading lots on financial exchanges

When applied to the word lot on the commodity and financial exchanges, terms such as full lot, incomplete lot, bulk lot, and packed lot are used.

Full lot (round lot, Round Lot) is standard unit of measure for a contract. The lot has a fixed size equal to a strictly fixed minimum quantity of an exchange commodity. With its help, the volume of currency, securities and goods traded under this contract is estimated.

Incomplete lot (non-standard lot, non-round lot, Odd lot, Broken lot) is a package or lot of currency, securities or goods containing a smaller amount of a marketable asset than a full lot.

A Broken lot in the stock market is fractional lot, determined depending on the established (smallest) number of securities of a strictly defined denomination included in the lot.

A packaged lot (Board lot) in the stock market is lot, determined by the number of securities depending on their par value.

Full lot

Full lot is a batch of securities, exchange commodities, currency funds put up for sale, equal to a strictly fixed unit of transactions accepted on a given exchange floor, or a multiple of the number of such trading units. In exchange and auction trading to the broker, an order to the broker to buy and sell exchange commodities, securities, currency in an amount that matches the established standard lot size as much as possible.

For example, on the New York Stock Exchange, a round lot is 100 shares, and on the Frankfurt Stock Exchange, 50 shares. The total volume of exchange transactions must be a multiple of the specified Lot. Standards are also set for the amount of securities transactions. The exchange may revise the size of the full lot. The lot size is taken into account by the investor when drawing up a trade order to buy and by the holder of securities when submitting a trade order to sell his securities. The lot size can affect the purchase price and the ask price for sale.

The establishment of a fixed exchange lot facilitates the conduct of an exchange auction. Only the price of the securities is subject to agreement. When working with clients who do not have the ability to buy or sell a full lot of securities or other exchange commodities, brokers specializing in operations with a disparate amount of securities combine orders until full lots are formed for the offer on the exchange.

A full lot on the currency exchange is A standard unit for measuring a contract, which is a fixed size and is used to estimate the volume of a currency that is traded under a particular contract. When it comes to a full lot, we mean the predetermined size of the contract for the sale or purchase of currency. The lot size in accordance with the standard for regular trading in the Forex market is 100,000 US dollars.

When concluding a deal on the exchange, the trader must indicate the position size (multiple of the standard lot). It is the size of the position that determines how much currency the trader provides to participate in the turnover. This transaction volume on the exchange determines the level of profit and risk required for fluctuations in the exchange rate.

Any trader must firmly know what a lot is and how it is calculated. For simplicity of account, as a rule, 1 lot is taken as 100%. In such cases, each position with a volume of less than 100 thousand will be determined as a percentage of the standard (taking into account the leverage). So, one lot is equal to 100,000 units of the base currency. If the leverage is 1: 500, the trader can buy one lot for 200 units.

In order to make profitable transactions, a trader is not required to have huge amounts on the account - thousands of currency units. Having a computer with the Internet, a Metatrader 4 trading terminal and a minimum deposit amount, it is quite possible to work successfully. To do this, brokers provide traders with leverage to enable them to work with large amounts. The size of the lot determines the value of a point, the margin of the order being opened. With a larger order value, a larger margin will be required, and each point in this case will bring more profit.

(non-standard lot, non-round lot, Odd lot, Broken lot) is a lot of securities, commodities or foreign exchange funds that is less than or different from a multiple of market assets.

An incomplete or non-round lot is a quantity of securities that is less than a standard trading unit on the stock exchange, called a full or round lot. On the New York Stock Exchange, a full lot represents 100 units for active stocks. NYSE Regulation No. 55 provides, however, that for special stocks, at the exchange's discretion, the standard trading value may be lower. For such less active shares, the size of the round lot is ten shares. The standard value when trading bonds is a $ 1,000 bond package (at their original par value).

Likewise, except for special cases provided by the exchange, the transfer of shareholders' rights is carried out on the basis of the principle of one right for each separate share, and the unit for rights trading is a package of 100 rights. Accordingly, an incomplete lot with a round lot of 100 shares is a lot containing any number of shares from 1 to 99, and for shares with a round lot of 10 shares - any number of shares from one to nine.

The New York Stock Exchange has formed its own system of incomplete lots with a specific procedure for passing a transaction. A deal with an incomplete lot begins with the entry of orders and their confirmation. There are two ways to enter an application. Most large member firms use computer systems and data networks to receive bids from their regional offices, and then forward those bids to the Securities Automation Corporation on its Common Messaging Switch (CBS). Other member firms use computer systems and / or data networks provided by private suppliers for the same purposes.

Firms that send their applications directly to the switch are called Computer Firms (CF); they account for over 75% of processed applications. The second way to enter orders is to use the New York Stock Exchange Entry Center, which is equipped and maintained by exchange staff. Firms that use a telephone or teletypewriter to transfer orders to their booths located around the perimeter of the marketplace are called non-computer firms (NF). These firms then use the exchange's pneumatic mail to send bids to the New York Stock Exchange's Entry Center, where exchange operators enter bids into the switch. The method of filing applications by non-computer firms requires more steps and usually takes longer than the direct method of access by computer firms.

In the switch, all bids for non-circular lots are checked against standard principles (requirements). In case of significant deviations and errors, applications are returned to the firm for correction and re-entry. All duly edited orders are sent to special computers of the incomplete lot system for further processing.

Then, applications for incomplete lots are evaluated. The computerized evaluation system for applications for incomplete lots is called the automated evaluation and notification system (ASO). The ASO system receives all requests from the switchboard and stores them in a temporary executive file. The ASO system also receives information from the New York Stock Exchange on round lots from the exchange information system. Then it compares the data on trading in round lots with orders in a temporary file and proceeds to the process of determining prices.

