Business, Legal & Accounting Glossary
An order to purchase a security or currency when the market closes, at a price or exchange rate within the range between the highest and lowest prices or rates at which trades were executed during the closing of the market.
A buy on close order is an order to buy stock at the close of the trading day. A buy on close order is filled at the best price possible within the day’s closing price range. A buy on close order for the NYSE or the NASDAQ is executed at four in the afternoon, New York time, at the traditional close of the markets. As markets move toward a twenty-four-hour trading day it is possible that a new definition for a buy on close order may be necessary. A buy on close order may open a new long position or it may close a currently-held short position. Buy on close orders can be placed for stocks, options, and commodities.
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This glossary post was last updated: 4th April, 2020 | 12 Views.