more on moos
A reader, Chris P, (following up on this post) recently inquired by email about the specific rules on Market-On-Open orders. In particular, he was interested in the cut-off times for MOO orders. Market-On-Close orders have a cut-off time of 3:40 and 3:50 on the NYSE and Nasdaq, respectively. That is, MOC orders can’t be entered, modified or cancelled after the cut-off.
He pointed me to two documents, one excellent and concise guide to the open and close from the Nasdaq and another relatively useless piece of documentation from the NYSE. The Nasdaq doc indicates that MOO orders must be entered by 9:28am and my own informal experiment confirms this. MOO orders bound for the Nasdaq after 9:28 will be rejected as invalid orders.
The NYSE doc was less precise (didn’t specify any time) and I was able to enter a MOO order after 9:28 which was filled, while orders after the 9:30 open were rejected. If any reader has more precise information or some experiences to share on the topic, kindly use the comments to do so.
