Outside Regular Trading Hours
Trading outside of regular trading hours is possible via LYNX. This means you never miss an opportunity.
Disclaimer
Trading outside regular market hours involves additional risks, including lower liquidity, wider spreads, and higher price volatility. These factors may result in less favourable execution prices or order rejections. Investors should ensure they understand these risks before trading in extended sessions.
The regular trading hours on German stock exchanges such as Xetra are from 09:00 to 17:30. On American exchanges such as the NYSE or NASDAQ, standard trading runs from 15:30 to 22:00 (09:30 to 16:00 local time). Some venues also permit trading before and after these regular hours, which can enable investors to react to announcements or market events outside the standard sessions.
LYNX+
In LYNX+, after selecting the financial instrument and opening the order ticket, you can choose the option Fill/Trigger outside RTH. Once selected, you can create and submit your order.
Trader Workstation
- New Order Ticket
Once you open the TWS platform, click on the Order button at the top left corner. This will open an order ticket where you need to fill in various details such as the ticker symbol, order type and order price. On the right side, you may select the option Allow the order to be filled outside of regular trading hours (if available for the instrument). After reviewing all details, you can transmit the order.
- Adjust Order Row
If you already have an order row open in your TWS platform, it is possible to modify it to allow execution outside of regular trading hours. To do this, right-click on the specific order row, select Modify, and then Order Ticket. The order ticket will open as in the previous step. In this window, you may select the option Allow the order to be filled outside of regular trading hours (if available for the chosen instrument and exchange). Once reviewed, you can transmit the order.
It is possible to configure your settings so that orders may by default include the option to be filled outside of regular trading hours, if supported for the instrument and venue. Instructions can be found in the FAQ below.
LYNX Trading App
In the LYNX Trading App, after creating an order (e.g. using a LIMIT order type), you can enable the Outside RTH option in the order ticket if available. Once reviewed, the order can be submitted.
FAQ
How to add Outside Regular Trading Hours to a preset?
TWS
Click on Edit in the menu bar and then select Global Configuration. On the left side, click on Presets and select a financial instrument. On the right-hand side, you will find the presets for the selected financial instrument. Here, you need to check the option Allow order to be activated, triggered, or filled outside of regular trading hours (if available). After that, click Apply and OK.
LYNX Trading App
Navigate to the main menu and select Settings. In the next window, choose Trading Settings and then select Trading Presets. In this step, choose the financial instrument and then tap on the Timing option, where you need to activate the slider in the Outside Regular Trading Hours field.
Please be aware: You have to apply these settings for every product type on it’s own.
Which products can I trade outside regular trading hours?
Among other things, you can trade shares and ETF’s outside regular trading hours. You can also trade futures contracts outside so-called liquid trading hours. This is not possible with warrants and certificates, options or CFD’s.
Where can I view the trading hours of a security?
You can view the trading times of a security with just a few clicks in the Trader Workstation. To do this, double-click on the name of the financial instrument (Company Name column) to open its description. Under the Trading Schedule section, the regular and total trading hours of the selected security are displayed.
What risks appear when trading outside regular trading hours?
Trading outside standard hours carries risks such as lower liquidity, wider bid/ask spreads, and potential partial or non-execution of orders. Investors should carefully consider these factors before placing orders outside regular hours.
What is the cost of trading outside regular trading hours?
No additional explicit fees are charged for trading outside regular market hours; standard commissions and applicable exchange fees remain the same. However, it is important to understand that overall trading costs may still be higher in practice.
This is because trading activity is typically lower outside regular hours, which can lead to wider bid-ask spreads and reduced liquidity. These market conditions may affect execution quality and result in less favourable pricing compared with trades executed during standard trading sessions.
Which order types are supported for trading outside regular trading hours?
Outside regular trading hours, typically only Limit and Trail Limit orders are supported. Market and Stop orders are generally not executed. An exception applies to certain futures contracts, where Market and Limit orders may also be processed outside liquid trading hours.
