Odd-lot trading refers to:

• A. Transactions of 1000 shares or more.
• B. Transactions of fewer than 100 shares.
• C. Trading that occurs after market hours.
• D. Trading that happens only on odd-numbered days.

Answer: (B)

Fewer than 100 shares is what odd-lot trading refers to. In equity markets, 100 shares is the standard "round lot," the typical trade size. Odd lots are smaller orders and historically were treated differently in routing and pricing, though today many brokers still handle them alongside regular orders. The other descriptions don’t define odd-lot size: a 1000-share trade is a large or jumbo order, trading after hours concerns timing rather than size, and there’s no concept of trading on odd-numbered days in this context.