Bid, Ask, Spreads, and Liquidity

• Bid: A displayed price at which buyers may be willing to buy.
• Ask (Offer): A displayed price at which sellers may be willing to sell.
• Spread: The difference between the bid and ask prices.

Displayed quotes can change quickly. A displayed bid, ask, last price, midpoint, estimate, or preview does not guarantee that an order will execute at that price.

Liquidity refers to the availability of buyers and sellers. When liquidity is lower, spreads may be wider, prices may move more quickly, and orders may be more likely to remain unfilled, partially fill, or execute at prices different from a displayed last price or preview, depending on order type and market conditions.

Extended-hours trading can involve lower liquidity, higher volatility, and prices that may differ from prices available during regular market hours and between trading venues.

Are prices and fills guaranteed?

No. Displayed prices, bids, asks, midpoints, estimates, and buying-power previews are not guarantees. Actual execution depends on order type, market conditions, liquidity, routing, timing, market session, account status, and downstream venue handling.

FINRA Rule 5310 requires broker-dealers to use reasonable diligence to ascertain the best market for a security so the resulting customer price is as favorable as possible under prevailing market conditions.

Contact support for account-specific or order-specific questions about fills, rejections, cancellations, buying-power impact, or disputed executions.