Auctions

6:30 a.m.	NYSE Pillar Gateways open for order entry Orders can be entered and cancelled until the security is opened by the DMM, which may occur after 9:30 a.m.
8:00 a.m.	Imbalance publication begins and is disseminated every 1 second until auction is complete
9:30 a.m.	Opening auction process begins

3:50 p.m.	Cutoff time for Market on Close/Limit on Close (MOC/LOC) order entry: Imbalance publication begins and disseminated every 1 second until auction is complete MOC/LOC and Closing Offset orders that are offsetting the significant imbalance are allowed after this time
3:59:50 p.m.	D orders may no longer be entered or modified
4:00 p.m.	Closing auction process begins

6:30 a.m.	Order Entry and Early Open Auction Imbalance publication Begins
6:59 a.m.	Early Open Auction Imbalance Freeze begins
7:00 a.m.	Early Open Auction Executes (Limit Orders Only)

8:00 a.m.	Core Open Auction Imbalance Publication Begins
9:29 a.m.	Requests to cancel MOO Orders and LOO Orders will be rejected.
9:29:55 a.m.	Core Open Auction Imbalance Freeze begins: new MOO Orders and LOO Orders will be rejected
9:30 a.m.	Core Open Auction executes within Auction Collars

3:50 p.m.	Closing Freeze Period Begins; only offsetting MOC/LOC order accepted. Requests to cancel MOC/LOC orders will be rejected
4:00 p.m.	Closing Auction executes within Auction Collars

2:30 a.m.	Order Entry and Early Open Auction Imbalance Information Begins
3:59 a.m.	Early Open Auction Imbalance Freeze begins
4:00 a.m.	Early Open Auction Occurs (Limit Orders Only)

8:00 a.m.	Core Open Auction Imbalance Publication Begins
9:29 a.m.	Requests to cancel MOO Orders and LOO Orders will be rejected.
9:29:55 a.m.	Core Open Auction Imbalance Freeze begins: new MOO Orders and LOO Orders will be rejected
9:30 a.m.	Core Open Auction occurs within Auction Collars

3:00 p.m.	Imbalance Publication Begins
3:59 p.m.	Closing Freeze Period Begins; only offsetting MOC/LOC order accepted. Requests to cancel MOC/LOC orders will be rejected
4:00 p.m.	Closing Auction occurs within Auction Collars

6:30 a.m.	Order Entry and Early Open Auction Imbalance publication Begins
6:59 a.m.	Early Open Auction Imbalance Freeze begins
7:00 a.m.	Early Open Auction Executes (Limit Orders Only)

8:00 a.m.	Core Open Auction Imbalance Publication Begins
9:29 a.m.	Requests to cancel MOO Orders and LOO Orders will be rejected.
9:29:55 a.m.	Core Open Auction Imbalance Freeze begins: new MOO Orders and LOO Orders will be rejected
9:30 a.m.	Core Open Auction executes within Auction Collars

3:00 p.m.	Closing Auction Imbalance Publication Begins
3:59 p.m.	Closing Freeze Period Begins; only offsetting MOC/LOC order accepted. Requests to cancel MOC/LOC orders will be rejected
4:00 p.m.	Closing Auction executes within Auction Collars

Indicative Match Price — best price at which the maximum volume of shares, including the non-displayed quantity of Reserve Orders, is tradable in the applicable auction, subject to the Auction Collars.
Total Imbalance — net Imbalance of all buy (sell) shares at the Reference Price for all orders that are eligible to trade in the applicable auction.
Market Imbalance — the imbalance of any remaining buy (sell) MOO & Market Day (Core Auction) / Market Day & MOC (Closing Auction) orders that are not already matched at the Auction Reference Price (for the publication of the imbalances)
Matched Volume — number of buy and sell shares that can be matched at the Reference Price at any given time.
Auction Collar — price collar thresholds for the Indicative Match Price for the Core Open Auction, Trading Halt Auction, or Closing Auction.
Reference Price — price which the imbalances are calculated.

For further information on auction processing please refer to Rule 7.35 in each exchange Rule Book.