Market orders for non-round lots are evaluated automatically using information about the next round lot trades received by the ASO system after receiving the order. A short-term short-term short sell order is valued at the next auction, which is higher than the price of a round lot in the last auction. Such trades are called having a positive bias (it is defined as the minimum deviation of the round lot rate of 0.125 dollars), or `zero plus`. Each dealer for an incomplete lot can order the ASO system to charge or not to charge the premium. Currently, until the system acquires other capabilities, the markup (if it exists) is one-eighth of a point per share ($ 0.125).

Each dealer can decide whether or not to charge a premium on the shares they hold. In addition, each dealer has the option to collect or not to collect a mark-up on market orders received before the opening of the exchange, and regardless of this has the right to decide on the mark-up on market orders received after the opening of the exchange. The opening time of the exchange for the purpose of resolving the issue of the premium is currently set as 9h 50m. in the morning, so that each dealer could receive complete information on incomplete lots of shares subject to evaluation based on the results of trading in full lots. If necessary, this time can be slightly changed if the official opening of the exchange for some reason is postponed to a later time.

Orders for an incomplete lot of securities, limited by any conditions, and some others, for example, requiring execution at the prices of buyers or sellers, are considered non-market orders. Dealers have the right to choose whether to collect or not collect a premium of one-eighth on these applications, regardless of the time of their receipt. These orders are grouped by price and sorted by time of receipt.

The ACO system registers the maximum purchase price and the minimum sale price for orders pending execution. At the same time, it takes into account whether a surcharge will be charged on these applications. The buyer's price limit is set at the nearest auction in round lots and turns out to be lower than the specified price by the amount of the markup or more. If a markup exists, it is added to this price. The seller's price limit is also determined by the nearest auction in round lots and turns out to be higher than this price by the amount of the markup or more. If a markup exists, it is deducted from this price. As in the case of market orders, when selling shares shortly, the price is determined by a “plus” or “zero-plus” trade.

The buyer's maximum bid price and the seller's minimum request price determine what is called the range of unfulfilled bids. The computer monitors these prices to determine when to evaluate the lots. When round lots are traded at or below the lower limit (buyer's maximum bid price) or at or above the upper limit (seller's minimum request price), the computer scans the non-circular lot file for bids. If a sale occurs, the boundaries of the price range change and the computer must update its registration data to reflect the new maximum buyer's price and the seller's minimum price; adjust your observations of the prices of future round lot trades. The computer also checks the price caps of all new bids and updates the price range as needed; eg if the new purchase price is higher than the previously existing maximum purchase price, the new order price becomes the lower end of the range.

Orders for purchase and sale upon reaching a certain rate are processed as limited orders. Rate purchase orders are recorded with the sale price limits, and rate specific sales orders are recorded with the purchase price limits. The price range for each security affects both orders to buy and sell at a set rate, as well as limit orders. When the market price is equal to the one declared for purchase and sale (in other words, the sale price of the transaction arises), it is perceived as a regular market order and is evaluated accordingly. When the market price equates to the specified price limit order, it is registered and processed as a regular limit order.

To withdraw orders for non-round lots, the latter can be entered into the system as orders of one day, i.e. as orders, whose action ends at the end of the exchange day of their entry. They can also be entered as tickets valid until canceled. In this case, they may be valid indefinitely. Typically, a register of open applications is listed once a year from all applications older than one year, and member firms should confirm these applications if they wish to keep them in effect. From time to time, the client has a desire to cancel or change the application, both entered for one day, and in the register of open applications entered earlier. This can be done with a simple cancellation order, or a cancellation and replacement order.

Orders can be given in relation to any combination of market or limit orders, i.e. one market order can replace another market order, one limit order can replace another limit order, and finally, a market order replaces the limit one, or vice versa. In recent years, participating firms have been encouraged to submit two separate orders: one order to cancel the order and the second to replace the previous order, especially in cases where the limited order was replaced by a market order, or vice versa. This procedure leads to faster processing and more accurate execution of orders. If the application to be replaced is in the register and is still not executed, the order to cancel it is executed and a new application is entered in the register, which is awaiting its execution. If the order to withdraw and replace the order does not find the order to be canceled, the new order is still entered in the register and awaits its execution. The firm - the bidder is notified that the orders to be canceled could not be found.

When evaluating each application, an automated scoring and notification system generates an execution report in a standard format. Most applications are evaluated and recorded automatically by the computer system itself. Evaluation and registration of an application requiring manual processing begins with entering it on the keyboard of an on-line computer terminal. Applications that are subject to evaluation on the day of entry require very little data to complete the computer files.

When entering orders opened earlier, more extensive information is required. Regardless of whether the message is triggered automatically or manually, all applications are evaluated and recorded in the same way. Messages about the execution of orders are sent to the switchboard for transmission to the settlement firms specified in the order. The switch transmits the message to the machine of the firm's computer system for further distribution within the firm. For non-computer firms, messages are sent to printers on the marketplace, where they are then forwarded to their booths.

The list of applications for incomplete lots is managed by an automated evaluation and notification system. The ACO system is designed to assist dealers in working with lists of applications for shares submitted by persons interested in buying and selling non-circular lots. Execution of orders to buy shares shrinks the list, while execution of clients' orders to sell shares increases it. Many thousands of transactions are carried out for clients on every day of exchange trading, which gives a turnover of several hundred thousand shares daily.

The list management system is designed to minimize dealer risk and increase the profitability of operations on the exchange. This is ensured by notifying dealers as quickly as possible about activity in the Broken lot market and large amounts of claims for shares in the register of open limited orders at prices close to the current market price. Each dealer learns about the price of the block of shares for each position about which he would like to receive information from the system. Unless instructed otherwise, the system will operate with conventional trading units of 100 or 10 shares. These values ​​are called a list string. Each line is assigned a numerical code to simplify operations. Each code represents both buy and sell prices for the term. Any dealer can change his code at any time to any other code / price existing in the system. For management purposes, such change requests must be submitted in writing at least ten days in advance.

