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To obtain best execution and redundant execution facilities, HilltopSecurities routes equity and option orders to a diverse group of market centers and regularly monitors the quality of the executions received.
Customers should consider the following points before engaging in extended hours trading. "Extended hours trading" means trading outside of “regular trading hours.” “Regular trading hours” generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time.
FINRA Rule 5320 generally prohibits a broker-dealer that accepts and holds an order in an equity security from its customer or a customer of another broker-dealer without immediately executing the order from trading that security on the same side of the market for its own account at a price that would satisfy the customer order, unless it immediately thereafter executes the customer order up to the size and at the same or better price at which it traded for its own account. When you place an order with us and leave the price and time of execution to our discretion (a “not held” order), we may trade in the security for our own account prior to completion of your order and at the same or a better price than you receive.
With respect to the orders of an "institutional account", as defined in NASD Rule 3110, or for orders of 10,000 shares or more with a value of at least $100,000, Rule 5320 permits a broker-dealer to trade an equity security on the same side of the market for its own account at a price that would satisfy such customer order provided that certain notice is provided to the customer and the customer is provided an opportunity to “opt-in” to the Rule 5320 protections with respect to all or any particular order.
Institutional accounts and persons placing orders for 10,000 shares or more not otherwise subject to the protections afforded by Rule 5320 may “opt-in” to the Rule 5320 protections on an order by order basis with the HilltopSecurities representative taking your order or for all your orders by informing Hilltop Securities in writing by sending said notice to Hilltop Securities Inc., Attn: Compliance Department, 717 N. Harwood Street, Suite 3400, Dallas, Texas 75201.
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