Trading on Charles Schwab shortly before the market closing time: "Your request will be processed on a best efforts basis. "
Trading on Charles Schwab shortly before the market closing time: "Your request will be processed on a best efforts basis. "
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Franck Dernoncourt · External communityPost link
External question — Personal Finance Stack Exchange
Author: Franck Dernoncourt
Original post: https://money.stackexchange.com/questions/158324
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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I placed an ordered to buy some ETF on
https://www.schwab.com/
shortly before the market closed and I saw the warning:
Please Note: The market closes in approximately 3 minutes. Your request will be processed on a "best efforts" basis. (DO293)
I'm not sure why Schwab gives me this warning. Won't the order be executed exactly the same way as if I had placed the order earlier in the day?
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D Stanley · External communityPost link
External answer — Personal Finance Stack Exchange
Author: D Stanley
Original post: https://money.stackexchange.com/a/158325
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
Trading volume is generally heavier right as markets open and right before they close, so they are just warning you that it may not be possible to fill your order before the markets close, and it will be filled when they open the next day at the earliest (or not at all if your order was only good for the trading day).
"Best efforts" is a legal term that essentially means that they'll make every reasonable effort to fill your order but can not guarantee that it will be filled that day. It's most likely a blanket warning that they add, and not indicative of that particular ETF or trading activity at that time.
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Franck Dernoncourt · External communityPost link
External answer — Personal Finance Stack Exchange
Author: Franck Dernoncourt
Original post: https://money.stackexchange.com/a/158337
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
Won't the order be executed exactly the same way as if I had placed the order earlier in the day?
Reddit users
FormerBroker_Burner
and
this_guy_fks
mentioned
that
there is a closing auction at the NYSE, which changes the execution of orders placed within the last minutes of the trading day:
Closing Cross
.
https://www.nyse.com/article/nyse-closing-auction-insiders-guide
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Quoted from Forex.com.bd-Editorial External answer — Personal Finance Stack Exchange Author: D Stanley Source score (net votes, not local likes): 11 Original post: https://money.stackexchange.com/a/158325 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. Trading volume is generally heavier right as markets open and right before they close, so they are just warning you that it may not be possible to fill your order before the markets close, and it will be filled when they open the next day at the earliest (or not at all if your order was only good for the trading day). "Best efforts" is a legal term that essentially means that they'll make every reasonable effort to fill your order but can not guarantee that it will be filled that day. It's most likely a blanket warning that they add, and not indicative of that particular ETF or trading activity at that time.
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