Series 28: Units Of Delivery For Stocks

Taken from our Series 28 Online Guide

Units of Delivery for Stocks

On stock transactions, good deliveries must be made in round lots. Round-lot sales mean a sale of shares that add up to 100 shares or are divisible by 100 shares. For example, assume Jennifer is delivering 500 shares of common stock to Melissa. Jennifer can deliver the stock in any of the following ways:

• One 500-share certificate
• Two 200-share certificates and one 100-share certificate
• Ten 50-share certificates (50 + 50 = 100, hence, five 100-share groupings)
• Five 70-share certificates and five 30-share certificates (70 + 30 = 100, hence, five 100-share groupings)

Jennifer cannot deliver the stock in two 250-share certificates or seven 70-share certificates and one 10-share

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