Market-On-Close Order - MOC

DEFINITION of 'Market-On-Close Order - MOC'

A non-limit (market) order executed as close to the end of the market day as possible. All market on close (MOC) orders must be submitted by 3:45pm on the NYSE and by 3:50pm EST on the Nasdaq. Neither exchange allows for the modification or cancellation of MOC orders after those times.

Also known as an "at-the-close order."

BREAKING DOWN 'Market-On-Close Order - MOC'

This is an order entered sometime during the day that grants discretionary power to the trader, so that, as near as possible to the end of the trading day, a market order will be executed. MOC orders are sometimes used as a limit order qualifier, making the limit order a MOC order if the limit wasn't reached earlier in the day. In addition, MOC orders allow investors to buy or sell a stock that might move drastically before the next morning's open - perhaps as the result of a known after-hours earnings announcement or news story. On the negative side, some traders believe that MOC orders, by virtue of the buying/selling pressure they create, cost traders a tick or two.

RELATED TERMS
  1. Buyers/Sellers On Balance

    1. A ratio based on aggregate market orders for securities that ...
  2. At-The-Close Order

    An order specifying that a trade is to be executed at the close ...
  3. Aged Fail

    A contract between two broker-dealers that has not been settled ...
  4. Day Order

    An order to buy or sell a security that automatically expires ...
  5. Inside Quote

    The best bid and ask prices offered to buy and sell a security ...
  6. Liquid Market

    A market with many bid and ask offers, low spreads and low volatility. ...
Related Articles
  1. Investing Basics

    Principal Trading and Agency Trading

    Ever wonder what happens behind the scenes when you buy or sell a stock? Read on and find out!
  2. Investing Basics

    Understanding Order Execution

    Find out the various ways in which a broker can fill an order, which can affect costs.
  3. Active Trading Fundamentals

    The Basics Of Trading A Stock

    Taking control of your portfolio means knowing what orders to use when buying or selling stocks.
  4. Active Trading Fundamentals

    Which Order To Use? Stop-Loss Or Stop-Limit Orders

    Stop-loss and stop-limit orders can provide different types of protection for investors seeking to lock in profits or limit losses. Investors need to know how each type of order works to know ...
  5. Investing Basics

    The Basics Of The Bid-Ask Spread

    The bid-ask spread is essentially a negotiation in progress. To be successful, traders must be willing to take a stand and walk away in the bid-ask process through limit orders.
  6. Investing Basics

    Understanding Immediate-or-Cancel Orders

    A trader places an immediate-or-cancel order to immediately execute a trade in full or in part. Any part of the order that remains unfulfilled is canceled.
  7. Investing Basics

    Explaining Good ‘til Canceled

    A good ‘til canceled order remains in effect until an investor cancels a specific trade or executes it.
  8. Investing Basics

    NYIF Instructor Series: "Fill or Kill" Order

    In this short instructional video Anton Theunissen explains what the "fill or kill" order is.
  9. Investing Basics

    NYIF Instructor Series: Odd Lot Orders

    In this short instructional video Jack Farmer explains what an odd lot order is and what the potential downsides are.
  10. Investing

    Redefining the Stop-Loss

    Using Stop-losses for trading doesn’t mean ‘losing money’, but instead think about the money you'll start saving once you learn how they work.
RELATED FAQS
  1. What's the difference between a stop and a limit order?

    Different types of orders allow you to be more specific about how you'd like your broker to fulfill your trades. When you ... Read Full Answer >>
  2. How do I place an order to buy or sell shares?

    It is easy to get started buying and selling stocks, especially with the advancements in online trading since the turn of ... Read Full Answer >>
  3. How do I set a strike price in foreign exchange trading?

    In trading with a foreign exchange, a trader can set a strike price for a currency pair by entering a limit order or a stop ... Read Full Answer >>
  4. How do I place a buy limit order if I want to buy a stock during an initial public ...

    During an initial public offering, or IPO, a trader may place a buy limit order by choosing "Buy" and "Limit" in the order ... Read Full Answer >>
  5. Are stop orders only used for stocks?

    Stop orders can be used for a variety of securities and are not limited to stocks. They can be extended to other securities, ... Read Full Answer >>
  6. Should I enter a limit order to buy a position with a bid and ask that are far apart?

    You face the risk of losing the spread in a security with a bid and ask that are far apart when you enter a market order. ... Read Full Answer >>
Hot Definitions
  1. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  2. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  3. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  4. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
  5. Dark Pool Liquidity

    The trading volume created by institutional orders that are unavailable to the public. The bulk of dark pool liquidity is ...
Trading Center