Border warnings. A dealer operating on the Broken lot market receives information about significant accumulations of limit orders and orders with a fixed purchase or sale price of shares at prices close to the current market price. These informational messages are called boundary warnings. Every morning the dealer is given an initial border warning informing him of all promotions in the night register, i.e. the register established at the end of the previous trading day. This initial warning includes information about all stocks that were one dollar below the lower limit, i.e. the price of the maximum buy offer and minus one dollar, as well as about all shares, the price of which is one dollar higher than the upper limit, i.e. the minimum bid price of the sale plus one dollar.

During the day, the system sends all new warnings to the dealer when orders with a fixed share price accumulate at the borders or within the interval of the maximum buy and minimum sell prices above the value in the list row. All restriction alerts are sent throughout the day, replacing all previously sent alerts, except for the very first, initial one. They contain information only on unfulfilled orders, adjusted for orders to cancel orders received on that day. Throughout the day, the stock information in the current alerts must be added to the stock information in the initial alert to get the full number of open bids currently in effect.

Limit alerts list stocks at round lot prices at which orders will be filled. The system provides compensation at the dealer's choice when the premium is charged or waived, so that all warnings are consistent, regardless of the amount of the premium. In addition to the automatically generated constraint warnings, the system can issue additional warnings on demand. For example, exchange rate accumulation not contained in the initial daily alert can be requested prior to or during a trading day if the market price moves beyond the limits that existed earlier that day. In addition, the dealer can request a special warning for every dollar traded by their stock price. At each workplace, the firm has a telephone to communicate with the attendant personnel for trading incomplete lots so that the dealer can request such warnings.

Next, a notification about the change in position is made. The computer monitors changes in positions in the stock list as activity in the non-round lot market intensifies. Clients 'orders to buy are subtracted from the position at the moment of receiving orders, and shares traded on clients' orders are added to the current number of shares in the position. Limited order shares and short sell shares are added to or subtracted from the position at the time the orders are executed.

Each time the computer-calculated position exceeds the line-by-line value specified by the dealer, a position change notification is issued. This notice advises the dealer to change their position up or down the list due to the results of trading with non-round lots. The notice also indicates the code of the exchange line and the total number of round lots transferred per day, including the last notice, while plus six means that there have been plus 600 shares so far, and minus three means minus 300 shares. After sending the notification, the computer considers it completed, reduces the position to odd lot sizes and again begins to accumulate the number of shares in the position. This residual position with the number of shares corresponding to the incomplete lot is also shown in the notice.

Position change notices are not issued until 9.30 am, so dealers usually receive one major round-lot accumulation notice before the exchange opens. Since no trades have taken place before, we can assume that the notification indicates the net starting position of each dealer at odd lot, as well as unfulfilled market orders received to date (carried over from the previous day). This arrangement reduces the number of notifications that would otherwise be sent from 8.30 am to 9.30 am. All notifications refer to the value by line, but cannot be less than a round lot or a multiple of it.

At the end of the trading day at the close of the market, the system performs a number of operations, designated as "at close" and "main". All unfulfilled applications of one day are considered invalid and are removed from the registers. Where applicable, the upper limit of the bidder's price and the lower limit of the seller's price are reduced by the appropriate dividend. Orders executed after the close of the exchange and changes made after the close cannot be credited until the next trading day.

The system for servicing incomplete lots processes all executed orders to prepare them for accounting in the settlement system. All sales and purchases are checked multiple times for the correctness of the information, clearing of duplicates and the presence of applications from participating firms for changes. Upon completion of these operations, a final detailed trading reference is prepared for each odd lot dealer. In addition, a summary report is prepared and used by dealers to calculate profit and loss. The system for providing trading with incomplete lots on the exchange trading floor. Clients wishing to buy or sell an incomplete lot have several options to choose from.

If a client has a market order for odd lot, the brokerage firm's program can execute this order at the prevailing bid or ask price without being present on the exchange's trading floor. In this case, the client has the opportunity to immediately buy or sell a non-round lot to firms at the current supply and demand prices prevailing in the market when submitting an order, and not wait until it gets to the trading floor, thereby the client has the advantage of knowing the fixed prices at the time filing an application.

Another advantage of the system is the exclusion of a surcharge on orders for an incomplete lot (1/8 point). On the other hand, if the client expresses such a wish, the firm can execute the client's order directly on the trading floor of the exchange, but the markup of 1/8 point will be added or subtracted from the order execution price; the only exceptions are orders submitted at the time of the opening of the exchange. The price is based on the nearest trades, unless these orders were received on the exchange at its opening. Savings in the 1/8-point markup does not necessarily mean better bid performance. When the gap between bid and ask prices exceeds 1/8 point, it may be more profitable for the client to make a deal on the trading floor.

The firm's Incomplete Order Program also offers the execution of limited orders on the trading floor. For orders with a limit price, there is no difference between execution according to the method proposed by the firm and when they are directly executed on the trading floor.

There is a special theory of incomplete lots. The popular belief in the past that a person working with an incomplete lot always loses out over time distributed net purchases and sales at the supply and demand boundaries has not received actual confirmation. For example, research by the Cleveland Trust Company Business Bulletin in November 1974 on the dynamics of partial lot trading from 1966 to 1974 found that odd lot sales are actually growing faster than purchases around market peaks. and the volume of purchases grows faster than the volume of sales in the region of their lowest points, determined by the average indicators of the Dow Jones.

