Does the DOW have an auction period?

Scripophilist

Active member
221 7
Despite being in the markets for 14 odd years, I've never looked at this and despite googling it can't find any info so have assumed not. Never been important to me minute intra day stuff but am doing some work on out of hours stuff at the moment and would appreciate some clarification.
 

BBB

Experienced member
1,071 3
Does the DOW have an auction period?

Are you referring to NYSE or Dow futures?
 

Scripophilist

Active member
221 7
Well I've noticed the offcial DOW close does not come for at least a couple of minutes after 21:00 so I am really referring to the cash price.
 

Hooya

Experienced member
1,802 2
no auction just left over orders being put thorugh
 

gist

Newbie
8 1
Actually, the NYSE does have an auction: perhaps not in the traditional European sense though.
It has an opening auction which works exactly the same as most European Stock market Auctions: limit and market orders allowed. The uncrossing can take a long while.
The closing auction is an order matching process and is over pretty quickly. Orders for the closing have to be placed in the market by 15:40 US time - except on triple witching when they must be placed by 15:30 - and then the Specialist uncrosses at the close. The market is notified of imbalances at 15:40 ish, and the whole process is controlled by the Specialist.
Hope this helps. Customers that I deal for place alot of orders for market at close in the States. Heaven only knows why: personally I think its just an excuse for the Specialists to make another few dollars for doing nothing.
 
 
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