- Claims surfaced about delayed purchase orders for MicroStrategy preferred share Strife (STRF) on social media.
- An investor stated Fidelity took over seven minutes to fill his market buy order for STRF.
- Market buy orders typically execute only during regular stock exchange hours, not around the clock.
- Extended hours trading has less liquidity and wider price spreads, often causing delays or different pricing than during standard sessions.
- The investor later acknowledged his order was placed outside regular trading hours, reducing the claim’s validity.
An investor recently alleged that his market buy order for MicroStrategy’s Strife (STRF) preferred shares experienced a significant delay. He claimed that Fidelity, an asset manager and brokerage, took more than seven minutes to fill his order, raising concerns about the process.
The reported delay, according to the investor’s public comments, involved what he described as an unrealistically high quoted price for STRF during the period in question. He implied that the delay stemmed from issues with the offer price, suggesting it was “obviously higher than quoted.”
A market buy order is a request to purchase shares at the best available price during active trading hours. Exchanges like NasdaqGS, which lists STRF, set rules for order executions during regular hours—typically from 9:30am to 4pm New York time, Monday to Friday. Orders can also be submitted during “extended hours” (4am–9:30am and 4pm–8pm), but these sessions often see less trading activity and bigger differences between buying and selling prices because fewer buyers and sellers are present.
Some securities do not trade during all extended hours, and outside of these times—such as before 4am, after 8pm, or on weekends—the exchange is closed and share transactions cannot happen. This means brokers are not required to fill orders during these periods. Many observers pointed out that the timing of the investor’s order, and his follow-up statements, indicated it was likely placed outside regular trading hours. He later admitted this, saying, “information value of this post = ZERO.”
Market mechanisms and trading schedules explain most delays for orders placed outside official exchange hours, rather than company-specific issues. These delays reflect how stock markets function and differ from digital asset markets, which allow continuous trading.
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