The completeness of information on the volume of trading in non-circular lots has been influenced in recent years by transactions with odd lot made on the exchange trading floors, information about which has become available to customers thanks to large participating firms and plans to reinvest dividends announced by leading corporations to their shareholders. Suffice it to say that all registered shareholders had the right to take part in the planning of the company's dividend reinvestment and the purchase of shares. This plan called for the purchase of additional shares of the company at a 5% discount from the market price through the reinvestment of dividends, in whole or in part. Participants could also purchase additional shares worth up to US $ 25,000 annually by voluntarily paying in cash for the company's option. The shares in this option were sold at full price. The company paid any commissions for the services of brokers and banks associated with both the reinvestment of dividends and the voluntary purchase of shares for cash.

In stock trading, any purchase or sale of less than 100 shares is considered an incomplete lot, although non-demanded shares can be traded in full lots of 10 shares. An investor who buys or sells an incomplete lot pays a higher commission than an investor who makes a trade with a full lot. Differentiated commissions for an incomplete lot are set arbitrarily, but for shares they are often 1/8 of a point (12/2 cents per share). For example, an investor who buys 100 shares of a certain company at $ 70 would pay $ 70 per share plus commission. At the same time, an investor purchasing only 50 shares of this company will pay $ 70/2 per share plus commission.

Other meanings of the term Lot

In addition to using the word Lot in the field of finance and stock trading, this term has several meanings in other areas of human activity. This term defines the prize winnings in lottery and competitive draws, is an old Russian measure of weight and measurement of the content of precious metals in their alloys, designates a device for measuring the depth of a reservoir directly from a vessel.

Lotteries and contests lot

Lottery(Italian lottería, goes back to the Frankish hlot - lot) - a form of voluntary attraction of funds from the population through the sale of lottery tickets, in which part of the funds raised is played in the form of cash or material prizes. One of the types of lotteries is called the Allegri Lottery, in which the lottery is drawn immediately after the ticket is purchased.

Lottery is organized gambling, in which the distribution of benefits and losses depends on the random extraction of a particular lottery ticket or number (lot, lot). Part of the funds contributed by the players goes to the organizers of the lottery, part is paid to the state in the form of taxes.

Lottery tickets, forfeits, or numbers that correspond to certain specific winnings, in the form of real prizes or sums of money, are usually used as a lot in lottery and competitive drawings. Winning lots for lottery lots can be announced in advance or hidden, in the form of a surprise.

Lottery lot or a lottery ticket is formally a bearer security certifying the right to demand the drawing or the right of the owner to determine his legal status in relation to winning or losing. and also (provided that the prize fell on him) - the right to claim payment (issue) of the given prize.

Although according to the Regulations on the Issue and Circulation of Securities and Stock Exchanges in the RSFSR, approved by the Resolution of the Government of the RSFSR No. 78 of December 28, 1991, L.b. is not recognized as a security, nevertheless it possesses all the characteristics of a security provided for in Art. 142 and 147 of the Civil Code of the Russian Federation. The only circumstance that does not allow considering it as a security is that it is not directly designated by law as a security. Therefore, it would be more correct to call a lottery ticket a bearer document with the properties of a security.

- lot = 3 spools = 12.797 g;

- spool = 4.27 g.

Berkovets is a large measure of weight, used in wholesale trade mainly for weighing wax, honey, etc. Berkovets - from the name of the island of Bjork. So in Russia a measure of weight of 10 pounds was called, just a standard barrel of wax, which one person could roll onto a merchant boat sailing to this very island. (163.8 kg). It is known that a Berkovite was mentioned in the 12th century in the charter of Prince Vsevolod Gabriel Mstislavich to the Novgorod merchants.

Pood was equal to 40 pounds, in modern terms - 16.38 kg. It was used already in the 12th century. Pud - (from the Latin pondus - weight, weight) is not only a measure of weight, but also a weighing device. When weighing metals, the pood was both a unit of measurement and a counting unit.

Hryvnia(later pound) remained unchanged. The word "hryvnia" was used to refer to both the weight and the monetary unit. It is the most common measure of weight in retail and craft. It was also used for weighing metals, in particular gold and silver.

Lb(from the Latin word "pondus" - weight, weight) was equal to 32 lots, 96 spools, 1/40 pood, in modern terms 409.50 g. Used in combinations: "not a pound of raisins", "find out how much a pound is dashing." The Russian pound was adopted under Tsar Alexei Mikhailovich.

Lot as a unit of precious metal content

The term lot was used as a unit of mass measurement, which was used to measure not only the content of noble metals in the alloy or products, but also to determine the postage depending on the mass of correspondence.

Lot was widely used in the Middle Ages to determine the content of noble metals, in particular pure silver, in alloys or silver items. The system by which the content of pure silver in the alloy was determined was called the lot system of samples. The so-called lot tests, which were usually recorded in Roman numerals, were stamped on the manufactured items of silver. The lot system of samples made it possible to bring the content of noble metals in alloys to a single standard. With the help of lot samples, it was possible to control not only the quality of items made of silver or gold, but also to identify unscrupulous craftsmen who could change the content of pure metal in the alloy at their own discretion. Therefore, the lot test indicated on the hallmark guaranteed the quality of the silver product.

The lot system of samples was based on the medieval mark, which was in circulation among the Germanic, Scandinavian, Celtic populations of Europe and Britain and contained 16 lots. Silver lot samples were the number of lots of pure silver contained in 16 lots of assayed alloy or in one grade. Consequently, items made of silver with a 16-lot standard were items made of pure silver. All other lot samples were alloys with a lower pure silver content.

Silver sampling systems have been constantly changing. The lot system of silver samples was an inconvenient system, therefore, it was replaced by a spool system, which was soon replaced by a simpler and more perfect metric system. The metric designation system for silver samples is the most convenient of all previously proposed systems. It has become widespread throughout the world. This system is widespread throughout Europe, including Ukraine and Russia. The karat sampling system extended only to gold items.

