Invest Disclosures

The following provides general descriptions and information on order types, trading instructions allowed in, and how Ally Invest Securities (Ally Invest) handles customer orders in Ally Invest Self-Directed accounts.

Market, Limit, and Stop Orders

Market Order

A market order is an order to buy or sell a stock at the best available price. Generally, market orders are executed immediately. However, the price at which a market order will be executed is not guaranteed. It is important for investors to remember that the last-traded price is not necessarily the price at which a market order will be executed.

Limit Order

A Limit Order is an order to buy or sell a security at a specified price or better. A Buy-Limit Order can only be executed at the limit price or lower, and a Sell-Limit Order can only be executed at the limit price or higher. Depending on the current price of the security, a Limit Order may expire without being executed.

Stop-Loss Order

A Stop-Loss Order, also referred to as a Stop Order, is an order to buy or sell a security if the price of the security reaches a specified price, known as the stop price. If the stop price is reached, a Stop Order becomes a Market Order.  Depending on the current price of the security, a Stop-Loss Order may expire without being executed.  See Risk Warning below.

Stop-Limit Order

A Stop-Limit Order is an order to buy or sell a security that combines the features of a Stop Order and a Limit Order. If the stop price is reached, a Stop-Limit Order becomes a Limit Order.  Depending on the current price of the security, a Stop-Limit Order may expire without being executed.  See Risk Warning below. 

Note:  Buy-Stop Order will be triggered when the Last Trade price is equal to or above the stop price. 

Sell-Stop Order will be triggered when the Last Trade price is equal to or below the stop price.

Risk Warning

Stop-Loss Order conditions and triggers are designed to minimize execution risk from wide quoted and fast-moving markets. In widely quoted or fast-moving markets, and at times of market or underlying volatility, Stop-Loss Orders are especially at risk of delivering an execution away from the market during the regular market open near 9:30 am ET. These risks should be considered when using Stop-Loss Orders. Stop-Limit Orders will provide price protection but may not result in an execution. A Stop-Loss or Stop-Limit Order may not execute at or even near the stop trigger price. Depending on the current price of the security, a Stop-Loss or Stop-Limit Order may never execute.

Stop activation for equity and ETF securities

Equity and ETF (Exchange Traded Fund) Stop Orders are handled by the market centers to which the orders are routed and are triggered based on the last trade in the relevant security (“Last Trade”), subject to conditions set by the relevant market center. A Stop Order will not trigger at the Last Trade price unless the conditions set by the market center are met.

Stop activation conditions for options

Option Stop Orders are triggered based on the exchange to which the order is routed. Depending on the exchange, the stop may trigger on the exchange’s BBO (Best Bid and Offer), the NBBO (National Best Bid and Offer), the Last Trade on the exchange, or the Last Trade on the consolidated tape.

Trading Restrictions and Trading Instructions

Market on Close Order

A market-on-close order is simply a market order that is scheduled to trade for the closing market price at the close of normal market hours.

All or None (AON) Order

An AON order to buy or sell a specified number of shares of a security that must be executed in its entirety under one lot, or not executed at all.

Good-Til-Cancelled (GTC) Order

A GTC order is an order to buy or sell that will remain open for 60 calendar days from the original date placed, unless executed or canceled. GTC is a Time in Force (TIF) used for Equity and Option orders. Changes or edits to a GTC order will not change the original order expiration date. 

GTC orders are "live" during regular trading hours. The orders are suspended each business day (canceled at the exchange or market center) at 4:00pm ET, with the exception of certain broad-based ETF options that trade until 4:15pm ET. GTC orders are resubmitted to the market centers at the start of each trading day (prior to 9:30am ET). Time Priority will be reset each day as the order arrives at the exchange. If a GTC order receives a partial execution and is not fully executed, the order quantity will adjust to the remaining quantity for the next business day. Commissions will be charged each day that the order receives one or more partial executions.

Cancellation Disclaimer

Orders may be canceled by Ally Invest or the market centers at any time. Typical reasons for an order cancellation may include, but are not limited to the following:

Price Adjustments for dividends on Equity GTC Orders

GTC Buy Limit and Sell Stop orders (including Sell Stop/Limit) with limit prices below the prevailing market on equity securities and ETFs may be reduced by the amount of the dividend on the ex-dividend date.

For more information on Order Handling and Payment for Order Flow (PFOF) visit   https://www.ally.com/invest/disclosures/order-routing-and-payment-for-order-flow/