With after-hours trading, our customers now have the ability to act on news, earnings and research reports that are released after the traditional market closes. You may only enter limit orders. After-hours trades are executed through the Island ECN which automatically matches buy and sell orders. If you want to sell a security at a certain price and someone else wants to buy that same security at that price, the Island ECN will match the two orders and execute the trade automatically. An order placed during an after-hours trading session is good only for the session during which the order was placed.
Trade settlement remains the same for after-hours trades as for traditional trades.
The settlement date is three business days after the date on which the transaction occurred. You may change or cancel your order at any time before it is executed. After-hours orders cannot be changed to a traditional trading session order. There is a risk of duplicate orders if you place an order during an after-hours session for which you already have an outstanding order in the traditional trading session. Orders executed during traditional trading hours might not be confirmed until after the after-hours trading session has begun.