| Regular market hours trading sessions | Extended hours trading sessions | |
|---|---|---|
| Time | Orders can be placed at any time and will only be valid from 9:30 a.m. to 4:00 p.m. ET. |
Orders can be placed at any time and will only be valid from 9:30 a.m. to 4:00 p.m. ET. For orders placed on Schwab.com, Schwab Mobile, and thinkorswim platforms: Pre-market: Orders placed between 8:05 p.m. (previous trading day) and 9:25 a.m. ET will be eligible for execution between 7:00 a.m. and 9:25 a.m. ET. Afterhours: Orders placed between 4:05 p.m. and 8:00 p.m. ET will be eligible forexecution during that time period. Extendedhours (13 hours continuous†):Orders placed anytime will be eligible for execution between 7:00 a.m. and 8:00p.m. Fororders placed on thinkorswim platforms: Extended +Overnight (24 hours continuous†):Orders placed anytime will be eligible for execution 24 hours a day, eachmarket day. Unless GTC is selected, orders expire at 8:00 p.m. each day. †Exceptfor 5-minute closures that occur before and after regular exchange hours. |
| Trading venues | Trading occurs on exchanges like the New YorkStock Exchange (NYSE) and Nasdaq and through a variety of venues, includingmarket makers and other market centers. | Similar to regular market sessions, trading occurs on exchanges like the New York Stock Exchange and Nasdaq and through a variety of venues, including market makers and other market centers. |
| Order types | Many order types and conditions are accepted,including: market, limit, stop-limit, all-or-none, etc. | Only limit orders are accepted. |
| Time in force | Different timing choices are available,including Day, GTC, IOC, and FOK. |
Differenttiming choices are available depending on the extended hours session andplatform used: ForSchwab.com and Schwab Mobile: Extended-hoursa.m.: Pre-market Day order Extended-hoursp.m.: After-hours Day order ExtendedHours: 13-hour Day or GTC order (Day orders expire at 8:00 p.m. ET each day.) Forthinkorswim platforms: EXT AM:Pre-market Day order |
| Liquidity | In general, higher-volume trading activity meansmore liquidity and a greater likelihood of order execution. | Lower volume trading activity may result inlower likelihood of order execution, wider spreads, and greater pricefluctuation |
| Quotes | The quotes you receive are consolidated andrepresent the best available prices across all trading venues. |
Quotes and fills are not consolidated and represent the current prices available through the market. As a participant in the extended hours trading network, the market may also offer access to prices available in other participating markets but not necessarily all venues open for extended hours trading. Best execution is not guaranteed. On thinkorswim platforms, mark, bid, ask, size, and level-2 quotes are shown. For EXTO (extended hours overnight) orders, the last trade price is not displayed.
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