The NASDAQ OMX Group owns and operates 26 markets, making them the largest exchange company in the world.
Currency: US Dollar (USD)
Time Zone: UTC -05:00
The pre-opening session runs from 07:00 - 09:30. During this session, orders can be entered and cancelled but no matching will occur. The Calculated Opening Price (COP) is displayed and continuously updated. At the open (09:30) all matching orders are executed at a single opening trade price with remaining orders left on the continuous limit order book.
The closing price is defined by the following closing auction mechanism.
Auction means an auction conducted in a trading platform with respect to qualifying orders to determine the auction price pursuant to the following process and priority:
The following periods affect only order entry for participation in the closing auction. There is continuous trading from 09:30 - 16:00 during which regular (non-imbalance) orders will be matched.
1. Pre-Imbalance (09:30:01 - 15:50)
2. Post-Imbalance (15:50 - 16:00)
3. Closing Cross Price (16:00:00 - 16:00:05)
Order Types: Limit-on-Close, Market-On-Close, and Imbalance Only orders are eligible to participate in the Closing Auction.
For more information on the auction mechanisms on the NASDAQ Stock Exchange, see the Nasdaq Market Center Systems Description document, p.12.