Market-on-Open, Market-on-Close and the Auction-Only Orders

What this video covers

• The five equities auction-only orders: Limit-on-Open (LOO), Market-on-Open (MOO), Limit-on-Close (LOC), Market-on-Close (MOC), and Imbalance Offset (IO)
• Why an auction-only order can receive a partial fill, but any unfilled quantity is canceled instead of resting on the book
• The halt-session distinction between LOO orders, which can reach a Trading Halt Auction in any trading session, and MOO orders, which are limited to halts during the Core Trading Session
• Why LOC and MOC orders are written only for the Closing Auction and have no halt qualifier
• The two conditions an IO order must satisfy to participate in a Trading Halt Auction, including the opposite-side imbalance and the Indicative Match Price test
• How an IO order's working price is adjusted and why IO orders are allocated after all other eligible auction orders
• The options Opening Only Order, and why ordinary market orders can also reach the opening auction while the options rules name no closing order