A trailing stop order is similar to a stop order, but instead of a stop price, you are able to set a stop condition, creating a moving (i.e. trailing) activation price. You can enter a stop condition in points or by percentage. Pershing holds your trailing stop order on our servers on a “not held,” best efforts basis. This means that we do not deliver your order to a market center until your stop condition has been met. If your stop condition has been met, based on the process described below, we will send your order to a market center as a market order. Like a regular stop order, your order may not be filled at your stop price, especially in certain fast market conditions. Pershing trailing stop service is provided “as is” and there may be delays, omissions or inaccuracies in the service. Pershing is not responsible for trailing stop orders affected by system failures nor for trailing stop orders affected by quote data issues. Trailing stop orders face risk from data transmission errors, including errors involving quote data. In the event of misquotes (e.g. a bad tick) or failure to receive a quote, orders may be erroneously delivered or may fail to be delivered to the market center. On occasion, rapid quote movements or out of range quotes may trigger your stop condition. In an effort to avoid some of the market data risks, we exclude trades that: are outside regular trading hours, such as pre-market or extended hours trading; we receive that include certain indicators, such as late report or out of sequence; are outside the then existing best bid and offer in the market unless it is the third trade outside the best bid and offer (three trade filter). Trailing stop orders face risk from mechanical malfunction, system disruptions, some types of corporate actions (e.g. cash dividends), and bad ticks, among other factors. You are responsible for reviewing and maintaining your trailing stop orders in order to avoid conflict or duplication of orders. Pershing does not guarantee that conflicting orders will be prevented, and resolution of conflicting or erroneous trailing stop orders will be at your risk and expense. Pershing, its agents, and information providers cannot, and do not, guarantee the accuracy, sequence, completeness, timeliness, merchantability or fitness for a particular purpose of this service. Neither Pershing nor any of its agents and information providers shall be liable to you or to anyone else for any loss caused in whole or in part by its negligence or omission in entering or not entering orders or interpreting, reporting, or delivering any information or data through this service. This includes your waiver for any consequential, special or similar damages, including but not limited to lost profits, trading losses, damages resulting from inconvenience, or loss of use of the service. This service may be discontinued or limited at any time and without prior notice. Trailing stop orders have unique risks, and by continuing to utilize this service you acknowledge that you have read, understood and will abide by the above disclosures, terms, and conditions as they are modified and posted on the applicable software, website or other electronic medium through which you access this feature. A trailing stop order is subject to automatic cancellation pursuant to your introducing broker\'s open order cancellation schedule.