RE:RE:RE:RE:RE:RE:RE:Misleading numbers, paint coming in a variety of #'scouple things:
-see below IIROC response. seems legit but I don't understand it. eg, whose shares get traded?
-i haven't been looking at this bboard for probably going on 2 years. the only reason i did this week was to see if anyone had anything usefuyl to say about this funny 4pm trading biz so now that it is answered, i won't be back unless there is a similar need. i certainly haven't missed much - same bs, same posters. Eg. in my short visit it seems clear that the inspector, STD, and the Prince of accounts are Paul Djon's (of Sunlife) aliasses (emphasis on the last five letters), or is the Prince the only person who actually believs that STD is an American? Still as pathetic as ever Paul. Even more pathetic than people who manipulate stock prices.
Trades that occur on the TMX at or after 16:00 p.m. are typically At-the-Close (ATC) or Market-on-Close (MOC) designated orders. The trades you mentioned in your email were MOC trades.
The MOC book is independent and runs in parallel with the central limit order book (CLOB). Orders in the MOC book are not disseminated publically.
The TMX has published the Order Types and Functionality Guide which describes in greater detail the MOC facility and its rationale – starting at Section 2.6, P. 15 (attachment). Specifically:
The Market on Close (MOC) facility is an electronic call market that establishes the closing price for eligible listed stocks on Toronto Stock Exchange and TSX Venture Exchange. The MOC facility is a value added service for Toronto Stock Exchange (TSX) / TSX Venture Exchange (TSXV) providing equal access and opportunity in setting the closing price, increased price discovery efficiency, and reducing the volatility of the closing price for symbols eligible for the MOC facility.
The facility provides a fair benchmark for the fund management industry and provides a mechanism to minimize tracking error caused by deviations from the closing price. Derivative traders also benefit from the MOC facility as they require reliable benchmark closing prices for index related securities for basis, swaps, and options trades.
The MOC facility was introduced to TSX in 2004 and has since been widely adopted as an efficient and effective mechanism to establish the closing price. The facility was further extended to TSXV in 2012 to aid in portfolio and index rebalancing activities for recent Venture indices and index tracking ETFs.
The MOC facilities are TMX sponsored value add services. In as much, any further technical queries regarding the MOC facility may be directed to the contact list on P.48 of the attachment.