Closing Cross

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Dictionary Says

Definition of 'Closing Cross'

A call auction used by the Nasdaq to determine the closing price in a security at the end of a trading session. Closing crosses attempt to set a closing price that is the most transparent and is indicative of actual market activity surrounding the close. The closing cross is computed by combining orders from both the continuous order book (which lists all open orders) as well as the closing order book (which lists "on close" orders) to arrive at a single price for the close.
Investopedia Says

Investopedia explains 'Closing Cross'

The closing price for a security is particularly important since it is both widely reported and frequently used for other purposes, such as for computing margin requirements. For the final 10 minutes of regular trading, the Nasdaq broadcasts information on projected closing prices, as well as the amount of order imbalances. The closing cross executes at 4pm EST.

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