late trading

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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 closing price (the price of mutual funds is usually set only once per day, so intra-day prices are not applicable). In the United States this practice is illegal under SEC rules but many mutual fund managers appear to have allowed exceptions for certain hedge funds and other favored investors who were able to obtain that day's price, notwithstanding that their orders were received after-hours. ... " late trading: Information and Much More from Answers.com