22 Jul Nasdaq Proposal to Adopt a New “Early Market On Close” Order Type
The Nasdaq Stock Market has filed a proposed rule change to adopt the “Early Market On Close” (“EMOC”) as a new order type. The proposal states that Nasdaq intends for the EMOC to be an additional offering to its Market On Close (“MOC”) Orders, i.e., EMOC would enable market participants that wish to buy or sell Nasdaq-listed securities as part of the Nasdaq closing auction and to obtain matched executions at the Nasdaq Closing Cross price, the ability to do so at a time that is earlier than what is possible with ordinary MOC Orders. The proposal also discusses how the EMOC would be a competitive alternative to the Cboe BZX Market-On-Close order type (the “Cboe Market Close” or “CMC”). The full proposal can be found here. Comments are solicited on the proposal and are due to the SEC by August 12, 2020.