You can also configure this for the order type Stop in the order settings. It’s worth noting that for Market (MKT) orders, ORTH indication is not required in the order parameters, whereas for Stop (STP) orders, ORTH indication is necessary.
An overview of the common order types via LYNX can be found here.
Is it possible to trade US financial instruments overnight?
Yes, overnight trading (02:00 – 09:50 CET) with US stocks is possible. In addition, it is also possible to trade Cboe S&P 500 Index options and CME Group S&P 500 Index options on futures.
A list of securities available for overnight trading can be found here.
Can I make use of Overnight Trading via LYNX?
Trading outside of regular trading hours is available on all LYNX trading platforms.
LYNX, through Interactive Brokers (IBKR), offers overnight trading for over 10,000 US-listed stocks and ETFs. Market data is provided free of charge, and existing US stock trading permissions are sufficient to enable trading. Trades can be placed using the LYNX Trading App (mobile), LYNX Trading TWS (desktop), and LYNX+ (web). Overnight trading hours are from 8:00 PM ET to 3:50 AM ET, starting on Sunday at 8:00 PM ET and concluding on Friday at 3:50 AM ET. Trades executed between 8:00 PM and 12:00 AM will carry a trade date of the following day.
For a complete list of available stocks and ETFs, please refer to the exchange listing page on the website.
Important Notes:
- Orders intended for overnight trading are treated separately from those submitted during the day or those using the extended trading hours time-in-force designation. In other words, investors should consider overnight orders as being placed on an independent venue.
- Overnight orders are valid for a single overnight session. If not executed during this session, the order will expire and be removed from the system.
- If the order expires without execution, you will need to resubmit a new overnight limit order for the next session.
How do I set an overnight trading order via LYNX+?
- Use the search bar in the top-right corner to find the desired stock by name, ISIN code, or ticker symbol.
- Once you’ve selected the instrument, click on Buy or Sell to open the order ticket.
- In the order ticket, select the OVERNIGHT destination at the top next to ISIN code and market related to the stock. Default this is set to SMART.
- Set the Order Type to Limit, as overnight trading requires limit orders due to lower liquidity. Specify the Quantity and Limit Price for your order.
- After configuring all necessary fields and enabling overnight trading, review your order and click Submit to place it.
How do I set an overnight trading order via the mobile app?
To place an overnight trading order via the LYNX Trading app, follow these steps:
- Via the Trade Menu, search the ticker symbol of the stock or ETF you wish to trade.
- Choose the appropriate action (Buy or Sell) for your order.
- Enter the number of shares you intend to trade.
- Due to lower liquidity during overnight hours, only Limit orders are accepted. Ensure that the Time in Force is set to “Day”.
- Locate the “Overnight Trading” checkbox/slider and enable it. Overnight Trading will appear next to the product’s name, indicating that the order is designated for overnight trading.
- Review the order details. Once satisfied, click/slide “Submit” at the bottom of the order ticket to place the order.
How do I set an overnight trading order via TWS?
Within the Order Entry panel in TWS, users can view and modify the order destination by clicking the Advanced expansion menu located at the lower right. In the Destination dropdown menu at the upper left of the Advanced pop-up window, click the down arrow to reveal the exchange and routing options. By default, the selection is set to SMART. From the list, select the OVERNIGHT venue to enable overnight trading.
Alternatively, you can set an overnight trading order directly via the Time in Force menu:
- Enter the ticker symbol in TWS.
- Select Buy or Sell and input the desired quantity.
- Due to lower liquidity during overnight hours, only Limit orders are accepted; therefore, enter a limit price.
- From the Time in Force dropdown menu, check the Overnight Trading box. A yellow crescent moon icon will appear to the left of the Time in Force selection box, which is set by default to Day.
Note: Overnight orders remain active for a single session. If they are not filled overnight, the orders will expire and be removed from the system. Clients will need to resubmit a new overnight limit order for the following session.