Common use of Market Volatility Clause in Contracts

Market Volatility. You understand that, when an order is placed with us for your account, the execution price is dependent upon the market price for the security at the time of execution. You understand that special handling or order instructions, such as a “stop-loss” order will not necessarily limit losses to the intended amounts since market conditions may result in executions at prices below your stop loss price. Similarly, you understand that execution quality can be significantly impacted by volatility in the market at the time the order is executed. The current market price in active stocks can differ significantly from the last sale price, particularly during periods of high volume, illiquidity, fast movement, or volatility. Our system provides you with delayed quotes and last sale information. You also have the ability to obtain real-time quotes and last sale information upon executing the necessary agreements with market data vendors, including the exchanges that provide such information. Whether viewing delayed or real-time quotes and last sale information when you create an order, the execution price received may differ, perhaps substantially, from the information provided on entry of an order and, if using a Direct Trade order, there may be partial executions of the order at different prices. You understand that we are not liable for any differences between quoted and execution prices. You also understand that quoted prices normally are only for a small number of shares as specified by the marketplace, and larger orders (such as the aggregate orders we may send to a market center when executing a Window order) are relatively more likely to receive executions at prices that vary from the quotes and may be composed of executions of multiple lots at different prices. Securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If a Direct Trade order is placed for your account (whether during normal market hours or when the market is closed), you agree to pay or receive the prevailing market price at the time the Direct Trade order is executed, which may be significantly higher or lower than anticipated. To reduce the risk of buying a security at a higher price, or selling it at a lower price than desired, Direct Trade orders may be submitted to us with limit prices and Window Trade orders may be submitted with a Cancel Order Limit. You also understand that Direct Trade limit orders are executed only when they become marketable, which may not be immediate, may not be executed for a period time after order entry and may not be executed at all if there is insufficient trading interest in the market, or may be executed at better prices than the limit price specified. Our websites contain further information regarding orders types and limitations, which you agree are applicable to any order placed for your account.

Market Volatility. You understand that, when an order is placed with us for your account, the execution price is dependent upon the market price for the security at the time of execution. You understand that special handling or order instructions, such as a “stop-loss” order will not necessarily limit losses to the intended amounts since market conditions may result in executions at prices below your stop loss price. Similarly, you understand that execution quality can be significantly impacted by volatility in the market at the time the order is executed. The current market price in active stocks can differ significantly from the last sale price, particularly during periods of high volume, illiquidity, fast movement, or volatility. Our system provides you with delayed quotes and last sale information. You also have the ability to obtain real-time quotes and last sale information upon executing the necessary agreements with market data vendors, including the exchanges that provide such information. Whether viewing delayed or real-real- time quotes and last sale information when you create an order, the execution price received may differ, perhaps substantially, from the information provided on entry of an order and, if using a Direct Trade order, there may be partial executions of the order at different prices. You understand that we are not liable for any differences between quoted and execution prices. You also understand that quoted prices normally are only for a small number of shares as specified by the marketplace, and larger orders (such as the aggregate orders we may send to a market center when executing a Window order) are relatively more likely to receive executions at prices that vary from the quotes and may be composed of executions of multiple lots at different prices. Securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If a Direct Trade order is placed for your account (whether during normal market hours or when the market is closed), you agree to pay or receive the prevailing market price at the time the Direct Trade order is executed, which may be significantly higher or lower than anticipated. To reduce the risk of buying a security at a higher price, or selling it at a lower price than desired, Direct Trade orders may be submitted to us with limit prices and Window Trade orders may be submitted with a Cancel Order Limit. You also understand that Direct Trade limit orders are executed only when they become marketable, which may not be immediate, may not be executed for a period time after order entry and may not be executed at all if there is insufficient trading interest in the market, or may be executed at better prices than the limit price specified. Our websites contain further information regarding orders types and limitations, which you agree are applicable to any order placed for your account.

Market Volatility. 07/2021 You understand that, when an order is placed with us for your account, the execution price is dependent upon the market price for the security at the time of execution. You understand that special handling or order instructions, such as a “stop-loss” order will not necessarily limit losses to the intended amounts since market conditions may result in executions at prices below your stop loss price. Similarly, you understand that execution quality can be significantly impacted by volatility in the market at the time the order is executed. The current market price in active stocks can differ significantly from the last sale price, particularly during periods of high volume, illiquidity, fast movement, or volatility. Our system provides you with delayed quotes and last sale information. You also have the ability to obtain real-time quotes and last sale information upon executing the necessary agreements with market data vendors, including the exchanges that provide such information. Whether viewing delayed or real-time quotes and last sale information when you create an order, the execution price received may differ, perhaps substantially, from the information provided on entry of an order and, if using a Direct Trade order, there may be partial executions of the order at different prices. You understand that we are not liable for any differences between quoted and execution prices. You also understand that quoted prices normally are only for a small number of shares as specified by the marketplace, and larger orders (such as the aggregate orders we may send to a market center when executing a Window order) are relatively more likely to receive executions at prices that vary from the quotes and may be composed of executions of multiple lots at different prices. Securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If a Direct Trade order is placed for your account (whether during normal market hours or when the market is closed), you agree to pay or receive the prevailing market price at the time the Direct Trade order is executed, which may be significantly higher or lower than anticipated. To reduce the risk of buying a security at a higher price, or selling it at a lower price than desired, Direct Trade orders may be submitted to us with limit prices and Window Trade orders may be submitted with a Cancel Order Limit. You also understand that Direct Trade limit orders are executed only when they become marketable, which may not be immediate, may not be executed for a period time after order entry and may not be executed at all if there is insufficient trading interest in the market, or may be executed at better prices than the limit price specified. Our websites contain further information regarding orders types and limitations, which you agree are applicable to any order placed for your account.