Albert Securities, LLC
Order Handling Disclosure
Albert Securities trades all customer share orders (fractional and whole) on a market not held basis. Not Held is an order handling designation that gives Albert Securities time and price discretion to secure the best possible execution for you without being held to the security’s current quote. Albert Securities does not currently allow limit, stop, and other types of orders.
Trades submitted outside market hours are queued and executed at or near the beginning of the next market open.
The prices of securities at market close and after market hours may not reflect the prices at the next market open. Due to high volatility of a security, you may receive an inferior price at market open which may result in your order being only partially executed or not at all.
Fractional Shares Disclosure
We may allow you to purchase securities in dollar amounts rather than share quantities. Albert Securities trades all customer fractional share orders on a Not Held basis. Not Held is an order handling designation that gives Albert Securities time and price discretion to secure the best possible execution for you without being held to the security’s current quote. This does not change the ownership of your shares, how your shares are held in your account, or the execution speed for fractional share orders. If you do not wish your order to be handled on a Not Held basis, you should not engage in Fractional Trading.
Fractional shares are not transferable or certificated. You may not have voting rights for the fraction of a share owned. If you close your account or transfer your account to another firm, the fractional share will need to be liquidated, resulting in potential commission charges which may match the value of the fractional share if less than our minimum commission.
For orders placed prior to market open or following market close, Albert Securities will wait for the primary exchange to open before attempting to execute that order at or near the beginning of such market open. We round the amount of fractional shares you can purchase and own in your account down to the nearest five decimal places which may affect your ability to be credited for cash dividends, stock dividends and stock splits. In addition, the actual amount of an executed order to buy or sell a dollar value of a security may be lower than the requested amount as a result of this rounding.
Execution of Fractional Share Orders
Fractional share orders or the fractional share component of any order directed by you will be executed by Albert Securities in a Principal or Riskless Principal capacity through Apex.
The whole share component of any such sale order will be executed by Albert Securities in a Principal capacity at the then current National Best Bid or Offer (“NBBO”). Please note that this price may be higher or lower than the price at the time you place your order. In the case of any such purchase order, the whole share component will be executed in a Riskless Principal capacity and will be filled at the execution price Albert Securities receives for the corresponding whole shares it purchased in the market.
In the case of a sale of the fractional component of any such order, that sale will be executed by Albert Securities in a Principal capacity at the then current NBBO. In the case of a purchase of the fractional component of any such order, that purchase will be executed in a Riskless Principal capacity and will be filled at the execution price Albert Securities received in the market.
For any sale order directed by Albert Investments, both for the whole share and fractional share components, such order will be executed by Albert Securities in a Principal capacity at the then current NBBO. For any purchase order directed by Albert Investments, such order will be filled by Albert Securities in an Agency capacity at the execution price Albert Securities receives for the corresponding whole shares it purchased in the market to fill such order. In each case, all such orders are cleared through Apex.
Any fractional share interest in a whole share not allocated to your account per the above may be allocated to other customers or to Albert Securities as Principal. When trading as Principal for its own account Albert Securities may make a profit or incur a loss on each trade.
Additionally, Albert Securities may be required to correct or adjust trades that (for a variety of reasons) have been executed in amounts that either exceed or fall short of the amounts requested. These trade corrections and adjustments could arise in connection either or both of the Riskless Principal or Principal components of the executed orders. Regardless, these trade corrections and adjustments will be executed by Albert Securities in a Principal capacity, and when trading as Principal for its own account, Albert Securities may make a profit or incur a loss.
Albert Securities strives to execute all orders in a manner consistent with its best execution obligations.
Please note: Regular Market Hours begin at 9:30 AM to 4PM EST.
For additional information on the characteristics of market not held orders, please review this useful information from FINRA: https://www.finra.org/investors/alerts/understanding-order-types-can-save-time-and-money.
Albert Securities, LLC