There is currently no lot system for silver sampling. This is already an outdated silver sample designation system. Knowledge of this system is still applied in practice when converting lot silver samples to metric samples.

Lot as a device for measuring depth

Lot (Dutch lood) is hydrographic and navigation device for measuring the depth of the reservoir.

Initially (in the days of the sailing fleet) a weight was used as a lot, usually lead, with a thin rope (lotlin) to measure the depth. Lot descended from the bow channels of the ship. Sometimes a depression was formed on the lower part of the weight, into which tallow or a mixture of tallow and crushed chalk was inserted, so that soil particles would stick to it to determine the nature of the bottom.

Lots on the principle of measuring depth are divided into manual, mechanical and hydroacoustic (echo sounders).

Hand lot is a conical or pyramidal load weighing 3.5–5 kg, with a fixed rope-lotlin, on which meter or foot marks (marks) are applied. There is a variety of lot - diplot (Dutch. Dieplood), which is used to measure great depths, and is distinguished by a particularly heavy load of 20-30 kg. The measurement is carried out by counting the length of the lotlin when the tension is released at the moment of touching the bottom. The disadvantage of this type of lot is the need to take measurements at low speed (up to 3-5 knots, that is, 5-9 km / h at depths of up to 50 m) or when the vessel stops, and the difficulty of determining the moment of touching the bottom at great depths.

Mechanical lot is a device for measuring the hydrostatic pressure of water at the bottom, the simplest version of a mechanical lot is a vertical tube filled with air, sealed from the upper side and immersed in the lower open end in water. The depth is determined by the height of the rise of water (for example, by flushing or a change in the color of paint applied to the inner walls of the tube). Since the verticality of the lotlin does not matter in the case of measurements with a mechanical lot, a mechanical lot can be used to measure depths up to 200 meters on the move (up to 16 knots, that is, 28 km / h). Mechanical lots for measuring great depths are called deep-measuring machines.

Also, a lot is called a stone or metal cargo used to correct the course or detain floating ships, rafts or caravans towed behind the ship.

Nowadays, lots as navigational devices are almost everywhere supplanted. echo sounders However, in oceanographic research, bathometre lots are used, equipped with devices for measuring temperature, taking water samples at depth, and grabs for taking samples of bottom soil. The echo sounder measures depths by the transit time of an acoustic pulse reflected from the bottom.

Sources and links

ru.wikipedia.org - the free encyclopedia

onlinedics.ru - collection of online dictionaries

tolkslovar.ru - General explanatory dictionary of the Russian language

dic.academic.ru - encyclopedic dictionary

stock-list.ru - stock navigator

fortrader.ru - the first independent online magazine for traders

financial-birzha.rf - information and analytical business portal

forex-invest.tv - information and analytical portal Video-Forex

biznestoday.ru - Russian business portal

createch.ru - creative technologies agency

krugosvet.ru - round-the-world encyclopedia

ozn.ru - Lugansk Regional Universal Scientific Library

allbest.ru - global network of abstracts

coolreferat.com - Essays, books, term papers, diplomas, dissertations

cofe.ru - encyclopedia of banking and finance

The storm subsided by morning.
The draenei who woke up was asleep with an enviable skill, and maybe that's why, without a real problem, different roots took root ... entertaining and fake. Why, tell me, demons without eyes, sandworms and headless walkers did not come during the night? And the local people (Kutlug was especially worried)? Why not put collars on strong slaves and let them on the way to the fat west (Ukharga was especially worried)?
- Well, above your head, people, - Mizar scratched his head with an innocent look, - we will reach this fork on foot in a day, I know a druid ...
- Fuck! - spat here Kutlug.
- They listened to the elf, f * ck! He has this ... experience ... - objected Barsaga.
- And animal husbandry ... - pulled Ukharga.
“Well, not at all,” Mizar shrugged his shoulders (he only had an owl from animal husbandry), “just in a day there will be Khan Beldy, and if anyone doesn’t know, after him we will be dust and manure. On the other hand, he has been very fond of trolls lately. So they say ... tell me, sorcerer?

Wagabundo:
"Do I look like a Zandalar, elf?" Bokor asked, swaying in the saddle.

DM:
“If not, it's never too late to start,” “Thank you, you helped a lot,” the elven countenance expressed, but distracted.
- Road! People, dear! - For some reason, the sentinel Jung, who had been driven to the northern terrace, was amused.

DM:
Zebulak just grunted. He, I must say, was generally quiet in the morning and seemed to be sleepy: he saddled the raptor, climbed onto his back and hunched over like that Mizarov owl. Eyes - gaze.
- You will go down for a centaur, Zul, - Jantala appreciated. - As if they are taking apart. The teeth are sticking out, it's good. What is the road?

DM:
- Well, I mean, some kind of dick ... plows.
"Elune's mother ..." - depicted a sharp-sighted Mizar with his face and climbed onto the half-collapsed wall that hid the camp from the north side, the road and all the evil demons of the world. Mizar's face changed quickly.
- Seems like a woman. I mean, one. Has anyone lost a girlfriend?

Jantala:
“You’re in vain,” the troll grieved, shrugging her shoulders uncomfortably. It was bad with the girlfriends in the caravan. Sharing is even worse, and the faded prospect of a massacre shone with the morning suns.

Mizar:
- Well, we are not asking ... - the guide responded philosophically. - Here are the people ...

Dagmara:
There was sand everywhere: in the blood caked in the hair, in the eyes, in the mouth. Dagmara spat dryly and lifted her head, looking at the elf ruins as she walked. Noticing how someone's head flashed higher on the terrace, the Orchan realized that she had been seen. She stopped, looked closely, was about to reach for her boot for a knife, but changed her mind and went to where the silhouette flashed.

