Late trading
From Wikipedia, the free encyclopedia
Late trading is trading that executes after the market closes, while charging the share price of when the market was still open. This form of trading may be illegal, and is distinct from official after-hours trading.
In the mutual fund context, late trading involves placing orders for mutual fund shares after the close of the stock market, 4:00 p.m for the New York Stock Exchange, but still getting that day's closing price, rather than the next day's opening price. The price of mutual funds is usually set only once per day, so intraday prices are not applicable.[1]
