How Smart Orders Route

The Smart venue is a Schwab electronic execution route which allows you to buy, sell, and short equities during standard market sessions (9:30 a.m. to 4 p.m. ET).

When an order is placed on the Smart venue, the order is routed to a competitive execution partner.

Additionally:

Smart orders may be entered outside of the standard session from 4:05 p.m. to 9:30 a.m. ET, however, these orders will be queued for the next standard session open.
An order routed through Smart may have partial fills. An attempt to continue to fill the order until it is completed will be made.
For a Day Limit order, there is only one commission charge and generally one order number assigned, unless you change your order, regardless of the number of fills it takes to complete the order.
Good 'Til Canceled orders have the potential for multiple commissions if the order takes more than one day to complete. One commission will be charged for each day's combined fills, based on execution prices and quantities.

The table below shows a list of available options associated with Smart orders.

Smart Order Routing

Action Types	Order Types	Order Conditions	Special Conditions	Security Types Traded
Buy Sell Short	Market	Day, On Close (MOC)		NMS, OTC
	Limit	Day	All or None or Min Quantity*
		GTC	All or None or Min Quantity*
		GTC	Do Not Reduce
		FOK
		IOC – only available for listed stocks
	Stop, Stop Limit, Trailing Stop	Day, GTC

*Available only for Limit Orders of 200 shares or more.

Short selling is an advanced trading strategy involving potentially unlimited risks, and must be done in a margin account. Margin trading increases your level of market risk. For more information please refer to your account agreement and the Margin Risk Disclosure Statement.