Market on Close Order (MOC)

A type of order frequently used in portfolio trading and in related futures and options transactions which instructs the broker to execute the order at the closing price for the day. In futures markets, a market on close order will be executed within the closing range. Under current New York Stock Exchange rules, a market on close order is assured of execution at the closing price if it is entered by a certain time. Investors using market on close orders should be aware of the probable effect a large order will have on the closing price.

Glossary * M