Delays or failures in communications due to a high volume of orders or communications or other computer system problems may cause delays in, or prevent, execution of your order. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders there are available in the market, the more liquid the market is. Liquidity is important, because the more liquid a market is, the easier it may be to buy or sell securities, and the better the odds are of paying or receiving a competitive price for the securities purchased or sold. There may be a lack of liquidity in the MarketXT system which prevents your order from being executed, in whole or in part, or from receiving as favorable a price as you might receive on the security's primary exchange.
Volatility refers to the changes in price that securities undergo when trading.
Generally speaking, the higher the volatility of a security, the greater its price swings. There may be more volatility on the MarketXT system than in the daytime securities markets, which may prevent your order from being executed, in whole or in part, or from being executed at the price you wanted. Orders entered by other investors may beat your order to the MarketXT order book, matching and thus removing from the order book an order you were trying to match. This may prevent your order from being executed, in whole or in part, or from being executed at the price you wanted. In addition, orders entered earlier into MarketXT at the same price level of your order will have a higher priority than your order.