The MOC® facility was introduced to TSX in 2004, initially only for the constituents of the S&P/TSX Composite Index. The facility was further extended to TSXV in 2012 to aid in portfolio and index rebalancing activities for recent TSX Venture Exchange indices and index tracking ETFs. It has since been widely adopted as the industry benchmark for closing prices in Canada.
Now, all equity TSX listed symbols trade in the MOC facility, with the exception of preferreds, rights, warrants, notes, debentures and exchangeables. No TSXV symbols are presently enabled for the MOC facility.
By operating as an electronic call market, the MOC facility provides equal access and opportunity in setting the closing price, increased price discovery efficiency, and reducing the volatility of the closing price.
At 3:40 pm ET the surplus/demand for Market On Close (MOC) orders on TSX and TSXV MOC eligible stocks is calculated and published to the marketplace.