Lightspeed Guide
Market and Limit on Close and on Open Orders
Lightspeed Trader features the ability to send On Open and On Close orders to NYSE, NYSE MKT, Nasdaq, BATS, and ARCA Listed Symbols. There are many ways to place these orders and different rules that apply to each one. This guide will walk you through placing these orders and the guidelines for each.
NYSE and NYSE MKT Listed Symbols: On Open and On Close Guidelines:
To send NYSE and NYSE MKT Market On OPEN (MOO), Limit On Open (LOO), Market On Close (MOC), or Limit On Close (LOC) orders you may map a key from your Keyboard Tab or use your Order Entry Window. Orders in NYSE and NYSE MKT listed symbols are directed to the NYSE Market, seen below.
- Market and Limit On Open Orders and Cancels in NYSE and AMEX symbols are accepted up to 9:29:59 am ET.
- Market and Limit On Close Orders and Cancels in NYSE and AMEX symbols may be entered any time up until 3:50 pm ET. After this time, On Close orders may be entered only on the contra side of a Regulatory Public Imbalance. These orders are accepted up until 3:59:59pm ET.
- Lightspeed Trader provides a list of the NYSE/AMEX Regulatory Imbalances in the “Imbalances Window.” The info can also be added to your Level 2. Imbalance info is disseminated at 350pm ET.
- Closing Offset Limit Orders may be entered after 350pm. Closing Offset orders can be used to offset any imbalance that exists before the closing print, they may execute only against the opposing side of an imbalance.
- No closing auction orders may be canceled after 350pm.
For more information on the NYSE and NYSE MKT Closing Procedures
ARCA Listed Symbols: On Open and on Close Guidelines
To enter MOO, LOO, MOC or LOC orders in ARCA Listed Symbols, users can map a key from the Keyboard Tab or use the Order Entry Window, seen below.
- Market On Open orders cannot be canceled after 9:29 am ET.
- Market and Limit On Close Orders may be entered any time up until 3:59 pm ET.
- After this time, only Limit On Close orders may be entered against an existing
- Regulatory Imbalance. These orders are accepted up until 3:59:59pm ET.
- Lightspeed Trader provides ARCA Imbalances in the Imbalance Window or Level2.
- All ARCA Market or Limit On Close Orders will be rejected after 3:59 pm ET if they do not represent an order against an existing imbalance in that symbol.
- All ARCA On Close Orders cannot be canceled after 3:59 pm ET.
For more information about ARCA’s Opening and Closing Auctions
Nasdaq Listed Symbols: On Open Guidelines
To send Nasdaq MOO, LOO, MOC, or LOC orders you may map a key from your Keyboard Tab or use your Order Entry Window. Orders in Nasdaq listed symbols are directed to SIZE for the Market, seen below.
- Market and Limit On Open Orders and Cancels in Nasdaq symbols are accepted until 9:28 am ET. At 9:28 am ET, Nasdaq publishes a list of imbalances for their Opening Cross. After 9:28 am ET, Nasdaq will only accept ‘Limit On Open Imbalance’ Orders against an existing Imbalance. These orders are accepted until 9:29:59ET
- Lightspeed Trader provides a list of the Nasdaq Opening Imbalances in the Imbalances Window.
- All Nasdaq On Open Orders cannot be canceled after 9:28 am ET.
Nasdaq Listed Symbols: On Close Guidelines
- Market and Limit On Close Orders and Cancels in Nasdaq symbols are accepted until 3:55 pm ET. At 3:55 pm ET, Nasdaq publishes a list of imbalances for their Closing Cross.
- Nasdaq Limit On Close Imbalance Only Orders may be entered up until the time of the Nasdaq Closing Cross, but may not be canceled.
- Lightspeed Trader provides a list of the Nasdaq Closing Imbalances in the Imbalances Window.
- All Nasdaq On Close Orders cannot be canceled after 3:55 pm ET.
For more information about the Nasdaq Open and Closing Crosses,
BATS Listed Symbols: On Open and on Close Guidelines
To send BATS MOO, LOO, MOC, or LOC orders you may map a key from your Keyboard Tab or use your Order Entry Window, seen below:
- Market and Limit On Open orders must be received prior to 9:28 am ET.
- On Open Orders cannot be canceled after 9:28 am ET.
- Market and Limit On Close Orders may be entered any time up until 3:55pmET.
- All BATS On Close Orders cannot be canceled after 3:55 pm ET.
For more information about the BATS Opening and Closing Auctions.
A Few Things to Remember about On Open and On Close Orders
- You can create a custom key for all On Open or On Close (Limit or Market) orders by selecting Primary Market and selecting On Open or On Close. This key will automatically send the auction order to the proper destination. The below key is an example of a Limit On Close Buy Order for your Tier Size:
- A Market On Close Order to buy (to open or close a position) or sell a long position WILL BE FILLED. Once the exchange accepts the order, it will be filled to its entirety at the close unless that order was subsequently canceled prior to the exchange’s cut-off time.
- A Limit On Close Order or a Market on Close Short Sell Order is subject to market conditions and are not guaranteed executions.
- You should not trade around these Market on Close orders. If you have a MOC order to close a position pending in the system, you must consider this position closed. If you sell to close your position after this time you will create a short position.
- You can expect to receive a confirmation of your MOC/LOC order being filled approximately between 4:00 and 4:15 pm ET
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