Risks of Extended Hours Trading

Standard Market Hours

Extended Hours Trading Using Direct Access

• Individual investor orders may be executed from 9:30 a.m. to 4:00 p.m. ET.
• Orders can be placed at any time.

Pre-Market Trading

• Individual investor orders may be executed from 8:00 a.m. to 9:15 a.m. ET.
• Orders can be placed at any time.  Orders can be placed as early as 8:05 p.m. the previous trading day, but order execution will not begin until 8:00 a.m.  
• Orders cannot be placed until after 8:00 p.m. ET for next day's session.

After-Hours Trading

• Individual investor orders may be executed from 4:15 p.m. to 8:00 p.m. ET.
• Orders can be placed as early as 4:05 p.m. ET, but order execution will not begin until 4:15 p.m.  
• Orders cannot be placed after 8:00 p.m. ET.

Please refer to the table in Action Types, Order Types, and Order Conditions for the hours of operation for each routing channel. These destinations do not in any way differentiate orders based on the time of day the order is submitted.

Trading occurs on Nasdaq and the exchanges through a variety of Market Makers and ECNs.   

Your orders will be processed through UBS.

For Nasdaq equities, your orders will be routed to your chosen destination.

All orders types available via StreetSmart.com are accepted by Schwab during this Trading Session, subject to account or security specific limitations.  

Only limit orders are accepted, subject to account or security specific limitations.  

Limit orders and some market orders are accepted, subject to account or security specific limitations.

All order sizes are accepted (round, odd, and mixed lots).     

While odd and mixed lot orders can be accepted, their use may significantly reduce your chance of finding a matching buy or sell. The maximum order size is 25,000 shares.

Maximum order size limitations vary by channel.

You can trade securities or options.  

Currently, most NASDAQ and certain listed securities are available for trading during the Extended Hours Session at Schwab.  

NASDAQ equities only.

Unexecuted limit orders placed during the day session do not carry over to the Extended Hours Session.  

Unexecuted extended hours orders are canceled at the end of the session, and do not carry over to the next standard market or Extended Hours Trading Sessions.  

Like orders placed during the Standard Market Session, unexecuted shares remain on the books of the ECN until the end of the day, if a day order, or until cancelled if a GTC order.

In general, higher trading activity means more liquidity and a greater likelihood of order execution.  

Lower trading activity may result in lower likelihood of order execution, plus wider spreads and greater price fluctuation.  

Lower trading activity may result in lower likelihood of order execution, plus wider spreads and greater price fluctuation.