Order Cancellation and Modification Policy
Good 'til Canceled Order Schedule
A Good 'til Canceled order expires on the last day of the month following the month it was placed.
Understanding Cancels
When cancel or modify instructions are entered on the system, it is important to note that Scottrade is acting as an intermediary or conduit between the instructions given and the market center. Scottrade acknowledges these instructions with the indication that the order is subject to broker approval and is then forwarded to the market center. Scottrade's acceptance of the cancel or modify instructions is not to be interpreted or assumed as a confirmation that the order has been canceled or modified by the market center.
The new cancel and modify instructions must be matched with the original order before the cancel or modify takes place. Market conditions and system interruptions can delay the processing of the cancel or modification instruction.
When modifying an order there is only one order, hence there is no chance of duplicating the order; however, there is the possibility that the order will be executed at the original price/share amounts.
There are special risks associated with instructions to cancel an order:
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Cancel instructions may not be matched with the original order prior to the market reaching the requested price. If the original order price is reached before the order is canceled by the market center, the customer will be responsible for the trade. All orders are subject to execution prior to the order being canceled; market centers will represent these orders as a too late to cancel.
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If an order is canceled and then a new order is placed, there are potentially two orders in the market place, each subject to their own execution. It is possible to receive an execution on both orders if their respective market prices are reached. This often happens when an individual cancels an order and very quickly places a new order; however, the risk of overbuying or overselling can happen anytime when a separate order is entered rather than modifying the original order.
Market orders are subject to immediate execution, and a change or cancellation to a market order during market hours is rarely successful. Although instructions can be placed anytime prior to the market opening, be aware that orders canceled near the opening risk being too late to cancel.
Clients are responsible for the orders they enter, modify or cancel; Scottrade provides no warranties or guarantees that any modify or cancel instruction will be accomplished.
Cancelled Orders Due to Stock Changes
Please be advised that open orders will be cancelled in the following circumstances:
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Trading is suspended.
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There is a symbol, CUSIP or name change.
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There is a forward or reverse stock split.
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The stock is delisted or undergoes a listing change.
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A stock pays a special dividend.
Most cancellations will occur on the evening before or day of the ex-date/effective date. For forward splits and special dividends, orders entered prior to 4 p.m. ET on the business day previous to ex-date/effective date will be cancelled.
Due to the quantity and frequency of stock changes, we do not post all stocks impacted. In most cases, you can locate changes by going to the Web page of the exchange where the symbol is listed. If you have questions about why an order is no longer showing as open, please contact your local branch office for assistance.
Regular Session Orders Entered Prior to Market Open
The regular trading session for U.S. equities occurs from 9:30 a.m. ET to 4 p.m. ET. Scottrade currently routes all eligible orders in National Market System securities (NASDAQ, NYSE and AMEX) to that security's respective Primary Listing Exchange for proprietary Opening and Closing Rotations. Each primary exchange has specific protocols for handling orders eligible for Opening and Closing Rotations. Specific details regarding each exchange's opening/closing process are readily available on each exchange's website. Additionally, order-handling questions may be directed to your local Scottrade branch.
Revised 3-15