If i am using MOC

Discussion in 'Order Execution' started by Fishbird, Apr 7, 2008.

  1. Fishbird


    = Market on close, do i get the closing print or some other price that the mm likes?
    I see often prints way of the current price shortly before the close. Has this something to do with it?

    What is your experience with this order kind?
  2. MOC on NYSE will give you the closing print price.

  3. Fishbird


    Thanks Don.

    I am trading Nasdaq exclusively.
    Is it a different story there?
  4. Yes, I'm not even sure that there is a specific order type called "Market on Close" - they have a crossing session I believe.

  5. Fishbird


    Yep you are right.
    On NYSE a pit-guy handles the order and makes the closing print.

    On Nasdaq, if not routed to Amex, the moc order is simulated by broker who submits a market order at 3:59:58 or so.

    Amex trades most nasdaqs so they can be used for moc it looks.
    Question is if they provide fair executions or rip people off.
    Heard not the best things about their behavior.

    So im back to step one :)
    Is a moc on Amex useful or better left alone.
  6. zhexin2


    nasdaq does have native built-in moc order type. take a look at nasdaq website. the moc on nasdaq takes account of orders submitted in the moc order type plus limit orders in the book at the market close.
  7. vikana

    vikana Moderator

    Imo, NEVER use amarket order on the AMEX. Always limits.