Extended Hours Trading

Extended Hours Trading is made possible by market centers that match bids to offers electronically.

Trading Sessions

Schwab's Extended Hours Trading offering has two components: the Pre Market and the After Hours sessions. Both sessions are independent from the Standard Market Session.

• Pre-Market Session: Orders can be entered from 8:05 p.m. on the previous trading day until 9:25 a.m. ET. Trades are not eligible for execution until the session officially opens for trading at 7:00 a.m. ET.
• After-Hours Session: Orders can be entered from 4:05 p.m. to 8:00 p.m. ET. Trades will be eligible for execution during this time period.
• Schwab reserves the right to change its extended hours session and may cancel extended hours sessions without prior notice.
• After hours order flow is routed to UBS.

Eligible Securities

Most NASDAQ and listed securities are currently eligible for extended hours trading at Schwab. However, at any time, any number of securities may not be available due to lack of trading interest during the Extended Hours Trading Session.

Order Types

Only limit orders are accepted during extended hours. The maximum order size is 25,000 shares.

Quotes

Quotes for the Extended Hours Trading session reflect the best Bid (buy) and Ask (sell) orders currently available through the participating market centers.

Changing and Canceling Orders

You can attempt to change or cancel an Extended Hours order within the same Extended Hours session, as long as the status of your order is open.

Unexecuted Trades

Unexecuted orders do not carry over into the next Standard or Extended Hours Trading Session. Any open orders will be automatically canceled at the end of the current Pre-Market or After Hours session.

Risks of Extended Hours Trading

Extended Hours Trading Sessions may not be suitable for all investors since they pose certain risks including, but not limited to: lower liquidity, changing prices, news announcements, higher volatility, and wider spreads.

Extended Hours Trading Sessions do not take place on official Exchange holidays or when the Exchanges close early. Schwab reserves the right to change or modify the hours of operation at any time. A Schwab Extended Hours Trading Session, or any security traded therein, may be temporarily or permanently suspended without prior notice at any time at our discretion.

Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (“IIV”)

For certain Derivative Securities Products, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals.

NOTE: Listed securities participating in the extended hours sessions and all short sales will continue to be routed using Schwab's Extended Hours offerings.