Is extended hours trading available?

Totality offers clients the opportunity to take part in pre-market and after-hours trading on US exchanges, providing the opportunity to participate in markets outside of their regular trading hours. This means you can place limit orders in the pre-market and after-hours sessions.  

The benefits of these extended trading hours are that you can react to news that may affect markets even when they are closed or fit in some trading into a busy work schedule. Please do note that liquidity during these sessions is typically low and could mean that there is low availability for certain instruments.  

Available exchanges: US exchanges

Pre-market trading hours: 07:00-09:30 am (Eastern Time)  

After-hours trading hours: 4:00-5:00 pm (Eastern Time)

Available instruments: US stocks, ETFs, single stock CFDs

How to enable extended hours trading

Extended hours trading is automatically enabled on all Totality accounts.

You will find the switch to enable extended hours trading by navigating to the main menu > Platform settings > Platform & Trading, where you will be able to toggle the extended hours trading feature on and off.

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Order input

You can submit an Extended hours order at any given time.

Type: Choose Limit order

Buy/Sell: Specify the direction of the trade

Shares: Specify the amount/quantity

Price: Specify the buy/sell price (Limit price)

Duration: Specify how long the order should be valid for

Extended hours: Switch to 'On' if you want the order to be active during pre-market and after hours

Note that the input fields vary depending on the Instrument and Order type.

Frequently Asked Questions

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When can extended hours enabled orders be executed?

All limit orders placed with respect to eligible instruments which have the Extended hours option enabled on the respective trade tickets will be eligible for execution in all pre-market, regular hours, and after-hours sessions.  

This means that any residual unfilled limit orders existing after each trading session (pre-market, regular hours, after-hours) will be rolled into the next trading session, provided such limit orders are not cancelled, expired, or as otherwise indicated by you.  

Do all prices update using extended hours quotes during pre-market and after-hours?

All market prices, market open/close indicators, price changes, position current-prices, position P/Ls, position exposures, position market values displayed will update with prices received during extended hours trading, provided the platform setting is enabled.

The only exceptions will be:

• charts

• High/low

; which will continue to update using regular hour prices only.

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Are there extra costs for an Extended hours enabled order?

There are no additional costs when trading in Extended hours via this feature. The cost will be the same as a regular limit order.

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How is my margin impacted?

All margin reservations and collateral deductions will be based on regular prices only. However:

• if the market moves in a direction unfavorable to you during a pre-market or after-hours session, you may see an additional Extended hours deduction in Not available as initial collateral.  

• when trading CFDs during Extended trading hours, you may see a deduction in Not available as maintenance collateral.  

Understand how your initial margin available is impacted in extended trading hours with the examples below:

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How is my initial margin available impacted? - Example (stock)

• Cash Balance = 200 $  

• Position = 1 x AAPL:xnas stock  

• Initial margin available (IMA) = Cash Balance

• IMA = MIN (Cash Balance ; Cash Balance)

• IMA = MIN (200 ; 200) $ = 200 $

For clients holding stocks only, IMA is not impacted by extended trading hours.

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How is my initial margin available impacted? - Example (CFD)

• Cash Balance = 200 $  

• Position = 1 x AAPL:xnas long CFD with  

• Open Price = 80 $  

• Last Traded Price (regular trading hours RTH) = 100 $  

• Initial Margin Requirement = 10%

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Scenario 1

Last Traded Price (extended trading hours ETH) = 90 $  

IMA = Cash balance + Unrealized PnL on margin positions – Initial margin reserved  

P&L in RTH = +20$ → PP (RTH) = 200$ + 20$ - 10$ = 210 $  

P&L in ETH = +10$ → PP (ETH) = 200$ + 10$ - 9$ = 201 $  

IMA = MIN (210 ; 201) => 201  

IMA ETH Deduction = -9 $

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Scenario 2

Last Traded Price (ETH) = 150 $  

IMA = Cash balance + Unrealized PnL on margin positions – Initial margin reserved  

P&L in RTH = +20$ → PP (RTH) = 200$ + 20$ - 10$ = 210 $  

P&L in ETH = +50$ → PP (ETH) = 200$ + 70$ - 15$ = 255 $  

IMA = MIN (210 ; 255) => 210

Will stop orders and conditional orders be triggered during the extended hours sessions?

No, they will not. Stop orders and conditional orders will not be triggered by price updates received for instruments available for and during extended hours trading and will only be triggered by price updates for such instruments during regular hours trading.

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Which account value can trigger the account value shield?

The account value shield is not triggered by the account value that includes extended-hours projections. Only the account value for regular market hours is used.  

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Can a stop-out procedure be triggered during the extended hours sessions?

Stop-out procedures cannot be triggered by price updates received for instruments available for and during extended hours of trading. However, your margin utilization may still change during extended hours trading due to trading activity during the session, including trading in other instruments or currency fluctuation. If your margin requirement is breached during extended hours trading, Totality may not close all contracts and margin positions for such instruments until regular hours trading but may close any other instruments immediately that are in the regular session.

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Are there any modules that do not support extended hours trading?

Currently, extended hours trading is supported in all modules (Product Overview, Screener, Watchlist, Positions etc.), with the exception of:

• Charts

• Price Alerts triggered by Extended Hours price updates

• Time & Sales

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