Listed limit and market orders entered pre-market via Autotrade will become "live" once the stock opens on the primary market. Listed limit and market orders may be directed to ARCA or NASDAQ for pre-market reflection and possible execution, these orders will remain working as day orders until the close of the trade day. NASDAQ NNM limit orders entered pre-market via Auotrade, ARCA, or NASDAQ will be immediately reflected for possible execution and remain as working day order until the close of the trading day.

NOTE: Orders entered pre-market via the $9.95 or GLD routing option will not become "live" until the open of the normal trading session.

After-Hour Trading Disclosure

Extended Hours Trading Disclosure
Extended hour trading contains inherent risks due to limited liquidity. Less liquidity increases price volatility as well as the spreads between bids and offers of securities. Executions during extended hours trading can occur at prices that are significantly different from prices executed during normal hours trading. An investor should understand these and additional risks before participating in extended hour trading. Newedge USA "Day+" extended hour trades are worked as "limit" orders only, on the day entered only, and are directed to ARCA. Newedge USA will NOT accept market, stop, or stop limit orders for execution during extended hours trading.

Retail Customer orders that have not been executed by 2:55 PT (5:55 ET), will be canceled, "nothing done" for the day.

Broker Dealer orders that have not been executed by 2:00 PT (5:00 ET), will be canceled, "nothing done" for the day.

Newedge USA does not make any guarantee of execution.

The new feature described herein is only available via the latest PreferredTrade version 6.2 software and subsequent upgrades. The feature is NOT available on the version 5.2 software or with the WizeTrade software.

Extended Hours Trading Risk Disclosure

Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. 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. There may be lower liquidity in extended hours trading as compared to regular market hours. As a result, your order may only be partially executed, or not at all.

Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. 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.

Risk of Changing Prices. 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, you may receive an inferior price in extended hours trading than you would during regular market hours.

Risk of Unlinked Markets. Depending 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. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.

Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. 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.

Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.