There are currently two Windows each business day the U.S. securities markets are open – approximately 11:00 AM (ET) and 2:00 PM (ET). We may occasionally provide fewer or additional Windows for various reasons.
You may submit orders to us throughout the day and each order submitted is held until the next Window Trade deadline. 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. For example:
Orders placed between 2:00 PM and 11:00 AM (ET) the following business day are processed starting at 11:00 AM.
Orders placed between 11:00 AM and 2:00 PM (ET) are processed starting at 2:00 PM.
If the market is open less than a full day we usually provide one Window. If you place an order after the last Window deadline for the day, your order will be processed during the first Window on the next trading day.
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.
We cannot guarantee that every Window will occur as scheduled or at all. You understand and agree by submitting your Window Trade order that there may be times when Windows are delayed or are cancelled for various reasons, such as quote vendor failures, computer failures or events affecting the markets. We reserve the right to add, remove and change Window Trade deadlines, without notice, at any time.
Furthermore, your order can only be routed to other market participants for execution, or executed by us, once certain processing has occurred, such as aggregating the orders submitted for that Window and the completion of certain price checks. The time from the Window deadline passing to when your order is completed will depend on a variety of factors, including the aggregated order size and market conditions.
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