Why didn’t my order execute?

Your order may not have been executed for several reasons, including:

  • Aggressive or invalid limit price

    • If your limit price is set far away from the National Best Bid and Offer (NBBO), your order may be rejected as unrealistic.

    • Example: A stock is trading at $5, but you place a sell limit at $500.

  • Invalid price increments (Minimum Price Variation rule)

    • Stocks priced $1 or higher must be entered in $0.01 increments.

    • Stocks under $1 may use up to four decimal places.

    • Orders outside these rules may be rejected.

  • Symbol restrictions or corporate actions

    • If a security is halted, delisted, or undergoing a corporate action (such as a split or merger), open orders may be canceled.

  • Low-priced stock restrictions

    • Certain GTC orders may be canceled if the stock falls below $1 and does not meet minimum share quantity requirements.

Why wasn’t my order executed immediately?

Order execution speed can depend on:

  • Order type: Market orders typically execute faster than limit orders.

  • Liquidity: Stocks with high trading volume fill quickly; thinly traded stocks may take longer.

  • Market conditions: Volatile markets can cause slippage between the displayed price and your actual execution price.

  • Extended hours: Only limit orders are accepted during pre-market and after-hours trading, where liquidity is lower and spreads are wider.

  • Price-time priority: Orders are filled first by price, then by the time they were received.

Why did my order only partially fill?

A partial fill occurs when only part of your order can be matched at your specified price. The remaining shares stay open until they are executed or canceled. If you cancel the order, only the unfilled portion is affected.

Why didn’t my limit order execute if the limit price was reached?

Even if the market touches your limit price, execution is not guaranteed.

  • Price priority: Orders at better prices are filled first.

  • Time priority: At the same price level, earlier orders are executed before later ones.

  • If demand at your limit price is high, your order may not fill right away.

Why was my order canceled at market close?

  • Day Orders: Expire automatically at the end of the trading day if not filled.

  • Good-’Til-Canceled (GTC) Orders: Remain active until canceled by you or until the broker’s set expiration period (90 days).

  • Chart differences: The price shown on your chart may differ slightly from your execution price if your order was routed to a different venue.

  • Corporate actions: Charts adjust automatically for stock splits, dividends, and mergers. This may cause historical prices to appear different from the prices visible when you placed your order.

What does “best execution” mean?

Under SEC Regulation NMS and FINRA Rule 5310, broker-dealers are required to seek the most favorable terms reasonably available when handling customer orders — this is called best execution.

  • Price improvement opportunities: Brokers aim to obtain the best available price across market centers.

  • Speed and likelihood of execution: Best execution considers not only price, but also speed, fill rate, and order size.

  • Order routing: Orders may be routed to multiple exchanges or market makers to achieve optimal results.

  • Extended hours: During pre-market and after-hours sessions, Regulation NMS does not apply, meaning price protection rules may not extenxd across venues.

To learn more about our execution quality, please visit this link : Order Routing and Payment for Order Flow Information