Late trading
Late trading is when an investor places a mutual fund order after the stock market has closed (4:00 pm ET) but still gets that day’s closing price. Mutual funds price once per day, so there are no intraday prices. In the United States, late trading is illegal under SEC rules, though some cases have involved exceptions for certain favored investors who still received that day’s price. It is not the same as official after-hours trading, which happens on exchanges under different rules.
This page was last edited on 2 February 2026, at 17:24 (CET).