Direct Access Route Comparison

During the specified trading times for each routing channel, Direct Access allows you to enter buy and sell orders for NASDAQ, Listed, and OTC stocks. The table below shows a list of all the action types allowed with Direct Access.

 

Action Types

Buy

Sell

Short

Cancel

Cancel All

 

The change order function is not accepted when routing orders via Direct Access.

Each routing channel has different order types, hours of operation, and order conditions. The table below shows a quick reference guide for each destination including the following information: hours of operation, maximum number of shares, order types, and order conditions. For more information about each destination, click on the link for each.

 

Order Destination Type of Channel Hours of Operation (Eastern Time) Order Types Order Conditions Security Types Traded

ARCA
(NYSE Arca)

ECN

7:00 a.m. - 8:00 p.m.

Limit, Market, Market-Peg, Primary-Peg

Day, IOC, Max Floor, Peg Diff, Discretion

NNM, Listed, OTC

NSDQ (NASDAQ)

Exchange

7:00 a.m. - 8:00 p.m.

Limit,
Limit Invisible, Market

Day, IOC

NNM, Listed

 

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