Instinet's Market-on-Close Cross (MOCX) provides you with an anonymous environment to match offsetting market-on-close orders. Subscribers can route orders to this point-in-time cross to achieve the MOC price, while minimizing potential market impact.
Overview
The cross occurs prior to each exchange's "on-the-close order submission" cutoff. Contact your account coverage team for specific market times.*
- Available securities
- All NYSE, ARCA, and NASDAQ listed securities
- Order types
- All MOC eligible orders
- Cross Times
- NYSE: 3:43PM EST
NASDAQ: 3:48PM EST
ARCA 3:48PM EST
* We will occasionally re-optimize the cross times based on changes to exchange protocols
- Benchmark MOC price
- MOCX executions are printed at the closing auction price, as reported by the relevant security’s primary listing market.
- Reduce impact on the close
- Market orders crossed in the MOCX are not routed to the exchange, mitigating any potential adverse impact to the markets’ closing price.
- Integrated workflow for ease of use
- Access MOCX via our entire suite of products, including algorithmic trading strategies, Newport® EMS, and via FIX.
- Subscriber, pro-rata priority
- Offsetting orders submitted by the same subscriber will be prioritized to match in MOCX first. Depending on your clearing type, this may afford you a lower cost of trading. You may also opt out of this self-crossing priority. Any residual quantity may be routed by Instinet's SOR to the exchanges, or cancelled back to you.
