Nature and Risks of Advanced Orders
OptionsHouse provides certain types of “advanced orders” as a service to its customers.* However, advanced orders pose unique risks that you should understand before making use of them. By choosing to use the advanced orders service you acknowledge that you have read, understood, and will abide by the following terms and conditions.
Advanced orders are held at OptionsHouse on OptionsHouse servers and are not sent or routed to the marketplace until they are triggered based on the conditions you specified at the time the order was created or modified. All advanced orders are delivered on a “not held” basis. Advanced orders are subject to additional risk due to system failure or technical difficulties, whether at OptionsHouse or at any exchange, clearing house or service provider. In addition, some advanced orders may not be eligible for execution at the time the order is triggered, such as stop orders entered above the market, orders that conflict with other open orders or existing positions, or orders that are no longer supported by your approved trading level.
Furthermore, you understand that advanced orders may be affected by system outages or failures and that OptionsHouse is not responsible for advanced orders that are affected by quote data irregularities. Advanced orders are at risk of data transmission errors including quote data issues. In the event of a missing quote or misquote advanced orders may be erroneously delivered, or may fail to be sent to the marketplace for execution. In addition, rapid quote movements or misquotes may trigger advanced orders or impact user-defined contingent factors.
You are solely responsible for maintaining your open orders and advanced orders so as to avoid conflict or duplication of orders. OptionsHouse neither warrants nor guarantees that conflicting orders will be prevented by the advanced order service. You will be solely responsible for the resolution of conflicting or erroneous advanced orders at your own risk and expense.
At the time you place an advanced order the buying power in your account will be adjusted to reflect the advanced order as if it had been executed in the marketplace at either the limit price you provided or at the current market price. In the event your advance order is triggered, it will be sent directly to the marketplace without regard to any additional impact to your buying power or margin requirements. If the execution of an advance order generates a margin call you will be responsible for meeting that call within the allotted timeframe.
OptionsHouse provides the advanced orders service to its customers “as is” and OptionsHouse is not responsible for any delays, omissions or inaccuracies in the service. Furthermore, OptionsHouse, its affiliates, agents, and data providers do not warrant or guarantee the accuracy, sequence, completeness, timeliness, merchantability, or fitness for a particular purpose of this service. OptionsHouse, its affiliates, agents, and data providers are not liable to you or to anyone else for any losses caused in whole or in part by its negligence or omission in procuring, compiling, interpreting, editing, writing, reporting or delivering any information or data through it advanced orders service. By using this service you waive your right to any consequential, special or similar damages, including but not limited to lost profits, trading losses, loss of use of this service or any other damages. OptionsHouse reserves the right to limit or discontinue this service at any time without prior notice to you. You acknowledge that you have read, understood and will abide by terms and conditions of this service as posted on the OptionsHouse website. Your continued use of this service constitutes your agreement with the terms and conditions stated herein.
The Advanced Orders Service
Advanced orders are held at OptionsHouse on OptionsHouse servers until triggered. All facets of advanced orders are compared to quote data on regular cycles, typically of less than thirty seconds. The length of the cycle may vary dependent on market conditions. OptionsHouse will reset user-defined moving contingent factors every quote comparison cycle. On movement of user-defined contingent factors and triggering of an advanced order the bid/ask or last sale will be used as determined by you at the time the advanced order is entered.
* Advanced orders include trailing stops and contingent orders and such other complex or advanced orders as OptionsHouse may make available to its customers from time to time.