How it works
Ordinary stock trading takes place through a stock exchange, but on a PTS, orders from investors are matched directly within a system operated by a securities firm. It operates separately from an exchange's regular trading hours (see related page), and some securities firms accept orders on a PTS even in the early morning or evening.
Relationship to after-hours trading
Trading conducted on a PTS outside an exchange's regular trading hours is commonly referred to as "after-hours trading" (see related page). Because trading hours, available stocks, and fees vary by securities firm, please check the details with the firm you plan to use.