Invest Disclosures

Ally Invest Securities LLC offers you the opportunity to trade securities when the major U.S. securities markets are not open. Regular market hours are 9:30AM–4PM ET. Ally Invest’s extended trading hours are 8AM-9:28AM ET and 4PM-5PM ET. You may enter limit orders only. An order placed during an extended hours session is only good for the session during which the order was placed. If an order is not executed during a specific extended hours session, the order expires at the end of the session and does not roll into the next regular market or extended hours session. Orders not yet executed can still be canceled before the close of a session, in the same way as during regular market hours. Orders executed during an extended hours session are considered to have been executed during that day's regular market session for settlement and clearing purposes. Trade settlement remains the same for extended hours and regular market hours trades.

As with regular market hours, in extended hours trading sessions, system response and access times may vary due to market conditions, system performance, and other factors. There are risks to trading securities when the major trading markets are closed. To make sure you are aware of these risks, FINRA has developed the following model disclosure or risks of extended hours trading.

Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular market hours. As a result, your order may only be partially executed, or not at all.

Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price in extended hours trading than you would during regular market hours.

Risk of Changing Prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours, or upon the opening the next morning. As a result, you may receive an inferior price in extended hours trading than you would during regular market hours.

Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.

Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.

Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.

Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (IIV). For certain Derivative Securities Products, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals.

Professional Traders. You understand that Extended Hours Trading has traditionally been dominated by professional traders and that you may trade directly with professional traders who have years of experience in Extended Hours Trading and who traditionally have superior information about particular securities, including better prices available in other markets.

Unknown Risks. You understand that we may not be able to predict and describe all the special trading risks that could arise in the Extended Hours market. Therefore, you agree NOT to hold Ally Invest, its affiliates and their employees responsible for any risks you undertake, whether described above or not, by participating in the Extended Hours Trading session.

Our extended hours trading rules are subject to change without prior notice. By participating in extended hours trading, you are deemed to understand and agree to the unique risks of investing during extended hours trading sessions.