Exploring Market on Close Facilities in the Americas

In the latest episode of the Bid Out Podcast, Peter Haynes, the Managing Director and Head of Index and Market Structure Research at TD Securities, delves into the intricacies of market-on-close facilities in the Americas with special guests Nick Birkett and John Kraynak, both CFA Portfolio Managers at Vanguard.

Nick Birkett, with 8 years of experience in trading the U.S. close, transitioned from the portfolio trading team at JP Morgan in London after 14 years. On the other hand, John Kraynak, based in Malvern and with 15 years at Vanguard, manages portfolios for the international team and is actively engaged in trading closing order flow for Vanguard in Canada and Brazil. John is also involved in discussions with Mexican officials about potentially establishing a MOC auction similar to the TSX MOC facility.

The discussion between Nick and John covers the specific features and order types that are critical to closing auctions, highlighting the advantages and drawbacks of different MOC facilities. They also provide valuable insights and tips for traders navigating the complexities of on close risk, emphasizing the importance of local knowledge and understanding unique trading customs in each market.

The insights shared in this episode shed light on the significance of understanding the nuances of market-on-close facilities, emphasizing the need for traders to adapt their strategies based on the distinct characteristics of each trading environment. By drawing on their extensive experience and expertise, Nick and John offer practical advice for traders looking to optimize their performance in the Americas.

This podcast episode, recorded on May 5, 2025, offers a comprehensive exploration of MOC facilities in the Americas, providing invaluable insights for traders seeking to enhance their understanding of market dynamics and optimize their trading strategies. Stay tuned for the full transcript of this insightful discussion, which promises to offer valuable insights into the world of market-on-close trading.