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, once completed, the grouped order can be routed for execution or executed by us in whole or part, depending on the size of the order and other factors. The time from the deadline passing to when your order is completed will depend on a variety of factors, including the grouped 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.
You can place only one order per folio in any given Window.
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. Similarly, 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.
To buy and sell non-Window tradable securities:
Please contact us if:
To cancel a Window Trade before it is executed:
If a trade is processing you will not have the option to cancel it.