![]() Lower liquidity and higher volatility in extended-hours trading may result in wider than normal spreads for a particular security. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. In extended-hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security. Similarly, important financial information is frequently announced outside of regular market hours. ![]() Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system. As a result, you may receive an inferior price in extended-hours trading than you would during regular market hours.ĭepending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. The prices of securities traded in extended-hours trading may not reflect the prices either at the end of regular market hours or upon the opening the next morning. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price in extended-hours trading than you would during regular market hours. There may be greater volatility in extended-hours trading than in regular market hours. Generally, the higher the volatility of a security, the greater its price swings. Volatility refers to the changes in price that securities undergo when trading. As a result, your order may only be partially executed, or not at all. There may be lower liquidity in extended-hours trading as compared to regular market hours. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. ![]() Generally, the more orders that are available in a market, the greater the liquidity. Call 888-LSPD-123 for more details and pricing.Liquidity refers to the ability of market participants to buy and sell securities. Routing charges are subject to change without prior notice. Rebates are subject to forfeiture in the event an ECN or exchange does not remit the rebate to Lightspeed. Stocks priced under $1.00 are subject to different routing charges and are not rebate eligible. Most aggressive orders sent on Lightspeed Trader and Sterling Trader Pro to ARCA and NSDQ will first be routed through Coda Markets, Inc. Regardless of the route selected in the dropdown, Hot Button, or Hot Key, the Firm may first direct that order through a vendor and may receive discounted execution fees and/or payment for order flow through that vendor that it does not pass on to its clients. If you select a venue for order routing, Lightspeed may handle as not held. Lightspeed offers additional routes not listed above. ![]() The venues above represent the most used routes. Pre and post-market eligible orders will have an additional charge of 0.003 per share. Lightspeed routing fees do not apply to Lightspeed Web Trader. For share prices, less than $1.00, 30 basis points times the total trade value will be charged. *The LSPT route is available from 9:30 to 4:00 pm ET.
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