I would like to put a disclaimer here is that I’ve used Interactive Brokers descriptions for these orders. I figured why reinvent the wheel. I’ve also linked to each article.
IB has gone to great lengths to ensure their clients understand how each of these orders work.
Market – A Market order is an order to buy or sell at the market bid or offer price. A market order may increase the likelihood of a fill and the speed of execution. However, unlike the Limit order, a Market order provides no price protection and may fill at a price far lower/higher than the currently displayed bid/ask.
Limit – A Limit order is an order to buy or sell at a specified price or better. The Limit order ensures that if the order fills, it will not fill at a price less favorable than your limit price, but it does not guarantee a fill.
Market on Open – A Market-on-Open (MOO) order is a market order that is automatically submitted at the market’s open and fills at the market price. MOO orders participate in the Open Cross.
One Cancels All – A One-Cancels All (OCA) order comprises a group of orders linked by a customer-created title entered in the OCA field for each order. By default, once an order in the group fills, all other linked orders are canceled. If an order is partially filled, the remaining orders will be reduced proportionately. If an order is canceled by the customer before execution, all remaining orders in the OCA group will automatically be canceled. But if one of the orders is rejected or canceled by the system, the remaining order(s) WILL NOT automatically be canceled.
Market On Close – 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 rules for entering/canceling/modifying market-on-close (MOC); All MOC orders must be received at NYSE (and at AMEX) by 15:45 ET, unless entered to offset a published imbalance.
New York Stock Exchange (NYSE) 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
ALWAYS FOLLOW THE RULES
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