Direct Access Order Routing

Schwab Pre-Market

Orders can be entered from 8:05 p.m. on the previous trading day to 9:15 a.m. ET, but trades are not eligible for execution until the session officially opens for trading at 8:00 a.m. ET.

For more on Schwab Pre-Market orders, refer to Extended Hours Trading.

SmartEx

An electronic execution technology designed to "hunt and seek" the best available price for your retail sized marketable orders. Refer to the SmartEx™ topic for more information.

Schwab Post-Market

Orders can be entered from 4:05 p.m. to 8:00 p.m. ET, but trades are not eligible for execution until the session officially opens for trading at 4:15 p.m. ET.

For more on Schwab Post-Market orders, refer to Extended Hours Trading.

NSDQ (NASDAQ)

General Information*:

• Trading hours are 7:00 a.m. to 8:00 p.m. ET.
• NSDQ orders will search for price improvement if available.
• Orders not immediately matched are added to the NSDQ Single Book book, where they wait to be matched in price-time priority.
• Orders will not be routed to other market participants for execution. If your order will cause the market to lock or cross, it may be cancelled by the ECN.
• The top NSDQ book bid and ask quotes are displayed on Level II with the NSDQ identifier.
• Fractional Shares: As the quantity field does not allow the input of fractional shares, using the Sell All action in combination with the SmartEx or Schwab Pre Market/After Hours venue is the only way to send orders to sell fractional amounts. Direct Access venues do not offer fractional share trading.

NSDQ Order Types

Limit Orders

• Limit - Matched against existing orders on the NSDQ book. If no match found will post to the book.
• Limit Invisible - These orders are never displayed on the book or in Level II and, therefore, cannot lock or cross the market.

Time in Force

• Immediate or Cancel (IOC): By checking IOC, if only a portion of your order fills (partial fill), all remaining shares of the order will cancel.
• Day: Orders can be entered starting at 7:00 a.m. and will remain live until 8:00 p.m. ET.

* The information provided on this page is subject to change at any time. To get the most current information please go to the NASDAQ website.

ARCA (NYSE Arca) ECN

General Information*:

• Trading Hours 8:00 a.m. to 8:00 p.m. ET
• If a better price is available, it will target such price.
• Minimum decimal increment in order price: .001.
• All ARCA limit orders will be canceled after the close at 8:00 p.m. ET.
• IOC (Immediate or Cancel) order condition available.
• A market order is available by selecting Market in the drop-down menu once ARCA is chosen as the order route. The default is a limit order.
• Fractional Shares: As the quantity field does not allow the input of fractional shares, using the Sell All action in combination with the SmartEx or Schwab After Hours venue is the only way to send orders to sell fractional amounts. Direct Access venues do not offer fractional share trading.

ARCA Order Routing

Limit Orders

• Marketable Limit Orders - Matched with the ARCA book or preferenced to other market participants using ARCA's SmartBook logic. The order price may be improved, however, if a better price appears after your order has been routed by ARCA.
• Non-Marketable Limit Orders - The order is posted to the ARCA book. ARCA posts the best bid and offer in their book to Level II (MMID=ARCA)
  
  NOTE: Your price may not cross or lock the market. If your order will cause the market to lock or cross, it may be cancelled by the ECN.

Market Orders

• These are matched with the ARCA book if there is volume at the inside. If ARCA is not at the inside the order is routed using ARCA's SmartBook logic. Any residual will not be routed to the next price level until all quotes at the current best bid or offer are exhausted
• Criteria for routing orders: % fill history, time, and size shown.
• Market orders are not accepted prior to 9:30 a.m. or after 3:59 p.m. ET.

TIME IN FORCE

• Day: Can be entered after 7:30 AM ET and expire at the end of the extended trading day (8:00 p.m. ET)
• IOC: The order is filled immediately and the remainder is cancelled.

* The information provided on this page is subject to change at any time. To get the most current information please go to the NYSE Arca web site.