My understanding of how this works is at 4pm the mkt. is $9.22 bid to $9.30 offered. A few hundred shs. were bot at $9.30. There were a number of shs. to be sold at MOC. No one was paying $9.30. They cud only be sold at a price someone was willing to pay. That price was $9.22. Sharp traders often lower their bids at 3:59pm to pick up a few pennies. It's a common occurrence in plenty of lower volume stocks. IMO MOC orders should only be used in very heavily traded securities. If the sellers of all the MOC trades had put a $9.30 limit on their orders there wud have been no trades & the closing price wud have been $9.30. The 4:10pm time is a formality used in all MOC orders in order to do paperwork. They must be in before 4pm close.

Does it really matter in the long run?

Regards

Joltin