DM:
By that time, there were more observers: Ukharga looked out, pondered with his head (which, in general, was a rare case) and confirmed - baba. Kutlug, reflecting on some supramundane feelings, decided: not a demon, and that is why everyone cheered up, and Mizar began to limp remarkably from his companion.
- We stand, beauty! - judging by the fact that a healthy army horch with a healthy army crossbow leaned out from behind the wall, the companion nevertheless came to the agreement. - Who is she?

Jantala:
Jantala also pondered with her head and, having judged what happens to the women who stand up for other women, with great zeal, she took up cleaning the equipment. Sandy him notably.
Zebulak gazed.

Dagmara:
Dagmara paused - the argument in the hands of the orc was quite weighty. She even spread her arms a little to the sides, showing that she was unarmed. But, judging by the fact that they did not finish her right away, there is a chance that it will be possible to reach an agreement in peace, and even get drunk. Or maybe find out what about his former companions.
“Dagmara, daughter of Gorash,” the redhead blurted out as smartly as she could. - Traveler ... unwillingly.

DM:
- A. With this we are good. - Ukharga swung his weapon knowingly, without specifying what it was with. - Raise your shirt, huh? And around. We have a touching distrust of unnecessary knives here.

Dagmara:
Actually, there were few options. If, of course, she didn’t want to "make a circle" right now and give a fight, it was worth carrying out the order of this fellow. But Dagmara acted a little differently:
- I have one knife, and I will not use it - maybe you are there, but I am alone. And not quite whole. I would like to ask a couple of questions and get a couple of sips of water, and if we are not on the way, I will not be late.
However, the Orchan woman nevertheless flung open the sides of the jacket, revealing an old leather sleeveless jacket worn over her naked body. Sand spilled out of a leaky inner pocket.

DM:
- Well, nicho so, - the orc head grunted, causing a quiet chorus of agreement from the other side. - Throw the knife to me and climb here.

Dagmara:
Dagmara pulled out a knife from behind the bootleg - a simple, hunting, not throwing one, weighed it in her hand and grunted:
“And if you don’t catch it?” - but she threw it confidently, so that the knife would not hurt the orc, but would flop next to him, if he was not a fool to really catch him. - You will give it at the exit.

Wagabundo:
Bokor scrutinized the orc, occasionally chuckling. Orcs in this caravan ended badly.

DM:
- Don't be afraid.
Dagmara climbed up and realized that she had fallen into the company, with a sin in half waiting out the night storm in the ruins: at the inner walls of the old palazzo, kodoi stained with dust were snoring. The scrubbed marble floor left traces of campfire sites and opened metal cans, such as those used by the Alliance warriors. Dagmara climbed up and realized that she had fallen into that other company: a dozen orcs and hums, strong, broad-shouldered and smiling. Three trolls - a long girl and a youthful old man from the Darkspear, and also a large chubby Amani - sat aside, and even in the company of a night elf hiding his head under the keffiyeh. A sleepy owl sat on the latter's shoulder.
In the center, in the pool, people gathered - dead and stained mixed with strong. Chained by four That’s the same.
She ran into slavers.
- Ay, let the girl devour. - An opened can of stewed meat was drawn. - So what's wrong with it?

Dagmara:
A company of slave traders was hardly worse than starving to death in the desert. Because if you do not have freedom, but there is life, this is not so bad. The trouble is when the opposite is true. And sensing the smell of meat, Dagmara's stomach grumbled something mournfully, and the Orchan, without hesitation, fished out a fat piece with her fingers and put it in her mouth:
“I didn’t get down to my business,” she replied, chewing. “I met a few goblins wanting to carry goods to some fair.” A second piece disappeared behind my cheek. - They offered me to accompany them. True, I was not a mercenary, but I had a she-wolf, a gun, a bow. And after the storm - nothing of this remained, except for a hole in a stupid head. In short ...
There was indeed a blood crust in the red hair, already caked and mixed with sand.

DM:
- Where did you come from? - Grimacing, asked the extreme Orc, with reddish pusy eyes and brown spots around the lips, sure signs of quivering love for everything fouled green. - And ... I, then, Kutlug. This one, Uharga. Elfas is Mizar, and these fellow travelers.
So many glances wandered around Dagmara - ay, listen. It will be combed now. However, no one dared to speak forward between Kutluga and Utharga.

Dagmara:
“From the Barrens through the mountains, then past the Cenarion refuge and here,” the Orchan woman licked her fingers. “As I said, my name is Dagmara,” she introduced herself again to those who were looking at her. - And the demons would be with them, these caravan men, my she-wolf disappeared - that's what is strange.

DM:
“The eyeless ones grumbled,” the younger, extreme orc waved away. Everyone agreed: well, really, who will still eat the wolf in the storm ..
- Through the mountains, it means, - Ukharga grunted. - Is it true that caravans are being driven there now?

Dagmara:
- What kind of eyeless? - glanced at the young orc Dagmar, then turned to Uharga. - They drive or not - but we got through. Supervised.

Jantala:
When the Orchan said about the mountains, the troll's ear twitched in the corner. Then Jantala herself twitched: to whisper something to Bokoru.

DM:
And in general, many people watched: how much they said for these mountains.
- Eyeless are eyeless. Like wolves, only with needles and sticks. Don't be distracted ... who was looking after?

Wagabundo:
Otou nodded at the troll's words and began to take a closer look at the orc. The troll was silent, but listened and listened attentively.

Dagmara:
- For me - so bandits. Or steppe deserters. They looked menacing, roared at the orc, glared from behind all the stones from all the cracks, until we descended into the Wasteland. If my she-wolf was devoured by creatures, then where is it interesting, the bag and the gun have disappeared? Who else is fumbling around here in the storm? - the Orchan kept her own theme.

