Instinet’s Market-on-Close Cross (MOCX) provides you with an anonymous environment to match offsetting market-on-close orders. Subscribers can route orders to this point-in-time cross to achieve the MOC price, while minimizing potential market impact.
Features
Benchmark MOC price
MOCX executions are printed at the closing auction price, as reported by the relevant security’s primary listing market.
Reduce impact on the close
Market orders crossed in the MOCX are not routed to the exchange, mitigating any potential adverse impact to the markets’ closing price.
Integrated workflow for ease of use
Access MOCX via our entire suite of products, including algorithmic trading strategies, Newport® EMS, and via FIX.
Subscriber, pro-rata priority
Offsetting orders submitted by the same subscriber will be prioritized to match in MOCX first. Depending on your clearing type, this may afford you a lower cost of trading. You may also opt out of this self-crossing priority. Any residual quantity may be routed by Instinet's SOR to the exchanges, or canceled back to you.
Overview
The cross occurs prior to each exchange’s “on-the-close order submission” cutoff. Contact your account coverage team for specific market times.*
| Available securities | Order types | Cross Times |
| All NYSE, ARCA, and NASDAQ listed securities | All MOC eligible orders | NYSE: 3:56PM EST (at or near 12:56PM EST. for trading days when the market close is scheduled for 1:00PM EST.). NASDAQ: 3:54PM EST (at or near 12:54PM EST. for trading days when the market close is scheduled for 1:00PM EST.). ARCA: 3:58PM EST (at or near 12:58PM EST. for trading days when the market close is scheduled for 1:00PM EST.). |
* We will occasionally re-optimize the cross times based on changes to exchange protocols