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Important Information
Extended Hours Trading Through the Electronic Communications Network ("ECN")

IMPORTANT: Trading through Fidelity's extended hours session on the ECN is subject to the terms and conditions ("Terms") and policies set forth by Fidelity and subject to change without notice. By using the ECN trading facility, you acknowledge your understanding of the risks and agree to the Terms set forth herein. Should you not agree with these Terms, you should refrain from using the ECN trading facility.

Risks
Due to the nature of the extended hours trading sessions, trading during extended hours through an ECN may pose certain risks which are greater than those present during standard market hours. For example:

  1. Liquidity. Liquidity generally refers to the level of trading activity and the volume of securities available to be traded. In general, the greater the liquidity in a security, the greater the chance an order will be executed. There may be a lack of liquidity (buyers and sellers) in the premarket or after hours sessions on an ECN which prevents your order from being executed, in whole or in part, or from receiving as favorable a price as you might receive during standard market hours.
  2. Price Volatility and Price Spreads. Price volatility generally refers to the speed and size of changes in the price of a security. There may be more volatility in the extended hours sessions than in the standard day session, which may prevent your order from being executed, in whole or in part, or from receiving as favorable a price as you might receive during standard market hours. Price spread generally refers to the difference in prices between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours sessions may result in wider than normal spreads for a particular security.
  3. Definition of the ECN. The ECN, as used in Fidelity's extended hours trading sessions, web site content, and other materials, refers to one or more electronic communications networks (ECNs) to which an order may be submitted for display and execution from Fidelity. ECNs electronically match buyers and sellers to execute Limit orders. Fidelity utilizes NYSE Archipelago as its primary ECN for extended hours trading. Extended hours session orders may also be executed by a dealer at a price that is at or better than the NYSE Archipelago best bid or offer. Depending on the availability of Archipelago, your order may be submitted to one or more of the ECNs with which Fidelity is directly or indirectly linked.
  4. Access to Other Markets and Market Information. Not all ECNs are connected or linked in the extended hours trading sessions nor offer extended hours trading for the same time periods. Therefore, there is a possibility that greater liquidity in a particular security or a more favorable price is available in another ECN. Access to quotes and trading information in other ECNs may be limited. Additionally, other participants in the premarket or after hours sessions may be placing orders based on news or other market developments outside the standard market hours that may affect the price of securities. Keep in mind that news stories and related announcements, coupled with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security. You should determine prior to placing an order in the extended hours sessions that you have sufficient current information to determine your limit order price.
  5. Price Variance from Standard Market Hours. Orders are eligible for execution in the extended hours markets at prices which are generally based on the supply and demand created by other sellers and buyers who participate in the extended hours sessions for an ECN. Therefore, execution prices of securities transactions in the ECN system in either the premarket or after hours session may not necessarily match the pricing which is present in the standard daytime trading session. You might pay more, or receive less than you would compared to trades executed during standard market hours. However, you will not receive an execution price that is worse than your established limit for the extended hours sessions.
  6. Time and Price Priority of Orders. Orders entered into the premarket and after hours sessions are generally handled in the order in which they were received at each price level. Therefore, orders transmitted to the ECN by other investors before your order may match an existing order that you were attempting to match, thereby removing that order from the ECN order book. Similarly, your order may not be first in line to be executed if a matching order comes into the ECN. This may prevent your order from being executed, in whole or in part, or from receiving as favorable a price as you might receive during standard market hours. If you change your order, your change is treated as cancellation and replacement which may cause it to lose its time priority.
  7. Communication Delays. Delays or failure in communications due to a high volume of orders or communications, or other computer system problems, may cause delays in, or prevent access to current information or execution of your order.
  8. Trading Options Securities. Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value ("IIV") and Lack of Regular Trading in Securities Underlying Indexes. For certain products, an updated underlying index or portfolio value or IIV will not be calculated or publicly disseminated during Extended Trading Hours. Since the underlying index or portfolio value and IIV are not calculated or widely disseminated during Extended Trading Hours, an investor who is unable to calculate implied values for certain products during Extended Trading Hours may be at a disadvantage to market professionals. Additionally, securities underlying the indexes or portfolios will not be regularly trading as they are during Regular Trading Hours, or may not be trading at all. This may cause prices during Extended Trading Hours to not reflect the prices of those securities when they open for trading.

Terms and conditions
Trading through Fidelity's extended hours sessions on the ECN is subject to the terms and conditions ("Terms") and policies set forth by Fidelity and subject to change without notice. By using the ECN trading facility, you acknowledge your understanding of the risks set forth above and your agreement to the Terms set forth below.

  1. Fidelity reserves the right not to accept an order for the ECN at its discretion and will attempt to notify you if your order is not accepted.
  2. Fidelity will only accept limit orders for premarket and after hours trading through the ECN. You must indicate a specific price at which you are willing to buy or sell the security you are interested in. You may not trade against an order entered by you. In other words, you may not buy securities you offered for sale in the ECN, and vice versa.
  3. The maximum order size is 25,000 shares.
  4. Minimum price increment is $0.01.
  5. Only certain securities will be eligible for trading through the ECN, so all orders must be for securities traded on the ECN. If a stock normally traded on the ECN closes on a trading halt in its primary market, or trading is later halted by its primary exchange or a regulatory authority, trading of that stock may be suspended on the ECN.

    ECN orders for the premarket session can be placed from 7:00 to 9:28 a.m. Eastern Time. Short sale orders for the premarket are only permitted between 8:00 - 9:28 a.m. Eastern Time. ECN orders in the after hours session can be placed from 4:00 - 8:00 p.m. Eastern Time. In the event that an ECN becomes unavailable during an extended hours session, Fidelity may submit orders to another eligible and available ECN to maintain order flow. Thus, your order may be presented in any one of several eligible ECNs.
  6. Orders not filled during Fidelity's premarket session are automatically canceled if they are not filled by the end of the session (i.e., 9:28 a.m. Eastern Time unless trading is halted prior to 9:28 a.m.) during which they were placed. You must re-enter these orders during standard market hours if you still wish to have Fidelity execute the trades.

    Orders not filled during Fidelity's after hours session are automatically canceled if they are not filled by the end of the session (i.e., 8:00 p.m. Eastern Time unless trading is halted prior to 8:00 p.m.) during which they were placed. You must re-enter these orders during the premarket or standard market hours if you still wish to have Fidelity execute the trades.
  7. Fidelity is not liable for delays in the transmission of orders due to a breakdown or failure of transmission, communication or data processing facilities, or for any other cause beyond our reasonable control.
  8. Transactions are subject to the applicable rules and regulations of the self-regulatory organizations and governmental authorities.
  9. Transactions are subject to all other agreements applicable to your account(s).