Charles Schwab - Pre-Market & After Hours Trading

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How it works. What it means for individual investors today.</B></FONT></TD> </TR> <TR> <TD width=460 bgcolor="#999999" height=2 nowrap><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD HEIGHT="8"><IMG SRC="http://www.schwab.com/SchwabNOW/images/Blank.gif" WIDTH="1" IMAGEID="553" HEIGHT="8" BORDER="0"></TD> </TR> <TR> <TD ALIGN="left" VALIGN="top" COLSPAN="3"> <FONT FACE="Arial, Helvetica, sans-serif" CLASS="bodyFont" SIZE=2>Schwab now offers investors the ability to trade stocks after the normal closing time of the major U.S. stock exchange during our Extended Hours Trading Sessions.</FONT></TD> </TR> <TR> <TD ALIGN="left" VALIGN="top" COLSPAN="3"> <FONT FACE="Arial, Helvetica, sans-serif" CLASS="bodyFont" SIZE=2>Extended Hours Trading may not be for everyone - it's important for you to understand the differences and the associated risks before deciding whether to participate in Schwab's Extended Hours Trading Sessions.</FONT></TD> </TR> <tr> <td colspan=3 height=10 nowrap><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></td> </tr> </table>  <table cellspacing=0 cellpadding=0 border=0 width=460> <tr> <td colspan=3 height=1 bgcolor="#CCCCCC" nowrap><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></td> </tr> <tr> <td width=1 bgcolor="#CCCCCC" nowrap><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></td> <td width=412 bgcolor="#FFFFCC" nowrap> <table cellspacing=0 cellpadding=0 border=0 width=460> <tr> <td colspan=3 height=4 nowrap><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></td> </tr> <tr> <td width=4 nowrap></td> <td nowrap align="left"><b><font face="arial" size="2">About Extended Hours</font></b>    <APPLET NAME='audioplayer' CODEBASE='http://ds.audiobase.com/jasd41' CODE='audiobase.applet.AudioPlayer' ARCHIVE='audioplayer.jar' WIDTH=53 HEIGHT=19><PARAM NAME='itemID' 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SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> </TABLE> <TABLE cellpadding=0 cellspacing=0 border=0 width="460"> <TR> <TD valign=top height=10><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD><FONT face="arial, helvetica" size=2 color="#336699"><B>Extended Hours Overview<B></FONT></TD> </TR> <TR> <TD><FONT face="arial, helvetica" size=2> <A HREF="http://schwab.com/SchwabNOW/SNLibrary/SNLib130/SN130AfterHoursAbout2/0,4649,,00.html"><U>Extended Hours Quotes</U></A> </FONT></TD> </TR> <TR> <TD><FONT face="arial, helvetica" size=2> <A HREF="http://schwab.com/SchwabNOW/SNLibrary/SNLib130/SN130AfterHoursAbout9/0,6013,,00.html"><U>View the REDIBook OrderBook</U></A> </FONT></TD> </TR> <TR> <TD><FONT face="arial, helvetica" size=2> <A HREF="http://schwab.com/SchwabNOW/SNLibrary/SNLib130/SN130AfterHoursAbout3/0,4650,,00.html"><U>Important Considerations</U></A> </FONT></TD> </TR> <TR> <TD><FONT face="arial, helvetica" size=2> <A HREF="http://schwab.com/SchwabNOW/SNLibrary/SNLib130/SN130AfterHoursAbout4/0,4651,,00.html"><U>FAQ</U></A> </FONT></TD> </TR> <TR> <TD><FONT face="arial, helvetica" size=2> <A HREF="http://schwab.com/SchwabNOW/SNLibrary/SNLib130/SN130AfterHoursAbout5/0,4652,,00.html"><U>Glossary</U></A> </FONT></TD> </TR> <TR> <TD valign=top height=10><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> </TABLE> <TABLE cellpadding=0 cellspacing=0 border=0 width=460> <TR> <TD valign=top height=1 bgcolor="#003366" colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=12 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=10 colspan=3><FONT face="arial, helvetica" size=2><B>Overview</B></FONT></TD> </TR> <TR> <TD valign=top height=10 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top colspan=3><FONT face="arial, helvetica" size=2>Extended hours trading is made possible by computerized order matching systems known as <b>ECNs or Electronic Communications Networks</b>. As extended hours trading becomes more common and the major exchanges adopt programs of their own, Schwab's Extended Hours services will continue to evolve.</FONT></TD> </TR> <TR> <TD valign=top height=10 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top width=5><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top width=5><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top><FONT face="arial, helvetica" size=2><B>Separate Trading Session</B> – Schwab's Extended Hours Trading offering has two components, the Pre-Market Trading session and After Hours Trading session. These are completely independent from the standard trading session. Extended hours orders must be placed on the special Extended Hours Trading screens at schwab.com, or by calling 1-800-435-4000 and asking for an Extended Hours Trading representative.</FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=10><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top width=5><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top width=5><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top><FONT face="arial, helvetica" size=2><B>Commissions and Trade Settlement </B> – Commissions for extended hours trading are based on Schwab's standard fee and commission schedule. Please note that the commissions for trades executed in multiple sessions (i.e. Pre-Market, standard or After Hours) are not aggregated. Extended hours trades will normally settle three business days from the date the order is executed, just like orders placed during standard market hours.</FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=30><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=10 colspan=3><FONT face="arial, helvetica" size=2><B>Standard Market vs. Extended Hours Sessions:</B></FONT></TD> </TR> </TABLE> <TABLE cellpadding=0 cellspacing=0 border=0 width=460> <TR> <TD height=10><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD align=center colspan=3><B><FONT face="arial, helvetica" size=2>Standard Market</FONT></B></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD align=center colspan=3 bgcolor=#FFFFCC><B><FONT face="arial, helvetica" size=2>Pre-Market and After Hours Trading</FONT></B></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>Orders can be placed at any time and will only be executed from 9:30 AM to 4:00 PM ET. </FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2><B>Pre-Market Trading: </B>Orders can only be placed between 8:05 PM (previous trading day) and 9:15 AM ET and will only be eligible for execution between 8:00 AM and 9:15 AM ET.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2></FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2><B>After Hours: </B>Orders can only be placed between 4:05 PM and 8:00 PM ET and will only be executed between 4:15 PM and 8:00 PM ET.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>Trading primarily occurs on exchanges (NYSE, AMEX and other regionals) and on NASDAQ through a variety of venues including market makers and ECNs.</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>All orders will be processed through REDIBook ECN.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>Many order types and restrictions are accepted. Including: market, limit, stop-limit, all-or-none, etc.</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>Only limit orders for the particular Extended Hours session are accepted.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>All order sizes are accepted.</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>5000 shares is the maximum quantity on a single order.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>Many security types are available. Including: stocks, options, bonds, mutual funds, etc.</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>Most listed and NASDAQ securities are available in the extended hours session.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>Different time limits are available. Including: Day, GTC, IOC and FOK</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>All orders are only good for the particular session in which they are placed. There is no carryover into any following session.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>In general higher trading activity means more liquidity and a greater likelihood of order execution.</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>Lower trading activity may result in lower likelihood of order execution, plus wider spreads and greater price fluctuation.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top><FONT face="arial, helvetica" size=2>The quotes you receive are consolidated and represent the best available prices across all trading venues. Market makers and specialists work to ensure customers get the best buy or sell prices displayed on Nasdaq and the exchanges.</FONT></TD> <TD width=20></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD valign=top bgcolor=#FFFFCC width=20 align=center><FONT face="Arial, Helvetica" size=2><B>·</B></FONT></TD> <TD valign=top bgcolor=#FFFFCC><FONT face="arial, helvetica" size=2>Quotes are not consolidated. The quotes you receive represent the current prices available through the REDIBook ECN only. As a participant in the extended hours trading network, the REDIBook ECN may also offer access to prices available on other participating ECNs, but not necessarily all venues open for trading extended hours.