Hi If an exchange (NYSE/LSE) is closed and I place an order, when and how (is price based on brokers users only) is it executed?

I know there is pre-market, post market and out of hours periods, so would be grateful if answer could provide an outline on these if there is a difference.


  • All periods just describe times outside the "traditional" hours when trades can occur.
    – chepner
    Apr 12, 2020 at 16:39

1 Answer 1


In order to trade during the pre-market or after hours, your broker must offer this service and you must be approved for such trading.

The next issue is routing. If you select specific routing, your order goes to that ECN. If your broker offers Smart Routing then your order will be routed and re-routed to the exchange with the best price at that time. If no Smart routing and no exchange routing specified then the order will be considered as placed for the regular trading session and will only be filled then if your price is available. You can read about the complexities of routing here

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