Pre-Market Trading with Scottrade Elite

Discussion in 'Order Execution' started by techmann, May 2, 2006.

  1. techmann


    I just opened up a Scottrade Elite account and have a few questions regarding pre-market trading with this platform and pre-market trading in general. The statement below was copied from their help page:

    “Pre-Market trading is a means of trading through Electronic Communications Networks (ECNs) before the regular trading session in certain NASDAQ and Listed securities. Options are not available for extended hours trading. ECNs match buy and sell orders at specified (limit order) prices. If you want to buy a stock through an ECN, but there are no sell orders to match the buy order, the order will not be executied until a matching sell order is received and vice versa. Pre-Market trades are 1) not held to time and sales, and 2) cannot exceed 100,000 shares per order.”

    The above statement makes it sound like Scottrade places orders directly to the ECN without going through a market maker? Are pre-market orders filled without a MM or do they still get involved?

    Can an “All or Nothing” qualifier be used with the order?

    Would also like to hear from those of you who use Scottrade Elite for pre-market trading and how would you rate it?

    In the past whenever I have placed an order prior to the market opening using regular Scottrade, the system would reply with a message that the order was queued and it wouldn’t get filled until regular market hours. Is there a way to specify to the system that you want a pre-market fill VS a regular market fill?

    Thank you

    T.C. Mann