We have just launched 3 new U.S. market order types: Market Order, Market On Open (MOO) and Market On Close (MOC).
- What is a Market Order?
- A market order is an order placement with a defined quantity but without a price. It will be traded at the best price currently available in the market.
- What is Market on Open?
- A MOO order is an order placement with a defined quantity but without a price. It is placed before a market is opened and will trade at the best price when the exchange starts trading. It is an order to execute at the day’s opening price.
- What is Market on Close?
- A MOC order is an order placement with a defined quantity but without a price. It is placed during the market trading session and will be executed at the closing. It is an order to execute at the day’s closing price.
- When can I start placing a Market Order, MOO and MOC?
- A market, MOO and MOC orders can only be placed 80 minutes before the start of a market session. The purpose is for better risk management as the pre-market prices indicated then will be a better and more accurate reflection of the asset price at open.
- What is the cut-off time for placing an order?
Order Type Market Cut Off Time MOO All 2 mins before market opens MOC NASDAQ 5 mins before market closes NYSE 15 mins before market closes