Indicative Calculated Closing Price (ICCP)

The Indicative Calculated Closing Price (ICCP) is an important aspect of the Market On Close (MOC) feature on the TSX electronic call market. It serves as a preliminary indication of the calculated closing price for a MOC security, assuming the regular trading session had ended at the time of calculation. Unlike other calculations, the ICCP is not influenced by volatility parameters. At 3:50 PM ET on each trading day, the ICCP for each MOC security will be broadcasted to the trading community, 10 minutes before the actual MOC execution. This early indication is beneficial for market participants, as it provides insight into potential price movements at the close. The ICCP for all MOC securities can be found in the MOC Imbalance Report, available on tmxmoney.com.