When BTIG accepts a guaranteed order, it is agreeing to execute your order at a price based upon an agreed benchmark price or pricing formula (e.g., closing price or volume weighted average price). Prior to the execution of a guaranteed priced order, BTIG may establish a hedge through a single or multiple transactions that serve to offset the risk associated with facilitating the guaranteed priced order. The hedge will usually involve transacting as principal in the same security; however, it may also involve transacting as principal in related derivative and/or financial instruments. You should be aware that trading activity related to the facilitation of guaranteed orders could affect the market price for the subject security.