In Episode 71, Peter is joined by two market on close experts from Vanguard, portfolio managers Nick Birkett and John Kraynak. Nick has been trading the US close for the past eight years from his perch in the Scottsdale office. Prior to moving to the US, Nick was with the portfolio trading team at JP Morgan in London for 14 years. John is based out of Malvern and has been with Vanguard for 15 years. He manages portfolios for the international team and is active in trading closing order flow for Vanguard in Canada and Brazil and is involved in working with Mexican officials on the potential creation of a MOC auction modeled off the new relatively new, and very well received, TSX MOC facility. Nick and John go through the nuances of each model and order type important to closing auctions and debate the pros and cons of various features of each MOC facility. The two PMs finish up with tips for traders navigating on close risk in the Americas, a process that requires local knowledge that takes into consideration unique trading conventions in each market. This podcast was recorded on May 5, 2025. Chapter Headings: 01:11 - Does Concentration of Flow on Close Lead to Higher Intra Day Trading Costs? 07:24 - Model Preferences – Europe Style or American Style Closing Auction 16:30 - MOC Deep Dives – Canada, Mexico (work in progress), Brazil 33:56 - NYSE Allows Early Floor Look, Late Imbalance Flip Flops – Does That Cause Fairness Issues? 41:08 - Understanding Accessible MOC Volume – Case Study – Canada 45:22 - Broker Sponsored Closing Facilities – Good or Bad 48:25 - Advice for Traders Navigating the Close