Cboe Market Close (BZX Only)
Cboe Market Close on BZX allows for Members to submit buy and sell Market-On-Close orders designated for participation in CMC in order to obtain the official closing price for any matched shares. Any remaining shares will be cancelled back to Members.
At 2:30 a.m. ET, Members may enter new orders to participate in CMC. Members will populate the following BOE fields to send a CMC order.
| Field Name | Req'd | Description |
|---|---|---|
| OrdType | Y | 1=Market |
| TimeInForce | Y | 7=At the Close |
| RoutingInst | Y | B=Book Only |
| CmcSessions | N |
|
An Order Restated message will be sent for any fully or partially matched CMC order after the order executes in a CMC matching session. A standard Order Canceled message will be sent for any CMC order that does not have any matched quantity after the final CMC session when the eligible order has finished. The restatement will contain the following fields:
| Field Name | Description |
|---|---|
| RestatementReason | C=CMC Restatement |
| LastShares | Number of Shares Cancelled (if any) |
| LeavesQty | Quantity of unexecuted shares. Will include shares already matched in a previous session. |
| CmcMatchQty | Matched size for CMC matching session. |
After the closing price is received one or more Order Execution messages, totaling the sum of the matched size from each restatement, will be sent for each CMC order. The execution message will contain the following fields:
| Field Name | Description |
|---|---|
| LastShares | Execution Size |
| LastPx | Execution Price (official close price) |
If a closing price is not received from the primary listing exchange by 8:00 p.m. ET, then all CMC matched shares will be cancelled. In the event that a closing price is updated by the primary listing exchange after its initial publication, then a Trade Cancel or Correct message will be sent to update the execution price for each CMC execution impacted by the changed closing price.