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XYZ IPO is listed today. When can I start to trade on that stock?

IPOs begin trading on the exchange after what is known as the “Price Discovery Phase” this is the time period between when the market opens and when the IPO begins trading. During the price discovery phase, no trades are executed and no market orders can be made, however limit orders are allowed at this time. How long the Price Discovery phase lasts is different for every IPO but most open for trading roughly between 10:30 am - 1:30 pm ET.

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