Taiwan's intraday odd-lot trading: buy 1–999 shares, matched every 5 seconds
Last updated: 2026-08-19
Intraday odd-lot trading lets you buy or sell 1–999 shares of a listed stock during regular hours (9:00am–1:30pm) instead of the standard 1,000-share lot. TWSE launched it 2020-10-26; orders match by call auction every 5 seconds since 2024-12-02, first match at 9:10am. Limit orders only. Not investment advice.
What intraday odd-lot trading is
A standard board-lot (整股) trade on the Taiwan Stock Exchange is 1,000 shares. Odd-lot (零股) trading covers any quantity below that — from 1 to 999 shares. Before 2020, odd lots could only be traded in a single after-hours call auction. The TWSE's intraday odd-lot system, launched 2020-10-26, opened a second channel that runs during regular market hours, so small investors no longer have to wait until after the close to trade in smaller sizes — a change the exchange itself has framed as a financial-inclusion measure for retail and smaller-budget investors.
Trading hours and how matching works
Orders can be placed from 9:00am to 1:30pm. The first call auction match happens at 9:10am, then matches repeat continuously — every 5 seconds as of 2024-12-02 (the interval was cut from 3 minutes to 1 minute on 2022-12-19, then to 5 seconds two years later, per the exchange's own optimization schedule). Matching follows price priority, then time priority when prices tie — the same rule as round-lot trading.
Intraday odd-lot trading vs. after-hours odd-lot trading
The two are separate order books. Intraday odd-lot orders run 9:00am–1:30pm with repeated call-auction matching described above. After-hours odd-lot trading runs 1:40pm–2:30pm and matches only once, in a single call auction after the market closes — this is the older mechanism that predates the 2020 intraday system. An unfilled intraday odd-lot order does not automatically roll over into the after-hours session; to participate after hours you have to place a new order in that window.
What you can't do with odd lots
Odd-lot orders (both intraday and after-hours) must be limit orders valid for the current day only — no market orders, no good-till-cancelled. Odd lots cannot be bought on margin financing, sold short, or borrowed via securities lending, and they are not eligible for same-day day-trade offsetting (現股當沖). These restrictions apply uniformly across brokers; they are exchange-level rules, not a broker choice.
Commission and tax — same rates, but check your broker's minimum
Odd-lot trades carry the same statutory rates as round lots: a securities transaction tax of 0.3% of the sale amount on ordinary stocks (0.1% for ETFs), paid by the seller, and the standard brokerage commission cap of 0.1425%. The catch for small trades is each broker's minimum commission — on a small odd-lot order, a flat minimum fee can be a much larger share of the trade than the same percentage would be on a round lot, so it's worth checking your broker's stated minimum before placing frequent small odd-lot orders.
FAQ
What is intraday odd-lot trading, in one sentence?
It's a way to buy or sell 1–999 shares of a listed stock during regular market hours (9:00am–1:30pm) instead of the standard 1,000-share lot, via repeated call-auction matching — launched by the TWSE on 2020-10-26.
What are the trading hours for intraday odd lots?
Orders can be placed 9:00am–1:30pm, with the first match at 9:10am. This is separate from after-hours odd-lot trading (1:40pm–2:30pm, single match).
How often does matching happen — is it every 5 seconds?
Yes, as of 2024-12-02. The interval has been shortened twice: 3 minutes → 1 minute on 2022-12-19, then 1 minute → 5 seconds on 2024-12-02, per the TWSE's published market-optimization schedule.
Can I day-trade or buy odd lots on margin?
No. Odd lots cannot be bought on margin, sold short, borrowed via securities lending, or used for same-day day-trade offsetting (現股當沖) — cash purchase and sale only, with limit orders valid for the current day.
Are odd-lot commissions more expensive?
The statutory rate cap (0.1425%) and transaction tax (0.3% stocks / 0.1% ETFs) are identical to round lots. What can make small odd-lot orders relatively expensive is each broker's own minimum commission — a flat minimum eats a bigger share of a small trade. Check your broker's stated minimum before placing frequent small odd-lot orders. Not investment advice.
What's the difference between intraday and after-hours odd-lot trading?
Intraday odd-lot trading (9:00am–1:30pm) matches continuously via call auction, using the more current, actively-forming price. After-hours odd-lot trading (1:40pm–2:30pm) matches only once, based on that day's closing price. An unfilled intraday order does not carry over — you'd need to place a fresh order for the after-hours session.
Not investment advice. This is a factual summary of the Taiwan Stock Exchange's odd-lot trading mechanism — trading hours, matching rules and fee structure — not a recommendation to trade. Sources: Taiwan Stock Exchange (trading-mechanism pages), Financial Supervisory Commission (matching-interval press release).