If Direct Access trading is enabled for your account, you have the following
order routing choices:
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: Fractional shares can be closed out using SmartEx or Schwab Pre Market/After Hours venues. Customers can select Sell All order action or manually enter the fractional quantity in as long as the order is not a stand alone fraction and as long as the order will not leave a fractional quantity behind. 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: Fractional shares can be closed out using SmartEx or Schwab Pre Market/After Hours venues. Customers can select Sell All order action or manually enter the fractional quantity in as long as the order is not a stand alone fraction and as long as the order will not leave a fractional quantity behind. 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. |