When a customer places a "Buy 1,000 shares of ABCD stock - MOC," when is the order filled?

When a customer places a "Buy 1,000 shares of ABCD stock - MOC," it indicates that the order is a Market On Close order. Such an order is intended to be filled at the end of the trading day, specifically at the market closing price. The execution for MOC orders takes place after all regular trading has ceased for the day, which occurs at 4:00 PM Eastern Time.

However, the actual order filling happens based on the price determined and reported shortly after market closure, which in the context of this question is set for 4:10 PM. This slight delay allows for the collection of all trades and the final determination of what the closing price is for that particular stock. Therefore, the order for 1,000 shares will be executed at the closing price that is set after the 4:00 PM mark, which is stipulated to be reflected in the pricing noted at 4:10 PM.

Understanding the timing of MOC orders is essential for effectively managing trades around market close and ensuring that customers know when to expect their transactions to be executed based on price determination protocols.