It will not be accepted, unless it offsets a published imbalance.
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Rules for MOC orders
- Thread starter flying_dutchman
- Start date
Pretty sure you can ignore IB's description, these tend to be outdated, incomplete and/or inaccurate. You should be able to cancel on ARCA until 15:59 as stated on the nyse.com link. If in doubt just test it out with a 1 share order.On this page https://www.interactivebrokers.com/en/trading/orders/moc.php, it says that:
* MOC orders must be received at NYSE markets by 15:50 ET
* MOC orders cannot be cancelled or reduced after 15:45 ET
However, on the NYSE ARCA exchange, from this page https://www.nyse.com/markets/nyse-arca/trading-info, it says that MOC orders cannot be cancelled after 15:59 ET. Does this mean I can place and cancel MOO orders between 15:50 and 15:59 for ARCA equities?
I trade a few ARCA equities and want to submit my MOC orders as late as possible
Pretty sure you can ignore IB's description, these tend to be outdated, incomplete and/or inaccurate. You should be able to cancel on ARCA until 15:59 as stated on the nyse.com link. If in doubt just test it out with a 1 share order.
I think you're right. I dug into the rule books for both NYSE Arca and NYSE and this is what I found:
For NYSE Arca, the closing auction imbalance freeze begins 1 minute before scheduled time for closing auction. During this period, cancellation of MOO/LOO orders are rejected. Orders entered during this period that would mess up the imbalance would be also rejected. It doesn't specifically say this but I think this implies MOC orders can be entered/cancelled up until the start of the freeze period (15:59 ET).
For NYSE, the closing auction imbalance freeze time actually begins 10 minutes before the end of the core trading session, at 15:50 ET. To me, this means you can enter/cancel MOC orders for NYSE up until 15:50 ET.
The rule books are difficult for my ant brain to understand and maybe I am totally misinterpreting it but it feels like some of IB's descriptions are just wrong.