Double Closing Prints

Discussion in 'Order Execution' started by Math_Wiz, May 31, 2006.

  1. Can anybody tell me why there are often two closing prints on the NYSE? For example, with GCI, KRI, DJ, etc. today. They all have two closing prints for the same price, but different number of shares.

    I thought the specialist was supposed to close stocks with a single print. Not that it really matters, I'm just curious what's going on?

    Any insights?

    Thanks,
    +-*/ Math_Wiz
     
  2. alanm

    alanm

    Only one of them is the actual closing print (with the '@' indicator in my feed). For example, the GCI closing was 210600 shares - the other print for 31200 was 10 seconds earlier. It's routine to see several prints at the closing price, which are probably cleanup prints, piggy-backing, etc.
     
  3. Surdo

    Surdo

    It could be a number of things. A Block Desk may have "Stopped" an institution at the closing price. Desks also cross stock at the bell not to leave blood in the water if the trader has a residual position from an insitution. All perfectly legal as long as there are a change of ownership and not painting the tape.
     
  4. I don't think my question has been answered. I see a few hypotheses in your answers, but the fact that each of you gave two or more possible answers to my question tells me that you don't know for sure. But yet whatever was happening today happened everywhere. Pretty much pick any NYSE stock and the same phenomenon occurred.

    BAC
    C
    GM
    F
    WHR
    WMT
    D
    NUE
    X
    ANF
    ETR
    EXC

    etc. They all have duplicate prints at the close, but for different share amounts, and always within 10 seconds of each other. It seems to me that whatever is happening is not clean-up prints or piggy-backing, but I could be wrong.

    This phenomenon occured in hundreds of stocks today. I haven't noticed if this is a daily occurence or not, but I suspect it is.

    If you truly think these are piggy back trades, or clean-up trades, could you please explain to me why they occur with astounding frequency across hundreds of stocks, always at the same price as the closing print, and always within 10 seconds of the closing print?

    It just seems so odd to me. I'm just trying to figure out what it is.

    Thanks again for everyone's help,
    +-*/ Math_Wiz
     
  5. cstu

    cstu

    The final NYSE print often consists of two parts. The first print is MOC order imbalance print (ex. 5200 to buy). The second print is essentially the "paired off" MOC orders. For instance 26200 paired.

    It gets printed 5200 then 26200 at the given price. The reason for this is that if it were one print orders on the book would not know if they are due. For instance, if 10000 is offered, only 5200 shares will be sold leaving 4800 ND.
     
  6. trade24

    trade24

    cstu is correct..i worked on the floor as a broker for 7 yrs...each print represents something differant..ie..one print for the locked in moc on the book the other print for those who pair off on the close..nothing fishy going here..regular business..no special startegy taking place
     
  7. Thanks alot u2. That clears it up for me.

    +-*/ Math_Wiz