NYSE Opening and Closing Auctions - The New York …
嚜燒YSE 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-listed securities 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 a.m.
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
NYSE | Opening and closing auctions
1
Closing order types
←
Market on Close (MOC)
每 Can be entered until 3:50 p.m.
每 After 3:50 p.m. can be entered only on the contra-side of a MOC/LOC Regulatory Imbalance until 4:00 p.m.
←
Limit on Close (LOC)
每 Can be entered until 3:50 p.m.
每 After 3:50 p.m. can be entered only on the contra-side of a MOC/LOC Regulatory Imbalance until 4:00 p.m.
←
Closing Offset Order (CO)
每 Limit order only
每 No validation against any imbalance publication (any size, price or side allowed)
每 Yields to all other interest in closing auction with the exception of at priced G-Orders
每 Allocation to CO orders based on time priority against other Cos
每 Follows same cancellation rules as MOC/LOC
每 Executes only against the opposite side of an imbalance; never adds to an imbalance
每 Can only better the closing price
每 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
←
←
3:50 p.m.
until the
stock closes
Systemic publication of MOC/LOC Regulatory Imbalance is released
Thereafter only offsetting MOC/LOC and CO orders allowed
Informational imbalance publication is disseminated every 1 second if different from the
previous publication
←
Includes the paired quantity, unpaired quantity, total imbalance quantity, closing only interest price, and
continuous book clearing price
3:55 p.m.
Closing D-Orders to be included in the closing imbalances
3:58 p.m.
No cancels of MOC/LOC/CO after this point, except as provided by Rule 7.35B(j)(2)(B)
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NYSE | Opening and closing auctions | 6642
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