Order Rules

The Wyse Securities Extended Hours Trading System is for pre-market and after-market sessions only. Wyse Securities reserves the right to reject any order.

Pre-market orders can be accepted if placed between 8:15 PM on the previous trading day and 9:25 AM EST the day of the pre-market session, and are eligible for execution between 9:00 AM and 9:25 AM in that pre-market session. All un-executed pre-market orders expire after 9:25 AM EST on the day of the session for which they are placed.

After-market orders can be accepted if placed between 4:05 PM and 8:00 PM EST, and are eligible for execution only between 4:15 PM and 8:00 PM EST. All un-executed after-market orders expire after 8:00 PM EST on the day that they are placed.

When canceling orders, you are not relieved of your order obligation until you receive a UR-OUT message in your order status screen.

Extended hours orders do not transfer over to subsequent regular or extended hours trading sessions. No GTC orders.

Only Limit orders are accepted. No market orders. No guaranteed executions against displayed bid or ask

Must accept partial fills. No all-or-none orders allowed. No short sales or Penny Stock orders.

All extended hours orders are subject to $34.00 minimum commission charge and $4.50 miscellaneous charge. Single orders filled in multiple executions at different prices will be charged minimum $34.00 plus miscellaneous charge for the first execution, and $9.95 plus miscellaneous charge for each additional different priced execution.

Wyse Securities cannot be held responsible for any system or communications malfunctions, or physical occurrences that may affect the placement or execution of your extended hours orders.

Risk Disclosure

The Wyse Securities extended hours trading system sends the orders to our trading desk. These orders are transmitted to the Island ECN once received and reviewed by your broker. System or communications problems could delay the placement of your order.

The quotes displayed on the Wyse Securities Extended Hours Trading System only represent the current available prices through the Island ECN at the time. Customers may be able to find better or worse prices through other ECNs. The extended hours quote system performance can be affected by system or communications problems. You agree to hold Wyse Securities/Pyramid Financial Corporation harmless in regards to the quote data received through this system.

The following are common risks associated with trading in the extended sessions that you should be aware of:

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 volumes and higher price fluctuations in extended hours trading may result in wider than normal spreads for a particular security.