Firm Risk Controls - FAQ

This FAQ applies to orders that may be subject to risk controls across markets, including U.S. and non-U.S. securities available through the platform.

1. Why was my order rejected or not executed?

Your order may have been rejected or not executed because it was subject to risk controls applied by the firm and/or its clearing firm. These controls are designed to manage risk and maintain fair and orderly markets.

2. What are firm risk controls?

Firm risk controls are automated or manual measures that may limit, delay, or reject orders based on market conditions and risk factors such as liquidity, volatility, pricing transparency, or data availability.

3. Do these controls apply to all securities?

These controls may apply to any security at the discretion of the firm, but they are more likely to affect low-priced, micro-cap, nano-cap, or less liquid securities.

4. Can my order be rejected even if it is valid?

Yes. Orders are not guaranteed to be accepted or executed. Even if an order is otherwise valid, it may be rejected, delayed, or limited if it does not meet applicable risk control parameters.

5. Why did another customer’s order execute but mine did not?

Execution outcomes may vary among customers submitting similar orders due to the application of risk controls and prevailing market conditions.

6. Can these controls change over time?

Yes. The firm and/or its clearing firm may apply, modify, or remove risk controls at any time without prior notice based on market conditions or regulatory requirements.

7. Can I override these controls?

No. These controls are part of the firm’s risk management and regulatory obligations and cannot be overridden by customers.

8. What risks should I be aware of when trading these securities?

You may experience:

•  Delayed or rejected orders

•  Partial or no execution

•  Difficulty selling a position after purchase

9. How can I reduce the likelihood of order issues?

You may consider:

•  Using limit orders instead of market orders

•  Adjusting your order price or size

•  Monitoring market conditions before placing trades

10. Where can I find more information?

For more details, please refer to the Firm Risk Controls Disclosure available on our website.