TSX Market on Close (MOC)®

Introduced in 2004, TMX’s Market On Close (TSX MOC) facility plays a vital role in Canada’s equities markets and broader financial services industry: setting the official closing price for eligible Toronto Stock Exchange (TSX) and select TSX Venture Exchange (TSXV) listed issues.

Operating as an electronic call market, the TSX MOC facility aims to provide equal access and opportunity for investors looking to source liquidity and participate in trades at the closing price, efficiency and accuracy in setting the closing price, and reduced volatility at the close.

In 2019, based on industry feedback, TMX’s equity markets team embarked on a large-scale consultation process to explore ways in which we could improve the TSX MOC facility. TMX’s ongoing commitment to providing fair and transparent markets for all participants requires a measured and thoughtful approach, considering the interests of the full scope of participants and gauging the potential impacts proposed changes will have on the broader ecosystem.

Provide equal access and opportunity for investors looking to source liquidity
The New TSX MOC Model

TMX is confident that the significant efforts undertaken alongside our client community to reimagine our TSX MOC facility will reap wide-reaching and long-lasting benefits.

The new TSX MOC model introduces three high level changes, each designed to address the issues of transparency, alignment with global markets, and consistency of execution:

1. Enhanced transparency by increasing imbalance message content and frequency of communication

Add 6 new fields of indicative TSX MOC information (currently 4 fields only)

Paired Volme
Paired Volme
Market Order Imbalance Volume
Market Order Imbalance Volume
Market Order Imbalance Side
Market Order Imbalance Side
Near Indicative Price
Near Indicative Price
Far Indicatiive Closing Price
Far Indicatiive Closing Price
Price Variation
Price Variation
10 sec
Imbalance message to be sent every 10 seconds starting at the beginning of the Imbalance period (currently sent only once)
2. Newly defined MOC Imbalance market state to align with global models
MOC Imbalance market state starts at


(currently 3:40 pm)
Allow entry of new Market on Close orders, with no cancels or amends
(currently no new Market on Close orders allowed)
Allow entry of Limit on Close orders on either side ad any volume, with no cancels and aggressive price amends only
(currently limited to Limit on Close orders with side, volume and price restrictions)
3. Add a new MOC Freeze market state to mitigate volatility and help prevent unexpected price and imbalance movements
1MOC Freeze market state has a randomized start time between 3:56 p.m. and 3:57 p.m. to mitigate speed advantages
2LOC orders received will be treated as Pegged LOC orders and price capped to be no more aggressive than the MOC Reference Price
3Closing Offset order type will be removed as this is redundant with Pegged LOC orders
MOC® | Model Diagram
MOC model diagram
Market On Close
MOC Imbalances

At 3:50 pm ET the surplus/demand for Market On Close (MOC) orders on TSXV MOC eligible stocks are calculated and published to the marketplace every 10 seconds until close. This interest is published in order to solicit offsetting liquidity and promote fair price discovery at the close. This page contains the first TSXV MOC imbalance message containing only the imbalance side, size and reference price. It is intended for use by market participants participating in the TSXV MOC program as a preview. The full MOC Imbalance message, which also includes Paired Volume, Market Order Imbalance Volume, Market Order Imbalance Side, Near Indicative Closing Price, Far Indicative Closing Price, and Price Variation, and is refreshed every 10 seconds, is available through vendor workstations connecting to TSX's real-time data feeds.

All TMX MOC related information, company information and intraday data are provided by TMX for informational purposes only. Please refer to the associated time stamp on this web page to obtain the page of the data. All times indicated are Eastern Time. TMX and its affiliates do not guarantee the sequence, timeliness, accuracy, or completeness of any MOC related information or other data displayed, and are not liable or responsible in any way for any delays, inaccuracies, or errors in any MOC related information or other data displayed. Prior to making any investment decision, it is recommended that you consult directly with the individual or firm and seek advice from a qualified investment advisor. Neither TMX nor any of its affiliates makes or has made any recommendations regarding the securities or investment services of any person or entity with respect to the content of this web site, including, without limitation, the information available or of the advisability of investing in securities generally for any particular individual.

You agree not to solely rely upon the MOC related information or other data displayed for any trading, business or financial purpose and TSX Venture and its affiliates are not liable or responsible in any way for any damages, losses or costs arising from reliance on this information or incurred as a result of the nonperformance, interruption or termination for any reason whatsoever of the MOC related information or other data.

Stocks Eligible for Market On Close

The MOC facility provides equal access and opportunity in settling the closing price, reduces volatility at the close, and guarantees anonymity of broker numbers and volumes. Download the full list of symbols (TXT).

Updated: July 20, 2023