Trade At Index Close
Trade At Index Close is an execution trade strategy on InterContinental Exchange's futures markets on its electronic trading platfom that allows a market participant to trade a futures contract in terms relative to the closing price of the underlying index.
During the course of the day, a market participant my express a bid or offer as a differential to the closing price of the underlying index, also sometimes referred to as the cash index or spot index.
- a TIC bid of +.53 means that the bidder wants to buy at the closing value of the underlying index, plus .53 index points);
- a TIC offer of -.21 means that the seller wants to sell at the closing value of the underlying index, minus .21 index points;
- a TIC order placed at 0 means that the buyer or seller wants to trade at the underlying closing value of the index (the closing cash value of the index).