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, 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 (e.g., regulatory or voluntary restrictions that from prohibit us, but not you, from buying or selling a security). 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.
- 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.
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.
There are a small number of securities available for trading that are not window-tradable and can only be bought and sold with market/limit order, which you can generally place on our website.
- If you wish to sell a non-window-tradable security and are unable to place this order on our website
- If you wish to sell a security you own that is considered worthless, so that you can remove it from your account, you will need to sign a letter of indemnity to remove the security from your account.
How do I cancel a window trade before it is executed if the price of the security fluctuates drastically?
You can view and cancel pending orders by selecting Order Status on the Accounts page—if the trade has not already been executed.
You can also use the cancel order limit function in a window trade to protect your order from being executed at a price that is significantly worse than the price at the time you entered your order.