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Invest With Us: Window Trades

*Note: Depending on your user access level, and if you have an advisor who can access your account, some of the functions described here may not be available to you, or may be performed by your advisor.

What is a Window Trade?

Our Window Trading, often referred to as “a Window”, is an innovative way to fill orders efficiently for long-term investors. Instead of being executed immediately like a Market order (also referred to as a Direct order), Window Trade orders are grouped together by side and symbol one or more times per day and executed. You may submit orders to us throughout the day. The orders are collected until each Window Trade deadline, which occurs one or more times per day. Order processing generally begins soon after each deadline and order execution typically is completed within one hour, but may take longer depending on a variety of factors, including order size and market conditions. If your order is entered in a Window, it may not be fully executed prior to the start of the next Window. In that event you would not be able to place a subsequent order in the same symbol for the next Window.

  • Orders placed after the last Window on any business day are processed in the first Window of the next trading day.
  • Orders placed between Windows on any business day are processed in the next Window.

While you can trade up to 100 securities in one folio order, you can place only one order per folio in any given Window.

EXAMPLE

If you have three folios, A, B, and C, you can place one order for each folio in one Window. You cannot place two orders for Folio A in one Window.

Please consult our website for current Window Trade times and frequency.

To execute your Window Trade orders, after grouping orders by side and symbol, we generally send an order (which may be an aggregate of your order and orders of other customers) to a market center for execution. To handle odd lot orders or facilitate fractional shares, we may also execute orders or participate in aggregate orders using our own inventory of securities. All buyers of the same security in a Window receive the same average execution price and, correspondingly, all sellers of the same security in a Window receive the same average execution price.

You will receive a detailed trade confirmation summarizing the details of each Window Trade order and its execution no later than the day after the day of execution.

How do I buy and sell non-Window tradable Securities?

To buy and sell non-Window tradable securities:

  1. Go to your Accounts page
  2. In the menu located next to the Folio, select Prepare a Market/Limit Order
  3. Under Action select buy or sell next to the security you are trading
  4. Select Preview Order
  5. Then select Place Order to complete the trade

Please contact us if:

  • You wish to sell a non-Window tradable security and are unable to place this order through a Direct Trade
  • You wish to sell a security you own that has no value. In order to remove a valueless security from your account, you will need to sign a letter of indemnity.

View a list of our non-Window tradable securities

How do I cancel a Window Trade before it is executed?

To cancel a Window Trade before it is executed:

  1. Go to your Accounts page
  2. In the menu located next to the Folio, select Order Status
  3. Under Status select Cancel
  4. Select Yes to confirm cancelling the order

If a trade is processing you will not have the option to cancel it.