Imported from previous forum
What does ‘On close’ order type (40=A) mean?
How is it different from ‘Market on close’ order type (40=5)?
Does tag 44 (order price) need to be populated on an ‘On close’ order?
Any help is greatly appreciated. Thanks.
Hudson
[ original email was from Himanshu Sharma - himanshu.sharma@schwab.com ]
As per www.investorwords.com
market on close order
A buy or sell order which is to be executed as a market order as close as possible to the end of the day. So the Order becomes a Mkt order on/near close of Mkt.
on close
A market order or limit order to be executed just prior to the close of a trading session, or canceled if this is not possible. also called at the close.
Anyway both are deprecatd in FIX4.4.
HTH
> What does ‘On close’ order type (40=A) mean?
> How is it different from ‘Market on close’ order type (40=5)?
> Does tag 44 (order price) need to be populated on an ‘On close’ order?
>
> Any help is greatly appreciated. Thanks.
>
>
> Hudson
>
>