DM:
- Cattle rummaging around, - the people waved them off. - Taki in tribute to that troll woman and guide Misaru.
- I beg of you…
- And the conductor Misaru. Remember how you walked through the salt desert?

Wagabundo:
“Hey, elf,” the troll called out to Mizara, never ceasing to look at the orc and catching her answers to endless questions out of the corner of his ear.

Mizar:
- Ay?

Wagabundo:
- How are you doing? Yatamov elfas? - asked the bokor, holding the reins with one hand, and rummaging in the bag with the other in search of one of the pipes.

Dagmara:
“Otherwise,” Dagmara shrugged her shoulders with a smile. - I'll go back there if I have to. Do you have water?
Sand creaked disgustingly on his teeth, and his throat was dry from the conversation.

DM:
- Well, uncle troll, I would be fat before the sectarian ... - the elf responded somehow thoughtfully, looking at the stage with the wandering woman. - Now I will take you to the fork, and do you know which rule is to the north? Fuck the sect. Look better.

Indeed, there was something to look at, because an extreme, young orc, without getting up, perched a crossbow on his knees: I sawed it, dad!
Utharga clapped his hands.
- Do you hear, people? We've got a valuable lot here ... hey, troll, wake up. Naturally guide through the sea of ​​salt. Either we are bargaining now, or you don’t need a wimp.

Wagabundo:
- No, hell, let's bargain. Begin, ”Bokor nodded and said something to Zebulak in his own language and pulled a mask over his forehead, not allowing his hair to obscure his eyes.

Jantala:
Zebulak said nothing, but Jantala's eyes sparkled, and this was a bad sign.
- I will begin. What will you give us, Utharga, so that we can take this woman with us and relieve you of your anxiety? If she stays with you, there will be a fight, and the slaves are already restless.

Dagmara:
"Valuable Lot" looked around wearily, and, deciding that if they would drink, then after the bidding, he began to unweave one of the braids, grimacing, to remove the bloody tangles from his hair and feel the aching head.

DM:
“Not at all,” Utharga remarked on reflection. What are slaves? The slaves were very slow, the slaves had collars, chains and useless appendages like the most extreme and dead. To flee, if Kutlug's plan had failed, there was only one thing - on the road.
- Another plan: you, dental people, give us as much as a whore in a large camp costs. Each and half of that. Yes, and go where the hunt ..

Jantala:
The troll chuckled with noticeable disdain for Utharg's pricing policy.
- If we had so much, you would have taken it away long ago. Aye, orc, we will go to the Fork and take a guide or a companion for a couple of coins. We only need the road, not everything else. My Zul is already old. Give a different price.

Wagabundo:
- Ak konbyen yo jennes nan kan gwo? - Bokor asked. There was a sincere thoughtfulness in his eyes, apparently, he was very interested in something.

Jantala:
Jantala looked back at him and shook her head. They say he doesn't know.

DM:
The elf guide also blurted out something of his own in an undertone - to the neighboring trolls - as quietly as his sleepy owl could.
“No,” Utharga grunted, thinking. - I think so, people, maybe you will find a guide there. This is one alignment. Or maybe you won't find it and crawl across the salt sea with your bare backsides. This is another. And, therefore, in conditions of frightening uncertainty ... let's, people, show these ..
- Liquid values.
- Aye. Let's judge by God.

Wagabundo:
Wagabundo glanced at the "compatriots" and took out "liquid values" from his bag.
In his right hand he held gilded Hum's teeth strung on a thin thread and a collar with a large black stone.
“Sa a tout,” the troll said, teeth chattering in his hand.

Jantala:
Jantala, startled, flattened her ears and stared at Mizar. Made an unhappy face: Zul took it away, yes.

Mizar:
- I passed, - added the elf, either out of revenge, or from a vicious unwillingness to do charity work. - However, making life easier for your friend Zebulak ... people, you asked the woman what you would get from her if my friends turned out to be insolvent?
It seems that the last word caused some problems for the orc, who recently spoke about liquid values.
“The goddess sees it as an overpayment.

Wagabundo:
Zul chuckled, hearing Mizar's words, and, saying something quietly to either the elfas, or Zebulak, or Jantale, nodded at the orc, grinning predatory.

Dagmara:
Dagmara finally tore out a tuft of hair for herself, squeezed it in her fist and, resting her fist on her side, turned to Utharga herself, raising her head.
“I’d take what they give, since I’m a mischievous girl, and it’s unlikely that you will be able to sell me in some camp there — I’ll run away or tell you that you’ll beat me.” And no one needs my corpse. Well, as for the diseases, so little things, - the redhead realized, spat. - But during the storm, someone not only inquired about my gun.

Jantala:
“Don’t give back the collar, Zul,” the troll in the corner gurgled. - Well, don't give it back. It will come in handy. I am better than beads ... I have many more.

DM:
- And it's like ... in a storm? - Utharga combed his head before realizing: the question was, of course, surprisingly entertaining, but secondary. - These are some ... little things. Take off the damn pants.

Dagmara:
The redhead chuckled, and pulling off her trousers, suddenly, without expecting herself, she scratched her legs between her legs. Then one more time. Then, widening her eyes with horror, she herself stared at her causal place, curving strangely.

Jantala:
“Never expose special places to the sand,” Jantala made a philosophical conclusion. - Oh, how rubbed. Or what is it?

DM:
All were staring.
- The question for the storm is canceled, - somehow impressed Mizar stretched out. “Listen, folks, take the shells: she is still with dignity… such modesty after you were fed up by a herd of wild… desecrated… stone elementals? I do not know…
- Bl * d, - only commented Kutlug. - It's growing.
- Maybe her ... so as not to suffer?

