Cboe Market Close

Cboe Market Close (CMC) is a cost-effective alternative to primary market closing auctions and off-exchange venues for execution of Market-On-Close (MOC) orders. Beginning March 6, 2020, Members may route MOC orders to CMC, where they are pre-matched with other MOC orders at 3:49 p.m. ET. CMC will publish its matched shares following the cut-off time. The trades are then executed when the official closing price is published, saving participants from paying closing auction fees charged by the primary listing market on orders that are not price forming. The timing of the CMC match allows brokers to route any unmatched MOC orders to the primary exchanges’ closing auctions. CMC is available to all Members with no tiering.

Daily Schedule

Time Period CMC Workflow
6:00 am ET
  • Members can enter New orders to participate in CMC.
  • Members can submit Cancel/Replace or Cancel requests.
3:49 pm ET (CMC Cutoff Time)
  • All New orders, Cancel/Replace and Cancel Requests will be rejected.
  • Buy and Sell CMC orders are matched based on time priority.
  • Partial or full cancels will be sent to Members to cancel shares not matched. Final execution price will be provided through an execution report when the official closing price becomes available.
  • Total size of all buy and sell orders matched via CMC will be published through the Cboe Auction Feed and PITCH Feed
4:00 pm - 8:00 pm ET
  • As the official closing price is published by the primary listing market, execution reports will be sent to Members to reflect the official closing price as the execution price. Trade reports will be submitted to the SIP as reference trades with a “P” sale condition.
  • Any update to the official closing price by the primary listing market will trigger execution reports to be restated with the updated official closing price for affected trades.
8:00 pm ET
  • If a closing price is not received from the primary listing exchange, then all impacted CMC matched shares will be cancelled.


Please contact the Cboe U.S. Equities Trade Desk ([email protected], 913.815.7001) or your Director of Sales with any questions. We appreciate your continued support of Cboe and look forward to earning more of your business.