</FONT></TD> <TD width=20 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD height=8 colspan=3></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=3 bgcolor=#FFFFCC><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD width=1 bgcolor="#cccccc"><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD height=1 bgcolor="#cccccc" colspan=9><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> </TABLE> <TABLE cellpadding=0 cellspacing=0 border=0 width=460> <TR> <TD valign=top colspan=3 height=30><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=10 colspan=3><A name="ecn"><FONT face="arial, helvetica" size=2><B>What is an ECN?</B></FONT></A></TD> </TR> <TR> <TD valign=top height=5 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top colspan=3><FONT face="arial, helvetica" size=2>An ECN (or Electronic Communications Network) is a computerized trading network or market used to display and execute limit orders. Professional traders, such as those who trade for big financial institutions, have been using ECNs for over 15 years now.</FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=20><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=10 colspan=3><FONT face="arial, helvetica" size=2><B>How does it work?</B></FONT></TD> </TR> <TR> <TD valign=top height=5 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top colspan=3><FONT face="arial, helvetica" size=2>An ECN is simply a matching service set up to match buy and sell orders. For example, if there are no sell orders for a particular stock displayed on an ECN, an investor who places an order to buy that stock has to wait for a matching sell order to come in before an order execution can take place. </FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=20><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=10 colspan=3><FONT face="arial, helvetica" size=2><B>The result?</B></FONT></TD> </TR> <TR> <TD valign=top height=5 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top colspan=3><FONT face="arial, helvetica" size=2>Buyers and sellers trading through an ECN may experience significant delays before their orders are filled, and some orders may not be executed at all.</FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=20><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top height=10 colspan=3><FONT face="arial, helvetica" size=2><B>Schwab's ECN</B></FONT></TD> </TR> <TR> <TD valign=top height=5 colspan=3><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top colspan=3><FONT face="arial, helvetica" size=2>Schwab and its affiliate, Schwab Capital Markets L.P. (member SIPC/NASD), currently display and execute extended hours orders through the REDIBook ECN. REDIBook ECN brings together the order flow from several major Wall Street firms. As a participant in the extended hours trading network, the REDIBook ECN may also offer access to prices available on other participating ECNs. <BR><BR>The REDIBook ECN is jointly owned by Schwab and several other major Wall Street firms. </FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=20><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD valign=top colspan=3><FONT face="arial, helvetica" size=1 color="#666666"><SUP><A name="footnote1"></A></SUP> ExtendedHours Trading Sessions will not take place on official Exchange holidays or when Exchanges close early. Schwab reserves the right to change or modify hours of operation for extended hours trading at any time. A Schwab Extended Hours Trading Session, or any security traded therein, may be temporarily or permanently suspended without prior notice at any time at our discretion. </FONT></TD> </TR> <TR> <TD valign=top colspan=3 height=10><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> </TR> </TABLE> <TABLE cellpadding=0 cellspacing=0 border=0 width=424> <TR> <TD rowspan=99 width=10 nowrap><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> <TD colspan=2 height=15 width=460><IMG SRC="http://www.schwab.com/N.gif" WIDTH="1" IMAGEID="3" HEIGHT="1" BORDER="0"></TD> </TR> <TR> <TD align="center" valign="top"> <A HREF="http://www.schwab.com/SchwabNOW/SNLibrary/SNLib130/SN130AfterHoursAbout2/0,4649,,00.html"><IMG SRC="http://www.schwab.com/SchwabNOW/SNLibrary/SNLib130/Img/SN130but_fwarrow.gif" WIDTH="20" IMAGEID="2619" ALT="Next" HEIGHT="21" BORDER="0"></A> </TD> </TR> </TABLE> </TR> </TABLE> <TABLE cellpadding=0 cellspacing=0 border=0 width=424> <TR> <TD><FONT FACE="Arial, Helvetica" SIZE="1" COLOR="#666666" CLASS="footnote"> <IMG SRC="http://www.schwab.com/SchwabNOW/images/CopyrightRule.gif" WIDTH="422" IMAGEID="67" HEIGHT="32" ALT="Copyright Notice" BORDER="0"><BR> ©2000 Charles Schwab & Co., Inc. 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