POV-ALGO

A POV-ALGO order trades based on real time market volumes, with the Percent of Volume (POV) participation level set to 20% of volume to match the client's indicated Percent of Volume (POV) instruction.

• Algo orders can be routed for listed NYSE, AMEX, NYSE Arca, Nasdaq, and IEX stocks.
• Minimum order size is 1,000 shares.
• POV-ALGO accepts decimal increments precise to two digits (that is, prices as fine as .01).

Order Duration

Day

May be entered between 8:00 A.M. and 4:00 P.M. Eastern.

Orders placed before 9:30 A.M. will become active at 9:30 A.M. Eastern.

Unfilled orders and leaves expire at 4:00 P.M. Eastern.

Order Behavior

• Market orders are matched within algorithm logic at specific intervals as determined by the algorithm.
• Marketable limit orders are matched within algorithm logic at specific intervals as determined by the algorithm. Order price may be improved. Non-marketable limit orders are held in the algorithms order book.
• Start time of the order is the time at which it was entered.
• End time of the order is the close of regular session.
• Algo parameters cannot be modified.
• Auction defaults to include opening and exclude closing auction.
• Ensure to select 'Day' when sending an algo order prior to market open.
• Participation level for POV orders are set to 20% of volume.