A market if touched (MIT) is an order to buy or sell below (or above)…
A market on close (MOC) order is a market order that is submitted to execute as close to the closing price as possible.
Summary of NYSE markets (NYSE, NYSE MKT, NYSE Arca) rules for entering/canceling/modifying market on close (MOC)
- All MOC orders must be received at NYSE markets by 15:45 ET, unless entered to offset a published imbalance.
- NYSE markets’ rules also prohibit the cancellation or reduction in size of any market-on-close (MOC) order after 15:45 ET.
Summary of Nasdaq rules for entering/canceling/modifying market on close (MOC)
- All MOC orders must be received at Island by 15:50:00 EST and cannot be cancelled after 15:50 EST.