Cboe Market Close

Cboe Market Close (CMC) is a cost-effective alternative to primary market closing auctions and off-exchange venues for execution of Market-On-Close (MOC) orders. Beginning March 6, 2020, Members may route MOC orders to CMC, where they are pre-matched with other MOC orders at 3:49 p.m. ET. CMC will publish its matched shares following the cut-off time. The trades are then executed when the official closing price is published, saving participants from paying closing auction fees charged by the primary listing market on orders that are not price forming. The timing of the CMC match allows brokers to route any unmatched MOC orders to the primary exchanges’ closing auctions. CMC is available to all Members with no tiering.

Daily Schedule

Time Period CMC Workflow
6:00 am ET
  • Members can enter New orders to participate in CMC.
  • Members can submit Cancel/Replace or Cancel requests.
3:15 pm ET
  • Buy and Sell CMC Market orders that are eligible for the 3:15 p.m. matching session are matched based on time priority.
  • Execution reports are sent to Members to indicate number of shares matched. Final execution price is provided through a restatement when the official closing price becomes available.
  • If 3:15 p.m. is the last matching session specified, remaining unmatched shares are cancelled back to Members.
  • If order is eligible for additional matching sessions, remaining unmatched shares will carry over to the next matching session.
  • Total size of all buy and sell orders matched via CMC in the 3:15 p.m. matching session are published through the Cboe Auction feed and the Multicast PITCH feed.
3:30 pm ET
  • Buy and Sell CMC Market orders that are eligible for the 3:30 p.m. matching session are matched based on time priority.
  • Execution reports are sent to Members to indicate number of shares matched. Final execution price is provided through a restatement when the official closing price becomes available.
  • If 3:30 p.m. is the last matching session specified, remaining unmatched shares are cancelled back to Members.
  • If order is eligible for additional matching sessions, remaining unmatched shares will carry over to the next matching session.
  • Total size of all buy and sell orders matched via CMC in the 3:30 p.m. matching session are published through the Cboe Auction feed and the Multicast PITCH feed.
3:49 pm ET (CMC Cutoff Time)
  • Final matching session for non-Nasdaq listed symbols.
  • All New orders, Cancel/Replace and Cancel Requests for non-Nasdaq symbols are rejected.
  • Buy and Sell CMC Market orders that are eligible for the 3:49 p.m. matching session are matched based on time priority.
  • Execution reports are sent to Members to indicate number of shares matched. Final execution price is provided through a restatement when the official closing price becomes available.
  • If 3:49 p.m. is the last matching session or is for a non-Nasdaq symbol, remaining unmatched shares are cancelled back to Members.
  • If order is for a Nasdaq symbol and is eligible for additional matching sessions, remaining unmatched shares will carry over to the next matching session.
  • Total size of all buy and sell orders matched via CMC in the 3:49 p.m. matching session are published through the Cboe Auction feed and the Multicast PITCH feed.
3:54 pm ET (Nasdaq Symbols Only)
  • Final matching session for Nasdaq listed symbols.
  • All New orders, Cancel/Replace and Cancel Requests for Nasdaq symbols are rejected.
  • Buy and Sell CMC Market orders that are eligible for the 3:54 p.m. matching session are matched based on time priority.
  • Execution reports are sent to Members to indicate number of shares matched. Final execution price is provided through a restatement when the official closing price becomes available.
  • Any remaining unmatched shares are cancelled back to Members.
  • Total size of all buy and sell orders matched via CMC in the 3:54 p.m. matching session are published through the Cboe Auction feed and the Multicast PITCH feed.
  • 4:00 pm - 8:00 pm ET
    • As the official closing price is published by the primary listing market, execution reports for previously matched shares is sent to Members to reflect the official closing price as the execution price. Trade reports are submitted to the SIP as reference trades with a “P” sale condition.
    • Any update to the official closing price by the primary listing market will trigger execution reports to be restated with the updated official closing price for affected trades.
    8:00 pm ET
    • If a closing price is not received from the primary listing exchange, then all impacted CMC matched shares will be cancelled.

    Contact

    Please contact the Cboe U.S. Equities Trade Desk (tradedesk@cboe.com, 913.815.7001) or your Director of Sales with any questions. We appreciate your continued support of Cboe and look forward to earning more of your business.

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