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.

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