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Market on Close Order (MOC)

This is another very common order because a lot of spread betting clients like to finish up the day with a flat position in their account.

• A MOC order is simply an order to cover your position on the market close
• If you had bought £1 of the FTSE 100 index at 4200 in the mid afternoon, an MOC order would be to sell £1 of the FTSE 100 when the market closes that day
• And vice-versa for short positions

OCO - MOC Orders

This is a three way order and it sounds very complicated, but it's not if you understand OCO (One Cancels Other) and MOC (Market On Close) orders.

• You have just gone long £1 of the Dow Jones Index at 9100
• You place an OCO order to sell the position at 9150 limit or 9070 stop loss
• But you also don't want to run the position overnight, so what happens if the market doesn't move much and neither the limit sell order nor the stop loss order is filled?
• If this is the case the Market On Close order comes into effect, and the spread bet position is sold on the close

Your Position is long £1 of the Dow Jones at 9100 and you place these orders

Sell £1 at 9150 on a limit order, OR
Sell £1 at 9070 on a stop loss OR if nothing done on either order, OR
Sell £1 Market On Close

An OCO-MOC order is a good example of an order that you should only use if you fully understand it. But don't worry when you give any order to a spread bet broker because it's his job to make sure that both he and the client are on the same wavelength. If there's even a hint of ambiguity then both sides will continue to talk until they are both satisfied that they fully understand each other.

Stop Loss Orders

Stop loss orders are often complicated and need explaining in detail - More information available here.