closing out positions?

[divz]

Tomorrow is closing out day and the expectation is that the market will increase between 12 and 2 can someone please explain how this works and how often.

[SimonPB]

divz, it happens every quarter, the third thursday between 12 and 1.40pm (100 minutes). At the end fo that 100 minutes futures positions must either be closed or they will auto close at the average price for the 100 minutes. Generally traders exit and enter the next conttract period.

[CrownA]

Where is the market going to go after that - up or down? I am thinking down as the DOW/S&P/NASDAQ futures are indicating down...

[john_1]

Simon Do the guys who have to deliver stock as a result of the close out, have until the close of play today, or is it all done NOW!

[SimonPB]

not NOW, an remember we have T+5 on the JSE, so they got 5 days. But if they don't own it they will miss the deadline.