Jantala:
- Can the Elementals? - then the troll was impressed, poking her teeth. - Take the shells, and let's say goodbye. Maybe she won't be able to walk at all, and we still have to get through the salt fields.

Dagmara:
The horror on Dagmara's face became truly genuine.

Wagabundo:
Wagabundo chuckled vile and shook his gilded teeth as he removed the collar.

DM:
“I don’t even want to know. - the conductor categorically hesitated.
Utharga took the shells.

Maybe because of the terrible girl, maybe because of such a completion of affairs, a space immediately happened between the two companions. Those wishing to reach the Green Fork among the orcs diminished sharply, the Kutlug party triumphed, and Mizar advised the people to load the disease with their own, truly boundless forces. Selling kodoi. God knows what to do and leave the company before Utharga's patience is full.

Jantala:
- Here the ethereal spirits can, - Dzhantala shared her rich experience, while Zebulak, so silent in the morning, in every possible way promoted the exchange of kodoi for these liquid ... Coins.
“But I don’t think,” the troll went on, “that you can grab such a thing from them. Hurts?
Her voice was sympathetic.

Wagabundo:
- If it hurts, we will treat, - the bokor assured the orc and, for better understanding, spoke to her in Oroch. - How did you manage? And you fucked up your shooter, and picked up this bullshit?

Dagmara:
“I didn't have any crap,” the orc woman Bokoru replied very quietly, but viciously. - They just poked me in the head, and the strings were intact, and it didn't itch ... nothing. Until I got here. Maybe there is some kind of infection in the air?
She had already pulled on her trousers and walked over to the trolls. Dagmara looked confused. She cursed under her breath, then turned to the troll.
- Itching.

DM:
Up close, it was clear that the troll farm was wider than it seemed from the orc side. Along with the elf, owl and kodoi, there was a draenei body with a brown blanket and an indecent amount of iron called armor.
The body was asleep with such an air that the slaves, the wasteland itself ached ... everything seemed to be passing things.

Jantala:
“We’ll find a healer,” the troll calmed down. - We are in the mountains, did you hear? If you bring us down, let’s let us go, and we’ll also give us for treatment. Maybe the Zul will help you with an amulet. I do not know. Ask him yourself.

Zebulak:
- Yes, ask Zul, girl, - Amani laughed from behind the tail of the kodoi: he tried to fix the nonsense on wheels left from the wagon crashed by the storm.

Wagabundo:
“Ai, Zebulak, by the way, can heal you himself, I’m sure he has a very healing amulet,” Bokor grinned at Zebulak. He's a good man after all. But they will definitely cut each other's throats. Someday. - Is the Horned still sleeping or is it dead already?

Dagmara:
The orc sighed, chuckled:
- That let go - so I figured it out. Where I know the way - I'll show you. I shouldn't have gotten myself into all this, - the orc woman made a broad gesture with her hand, meaning either the Wasteland, or a caravan, or even a draenei. - Zul, - she already respectfully turned to the troll, - if you really can heal from unexpected ailments - I'll get you skins. And meat. What creature I will catch, if need be. I will thank you.

Wagabundo:
Bokor nodded in understanding.
“We’ll get to the fork, and then we’ll deal with your crotch,” Otou turned in the saddle. - Bald forest friend, are you going to mess around with this shit for a long time?

DM:
"Should I ship your property too, old palm crab?" - Zebulak did not remain in debt. - Pull it in yourself. How are you - Dagmara, do you know how to rule a kodoy? Get in, or something. The rest are on horseback.
- Mizar, are you ready to go? - called the elf Jantala.

Mizar:
- Only without this body on the hump. - the elf with a certain enthusiasm filled the hump of his kodoi with his own belongings. - And without it.
Apparently, it was a sleeping draenei.

Dagmara:
Dagmara did not force herself to invite herself a second time, climbed up, took the reins firmly, confidently. We went, they say, on kodoi. She did not attach any importance to the words of the elf, she glanced at the draenei. And she scratched herself.

Wagabundo:
Bokor climbed out of the saddle and jumped to the dusty ground.
“Jah,” he nodded at the draenei.
The trolls threw the heavy sleeping carcass into the Zebulakov cart and returned to their saddles, ready to ride.

Surely even novice traders in the first hours of their work came across such a concept as a lot. It may also be called:

• Exchange lot
• Trade volume
• Trading lot

All these concepts mean one thing - we have a standard unit that is necessary to measure a contract in the stock market. The standard unit has a fixed size. The size of the exchange lot is determined by the rules of the exchange (the amount of an asset that is included in one trading lot).

An important point - a lot on the stock exchange can be full (the so-called "round lot") - this expression means a package that includes 10, 20, 100 or more shares or bonds. Also, the exchange lot may be incomplete - the so-called "non-round lot", "non-standard lot" - it means some part of the full lot.

On popular American stock exchanges: NYSE, NASDAQ, AMEX, CME for one exchange lot, the standard number of shares is fixed - 100 units.

And on MOEX in the Russian Federation (according to the changes from 2011) the lot size can be: 1, 100 and 1000 units.

Few details.

On the stock exchange, shares are traded in lots. As we found out above, the lot identifies the minimum number of securities of the same type that can be purchased or sold in an exchange transaction.

Thus, the lot size will directly depend on the liquidity and value of the securities - the more liquid they are, the more the lot will be in size. An example is the Russian stock exchanges - here the largest lot is equal to one hundred thousand shares. They use it to trade InterRAO securities.

Due to the fact that the cost of one share of the company at the time of this writing is only a few kopecks, the size of a lot, consisting of 100 thousand shares, reaches several thousand rubles.

As a result, the higher the share price, the smaller the lot will be. So, if the value of a preferred share exceeds several tens of thousands of rubles (a prime example is Transneft's preferred shares), then one exchange lot will be equal to one share.

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