NYSE OPEN AND CLOSING AUCTIONS - New York Stock …
[Pages:2]NYSE Opening and Closing Auctions
The NYSE's Deep Liquidity at the Open and Close Provides:
? Superior market quality ? Price discovery ? Facilitation of block trading
Opening Order Types
? Limit Orders ? Market Orders ? Market on Open (MOO) ? Limit on Open (LOO) ? Intermarket Sweep Orders (ISO)
Opening Timeline
6:30 a.m.
Pillar Gateways open for order entry
? Only NYSE names can participate in the opening auction. ? Orders can be entered and cancelled until the security is opened by the DMM, even if order entry
or cancelation occurs after 9:30 am. The NYSE Auction Process allows for all stocks, particularly IPO's or Listed Companies with news announcements, to open later than 9:30 am to ensure accurate pricing.
8:00 a.m.
Dissemination of Opening information begins
? Imbalance and Paired-off information is disseminated every 1 second for each security, if changed from previous second, until the stock opens.
9:30 a.m.
Opening process begins
? DMMs begin to open each security. ? Securities able to open within 10% of the reference price can be opened algorithmically
by the DMM. Outside those that range must be opened manually by the DMM. ? Securities without crossing interest the DMM may post an opening quote.
Closing Order Types
? Market on Close (MOC) - Can be entered until 3:50 pm - After 3:50 p.m. can be entered only on the contra-side of a MOC/LOC Regulatory Imbalance until 4:00 p.m. - After 3:50 p.m. can be cancelled only for legitimate errors. - After 3:58 p.m. cancellations will be rejected and requests to cancel must be called into the NYSE Trade Desk
? Limit on Close (LOC) - Can be entered until 3:50 pm - After 3:50 p.m. can be entered only on the contra-side of a MOC/LOC Regulatory Imbalance until 4:00 p.m. - After 3:50 p.m. can be cancelled only for legitimate errors. - After 3:58 p.m. cancellations will be rejected and requests to cancel must be called into the NYSE Trade Desk
? Closing Offset Order (CO) - Limit Order Only - No validation against any imbalance publication (any size, price or side allowed) - Yields to all other interest in closing auction with the exception of at priced G-Orders - Allocation to CO orders based on time priority against other Cos - Follows same cancellation rules as MOC/LOC - Executes only against the opposite side of an imbalance; never adds to an imbalance - Can only better the closing price - Can be used to offset any imbalance that exists before the closing print
Closing Timeline
3:50 p.m.
Cutoff time for MOC/LOC order entry
? Systemic publication of MOC/LOC Regulatory Imbalance is released. ? Thereafter only offsetting MOC/LOC and CO orders allowed. ? Cancellations only for legitimate errors.
3:50 p.m. - Informational Imbalance publication is disseminated every 1 second if different from the until theprevious publication. stock closes
? Includes the Paired-off quantity, Unpaired Quantity, Order Imbalance, Closing Only Interest Price,
and Continuous Book Clearing Price.
3:55 p.m.
Closing D-Orders to be included in the closing imbalances ? 3:50 p.m. ? 3:58 p.m. Only MOC/LOC/CO orders that are documented errors may be cancelled.
3:58 p.m.
No cancels of MOC/LOC/CO after this point, except as provided by Rule 7.35B(j)(2)(B)
?2021 Intercontinental Exchange, Inc. The following are trademarks of Intercontinental Exchange, Inc. and/or its affiliated companies: Intercontinental Exchange, ICE, New York Stock Exchange and NYSE. For more information regarding trademarks owned by Intercontinental Exchange, Inc. and/or its affiliated companies see terms-of-use. 3680
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