Equity and options order handling

Ameriprise Financial allows clients and advisors to enter a variety of order types including market orders, limit and stop orders. Below is a description of how we handle your orders in various scenarios.

Equities and options

Ameriprise does not make markets in any equity or option securities and does not participate in any pre-market or after-market trading.

  • All GTC orders are active for 180 calendar days.
  • Cancel/Replace orders do not reset the 180-day limit.
  • Orders are adjusted for corporate actions, such as splits or dividends, as required by FINRA rule 5330.
  • Only GTC orders entered prior to 4:00 p.m. Eastern Time (ET) on the business day prior to the corporate action ex-date are adjusted for cash dividends.
  • CUSIP & name changes result in open order cancellations.
  • Do Not Reduce orders are adjusted for Special Dividends (examples: long-term and short-term capital dividends).
  • All changes to equity and option orders are handled as Cancel/Replace, which may result in a loss of priority in the order queue.
  • A Cancel/Replace order is handled on a best efforts basis and is subject to previous execution of the original order. The cancel is confirmed when the status changes from Cancel Pending to Canceled.
  • A Cancel/Replace of GTC order will not restart the 180-day life cycle of the order.
  • A new trail price will be calculated if a Cancel/Replace order is made to an existing Trailing Stop order’s shares or trail amount.
  • Cancel/Replace requests are not accepted for Market-on-Close orders. If changing order instructions, the Market-on-Close order must be canceled. Once the cancellation confirmation is received, a new order may be entered.
  • Orders routed to an execution venue or local (foreign) exchanges are handled on a "net" basis. The executed price may reflect transaction, handling and/or currency exchange fees associated with the transaction.
  • Orders for foreign securities entered on the local (foreign) exchange must be called into Trading Services at 1.800.310.8239, Option 7.
    • Trading Services must call the Capital Markets Trading desk with instructions to trade on the local (foreign) exchange prior to sending the order.
    • Trading Services will enter the order as Not Held and Good Till Canceled.

When a LULD event for a particular security is triggered, equity and option orders for this security will be affected in the following ways:

Equity orders — Limit state or straddle state

  • Market, limit, stop and stop-limit orders are accepted and executed.
  • Market and limit orders priced through the LULD bands are displayed according to the order handling rules of the exchange.
  • Stop and stop-limit orders trigger based on transactions occurring within the National Best Bid and Offer (NBBO) and the upper and lower bands.

Equity orders — LULD halt

  • Market, limit, stop and stop-limit orders are accepted and routed to the primary listing market for representation in the reopening of the security.

Option orders — Limit state or straddle state

  • Market orders are rejected.
  • Limit, stop and stop-limit orders are accepted.
  • Stop orders do not trigger and/or execute.
  • Marketable limit and stop-limit orders trigger and/or execute.

Option orders — LULD halt

  • Market orders will reject.
  • Limit, stop and stop-limit orders are accepted.
  • Stop orders do not trigger and/or execute.
  • Marketable limit and stop-limit orders trigger and/or execute.
  • Securities begin trading when the primary listing exchange opens and are not eligible for trading prior to its official market open.
  • Market and limit orders entered between 4:00:00.01 p.m. and 9:27 a.m. ET are represented for participation in the official opening print of the primary exchange. Orders or cancel requests entered between 9:27 a.m. ET and the primary exchange’s official open are handled on a best efforts basis for inclusion in the opening print.
  • Opening print eligibility is dependent on each exchange’s market and limit order rules. Orders with special instructions (e.g. stop, all-or-none, immediate-or-cancel) are not eligible for the opening print.
  • Marketable orders entered after 3:58 p.m. ET will be handled on a best efforts basis.
    • Large orders or orders entered in illiquid stocks may result in a Nothing Done.
    • Orders in a stock where no quote is readily available, may result in a Nothing Done.
  • MOC orders will be accepted until 3:40 p.m. ET.
  • Cancelation of MOC orders must be submitted and confirmed prior to 3:45 p.m. ET.
  • MOC orders are not accepted on pink sheet, grey market and foreign securities.
  • Cash settlement requests are accepted on sell orders for exchange traded securities until 11:00 a.m. ET.
  • Cash settlement requests must be entered as sell market orders and are only valid for the day requested.
  • Cash settlement requests are not accepted on buy orders, pink sheet, grey market and foreign securities.
  • Next day settlement requests are accepted on sell orders for exchange traded securities throughout the trading day.
  • Next day settlement requests must be entered as sell market orders and are only valid for the day requested.
  • Next day settlement requests are not accepted on buy orders, pink sheet, grey market and foreign securities.
  • The trading desk cannot accept market orders or stop orders in an IPO security prior to the security trading in the secondary market. Once trading begins in the secondary market, market orders and stop orders can be accepted.
  • Limit orders are accepted prior to the security opening in the secondary market on the day of the IPO.
  • During fast-moving or volatile stock markets, some investors may experience substantial differences between the stop and the execution price.
  • Stop and stop-limit orders are accepted on exchange traded securities.
  • Stop and stop-limit orders are not accepted on pink sheet, grey market and foreign securities.
  • Stop and stop-limit orders are triggered (elected) based on last-sale price posted to the National Best Bid Offer (NBBO) consolidated tape.
  • Triggered stop and stop-limit orders are handled on a best efforts basis.
  • Odd-lot transactions printed to the consolidated tape are not used to trigger stop and stop-limit orders.
  • Ameriprise Financial routes these orders to market centers, which may have additional price bands designed to prevent the election of a stop or stop-limit order from an inaccurate last-sale price.
  • Stop, stop-limit and trailing stop orders are not triggered outside the NBBO consolidated quote.
  • During fast-moving or volatile stock markets, some investors may experience substantial differences between the trail price and the execution price.
  • Trailing stop orders are accepted for both listed and OTC stocks. Not all stocks are eligible for trailing stops.
  • Securities may be added or removed at the discretion of Ameriprise.
  • For sell orders, the order will elect (trigger) when the stop price is equal to or higher than the trade price.
  • The trail stop trigger price is calculated and adjusted on the NBBO quote.
  • Trailing stop orders are triggered (elected) based on last-sale price posted to the National Best Bid Offer (NBBO) consolidated tape.
  • Pre- or post-market activity does not adjust the trail price or trigger a trailing stop order. If an order is triggered based on the primary exchange closing price, the order becomes a market order for the next business day.
  • For buy orders, the stop order triggers when the trailing stop price is equal to or lower than the last trade price.
  • For sell orders, the order triggers when the trailing stop price is equal to or higher than the trade price.
  • Odd-lot transactions printed to the consolidated tape are not used to trigger trailing stop orders.
  • Triggered trailing stop orders are handled on a best efforts basis.
  • Ameriprise routes these orders to market centers, which may have additional price bands. These bands are designed to prevent the election of a trailing stop order from erroneous trading.
  • If an unexpected event (technical disruption) occurs.
    • Ameriprise has the ability to move existing trailing stop orders to another execution venue that accepts trailing stop orders. When these orders are moved, the trail price established will be the last updated trail price from the previous venue. These prices can be up to 30 minutes old. Upon receipt of the order, the execution venue will make an assessment to use the existing trail price or calculate a new trail price using the current market, whichever is more advantageous to the order. Ameriprise reserves the right to cancel trailing stop orders at its discretion.

For more information, contact your advisor or call an Ameriprise Financial client service representative.

800.862.7919

Monday through Friday, 7 a.m. to 7 p.m. central time