Mutual Funds
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.
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Famous quotes containing the word mutual:
“What spectacle can be more edifying or more seasonable, than that of Liberty and Learning, each leaning on the other for their mutual and surest support?”
—James Madison (1751–1836)