Market-on-Close (MOC) Order
The Formal Definition
A non-cancellable market order submitted before a designated deadline to execute at the official closing price determined by the exchange's end-of-day closing cross auction.
Execution Price = Official Exchange Closing Cross Auction Price (at 4:00 PM EST)
Cole Barrett's Reality Check
The Unvarnished Bottom Line"The market close is when index funds, pension funds, and institutional desks balance their books. A Market-on-Close order lets you participate in that high-volume closing auction, getting the exact price used by index funds without dealing with late-day intraday volatility."
Interactive Simulator: Test the Math
Real-World Example: Scenario Breakdown
Examining the real numbers for: Rebalancing an index portfolio at the close of trading (S&P 500)
| Execution Metric | Market-on-Close (MOC) Order | Manual Market Order at 3:59 PM |
|---|---|---|
| Fee / Rate | $1.00 fee | $0.00 |
| Spread / Buffer | Entered before 3:50 PM EST deadline | Hit wide spreads right before the closing bell |
| Execution / Status | Filled at the official 4:00 PM closing price ($500.20) | Filled with intraday slippage at $501.10 |
| Total Cost / Result | Matches the official daily closing print | Missed the official closing auction benchmark |
How Brokers Weaponize This Term
Some retail brokerages charge hidden platform markups on auction orders or refuse to support direct exchange MOC orders, instead internalizing orders and filling them after the bell.
Broker Evaluation Matrix
Cole Approves
Charles Schwab / Interactive Brokers: Direct routing into primary NYSE and Nasdaq closing cross auctions.
Read Audit →Cole Flags / Avoids
Retail CFD Platforms: Blocks access to official exchange closing auctions, pricing orders via proprietary synthetic feeds.
View Trap Details →Frequently Asked Questions
What is the cutoff time for entering an MOC order on the NYSE?
On the NYSE, Market-on-Close orders cannot be submitted or canceled after 3:50 PM EST to prevent manipulation of the closing cross auction.
Is an execution guaranteed on an MOC order?
Yes. As long as the order is accepted before the regulatory cutoff, it is guaranteed to execute during the closing auction.