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Customers should be aware of the following risks that are associated with trading in extended hours sessions (e.g.在9:30之前.m. 下午4点以后.m. 东部标准时间):
低流动性风险. Liquidity refers to the ability of market participants to execute buy and sell orders with minimal price impact. Generally, the more orders that are available in a market, the greater the market's liquidity. Liquidity is important because greater liquidity makes it is easier for investors to buy or sell securities, 结果就是, investors are more likely to pay or receive a competitive price for securities 购买d or sold. There may be lower liquidity in extended hours trading as compared to regular market hours. 结果是, your order may only be partially executed, or not at all.
更高波动风险. 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 during extended hours trading than during regular market hours. 结果是, your order may only be partially executed, 或者根本不执行, or you may receive a worse price during extended hours trading than you would have received during regular market hours.
价格变动风险. 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. 结果是, 你可能会收到不同的, 或者更糟, price in extended hours trading than you would have received during regular market hours.
脱钩市场的风险. 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. 相应的, you may receive a worse price in one extended hours trading system than you would in another extended hours trading system.
新闻公告的风险. 正常情况下, issuers make news announcements that may affect the price of their securities during non-market hours. Similarly, important financial information is frequently announced outside of regular market hours. These announcements could occur during extended hours trading and could, if combined with lower liquidity and higher volatility, result in exaggerated and unsustainable effects on the price of a security.
价差扩大的风险. The spread refers to the difference in price between what you can immediately buy a security for (ask) and what you can immediately sell it for (bid). Lower volumes and higher price fluctuations in extended hours trading may result in wider-than-normal bid-ask spreads for a particular security.
Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (“IIV”) Derivative Securities Products. An updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals.
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