Trading

We make available two different trading methods that you can choose from when placing orders for your customers: Commission-Free Window Trading, and Direct Trading. Unlike Window Trades, we send Direct Trades to a market center for execution upon receipt, and you will pay a separate commission for Direct Trade orders.

Window Trading

Our most cost-effective trading method is our patented Window Trading, often referred to as “a Window.” A Window is an innovative way to fill orders efficiently for long-term investors. Instead of being executed immediately like a Direct Trade order, Window Trade orders are grouped together by side and symbol one or more times per day and executed. Please consult our website for current Window Trade times and frequency.

Window Trading saves you and your clients time and money with advantages that include:

  • The ability to buy and sell an entire portfolio in a single transaction.
  • Unlimited trades with no commissions, no transaction fees, and no ticket charges on selected pricing plans.
  • The ease of placing orders in dollar amounts rather than shares, with the ability to buy and sell both whole and fractional shares.

How Does Window Trading Work?

You and other customers submit orders to us throughout the day. The orders are collected until the Window Trade deadline, which occurs one or more times per day. Order processing, which entails grouping orders together by side and symbol, generally begins soon after each deadline. If your order is entered in a Window, it may not be fully executed prior to the start of the next Window. In that event you would not be able to place a subsequent order in the same symbol for the next Window. Order execution typically is completed within one hour, but may take longer depending on a variety of factors, including order size and market conditions.

  • Orders placed after the last Window on any business day are processed in the first Window of the next trading day.
  • Orders placed between Windows on any business day are processed in the next Window.

While you can trade up to 100 securities in one folio order, you can place only one order per folio in any given Window.

EXAMPLE

If you have three folios, A, B, and C, you can place one order for each folio in one Window. You cannot place two orders for Folio A in one Window.

Please consult our website for current Window Trade times and frequency.

To execute your Window Trade orders, after grouping orders by side and symbol, we generally send an order (which may be an aggregate of your order and orders of other customers) to a market center for execution. To handle odd lot orders or facilitate fractional shares, we may execute orders or participate in aggregate orders using our own inventory of securities. All buyers of the same security in a Window receive the same average execution price and, correspondingly, all sellers of the same security in a Window receive the same average execution price.

If your order is entered in a Window, it may not be fully executed prior to the start of the next Window. In that event you would not be able to place a subsequent order in the same symbol to be handled in the next Window.

You and your clients will receive a detailed trade confirmation summarizing the details of each Window Trade order and its execution no later than the day after the day of execution.