Help Center

Invest With Us

What is a Window Trade?

Window Trading is a way to fill orders efficiently for long-term investors. Instead of being executed immediately like a Market order (also referred to as a Direct order), Window Trade orders are grouped together by side and symbol one or more times per day and executed. You may submit orders to us throughout the day. The orders are collected until each Window Trade deadline, which occurs one or more times per day. Order processing generally begins soon after each deadline and, once completed, the grouped order can be routed for execution or executed by us in whole or part, depending on the size of the order and other factors (e.g., regulatory or voluntary restrictions that prohibit us but not you, from buying or selling a security). The time from the deadline passing to when your order is completed will depend on a variety of factors, including the grouped order size and market conditions. 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.

  • 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.

You can place only one order per sub-account in any given Window.

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 also 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. Similarly, all sellers of the same security in a Window receive the same average execution price.

You 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.

Please consult our website for current Window Trade times and frequency

How do I buy and sell non-Window tradable Securities?

To buy and sell non-Window tradable securities:

  1. Go to the client’s accounts page
  2. In the Actions menu located next to the Folio, select Prepare a Direct Trade
  3. Under Actions select buy or sell next to the security you are trading
  4. Select Preview Order
  5. Then select Place Order to complete the trade

Please contact us if:

  • You wish to sell a non-Window tradable security and are unable to place this order through a Direct Trade
  • You wish to sell a security your client owns that has no value. In order to remove a valueless security from your client’s account, your client will need to sign a letter of indemnity.

View a list of our non-Window tradable securities

How does a Stock Split affect my client’s account?

On the effective date of the split, the newly adjusted share price and number of shares will be displayed on your client’s Holdings page. However, please be aware that the Day’s Gain value will not be updated until the following business day.

How can I view my client’s estimated capital gains and losses as I am placing a trade?

You can view estimated gains and losses as you place a trade for a client (in a taxable account) on the Preview Order page. Select the Tax Lot Details button to see estimated short and long-term capital gains for each security.

Note: Open tax lots may not accurately estimate unrealized gains or losses due to the 20 minute delays in price reporting and the fact that an actual transaction has not yet occurred.

How do I cancel or modify an order?

To modify an order, cancel it and create a new order. To cancel an order, select Cancel on the Order Status page for the desired account.

How can I verify the cancellation of an order?

Verify cancellation of an order by selecting the View Order Status link in the drop-down box next to the account in which the order was placed.

What is a recurring periodic Buy/Sell request?

A periodic Buy/Sell allows you to buy or sell a specific amount in a client’s account on a specific day of each month.

If your client does not have enough unallocated cash in their account on the day that a Buy Order is scheduled to be created, we will skip the request for that specific month. On the other hand, if they do not have enough securities in the sub-account for the Sell Order, we will process the order as a Sell All order.

How do I create a periodic Buy/Sell?

Create a periodic Buy/Sell for a client’s account by selecting Set up Auto Buy/Sell from the menu on the client’s Accounts page and following the instructions.

Order Term: Day & Good ‘Till Cancelled (GTC) Orders

Unlike with Market Orders, which are executed shortly after they reach the market, for Limit, Stop or Stop/Limit orders, you need to specify the Term, which is how long you would like your order to remain open for execution.

Your order will remain open until either the limit price or stop price is met and the order is executed, or at the end of the specified time period:

  1. Day: A Day order means that your order is good until the market closes on that day (or the next trading day if you place your order when the market is closed). If at the end of that day your order has not been filled, then it is canceled.
  2. GTC: A Good ‘Till Cancelled (GTC) Order means that your order will remain open either until it is executed or for 90 days, whichever comes first. If the 90th day falls on a weekend or holiday, the order will expire on the next business day.

One thing to keep in mind is that GTC Limit Orders and GTC Stop/Limit orders are sent to the market as All or None orders. Therefore, even if your price target is met, there is a chance that your GTC order will not be filled, since all unrestricted orders at that price must be filled first.

Market/Limit Orders and Your Amounts Available for Trading

You must have sufficient cash available to cover the cost of all buys. This includes the purchase price of the security, plus the commission costs. The estimated total cost (both the purchase price of the security and the commission) based on the limit or stop price you specify for such an order will be subtracted from your Amounts Available at the time the order is placed, and will remain subtracted if the order is executed (adjusted for any difference in the actual price obtained upon execution) or until the order is cancelled. If the order is cancelled and has not been executed, the cost, including commissions, will be added back to your Amounts Available.

Placing Market/Limit Orders When You Have a Pending Window Order

When you have an unexecuted Window Order, you are restricted to placing Market/Limit orders only on the securities currently held in your account that are not subject to a pending trade. The reason is that until your window order is executed, the number of actual shares that you will own after that transaction is complete will not be known.

Fractional Shares & Sellable Shares

We provide you the ability to own fractional shares. However Market/Limit orders can only be placed in whole shares.

The total number of Sellable Shares could be less than the total number of shares you own in your account because:

  • Fractional Shares cannot be sold through a market, limit, stop or stop-limit order—they can only be purchased or sold through a window order.
  • If you have a pending Window Order that is dollar-based to sell a security that you own, you are restricted from placing another order (of any type) on that particular security until after the order is executed and the trade is posted to your account or is cancelled. The reason is that when window trades are dollar-based the total number of shares affected by that transaction cannot be determined until the order is executed.

Note: You can cancel a Pending Window Order and then place a market, limit, stop or stop-limit order for those securities.

Mutual Funds and Market/Limit Orders

You cannot place a limit, stop or stop-limit order for a mutual fund. Mutual fund orders must be received prior to the last window for a window trade, or the market close for a market order, on days that the market is open. Mutual fund orders received later than this, or on weekends or holidays, will be executed on the following business day.