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.

Standard Market Hours	Extended Hours Trading at Schwab	Extended Hours Trading via Direct Access on StreetSmart Edge®
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 9:25 a.m. ET. 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 Direct Access Routes 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 centers.	Your orders will be processed through UBS.	Orders will be routed to your chosen destination.
All orders types available via StreetSmart Edge® 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 are either auto-canceled or remain on the books of the ECN until the end of the day if you have changed your Auto-Timeout setting to zero.
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.

Direct Access order destinations do not make a distinction between the standard session and the extended hours sessions. Orders can be sent anytime during the ECN's or NASDAQ's hours of operation.

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.