BMO Capital Launched Algorithm to Manage Late Trades
The new Last Call algorithm helps investors navigate high-volume trading during the final 15 minutes of the market day.
Updated on Sept. 21, 2026 in Investing
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BMO Capital Markets has introduced a tool called Last Call to assist with stock trading during the busy final quarter-hour of the market session. This period accounts for approximately 15 percent of average daily trading volume.
Why it matters
The algorithm aims to access significant liquidity during the end-of-day rush while helping investors avoid excessive price swings. It provides a way to manage execution in high-volume periods without strictly targeting the closing auction price.
Approximately 15 percent of average daily stock volume occurs in the final 15 minutes, where non-microcap trading costs range from 9 to 21 basis points. Closing auction execution proportions have grown by 10 percent between 2020 and 2025.
The players
BMO Capital Markets
An investment bank that provides financial products and trading algorithms for institutional and individual clients.
New York Stock Exchange
A major trading venue that provides infrastructure for stock executions, including specialized closing order functionalities.
The details
The Last Call algorithm dynamically adjusts trade volumes between 1 percent and 100 percent of an order ticket based on shifting market conditions. By prioritizing price quality over strict completion mandates, the tool helps reduce the market impact that often accompanies large, concentrated trades. It operates alongside mechanisms like NYSE D-Orders, which allow order submissions as late as 3:59:50 p.m.
Timeline
2020-2025: Closing auction trading value shares generally increased.
March 2026: Journal of Financial and Quantitative Analysis published a study.
May 2026: IOSCO published a report on market liquidity.
3:59:50 p.m.: Latest submission time for NYSE D-Orders.
Money Landscape
The Last Call tool arrives as closing auction liquidity has steadily risen between 2020 and 2025, driven largely by the growth of passive investing strategies. This increase in late-day trading volume has changed how investors approach the market close compared to earlier historical norms.
This development reflects the complexity of managing trade execution costs, which can fluctuate between 9 and 21 basis points for major stocks. Investors should speak with a qualified financial professional to determine if their strategy requires specific handling of end-of-day market liquidity.
The takeaway
While algorithms like Last Call help institutions navigate end-of-day liquidity, they highlight the importance of understanding the cost of trading in high-volume periods. Consider reviewing your investment portfolio’s execution history or strategy with a qualified financial professional.
Further reading
For more on navigating stock market volatility, see our Investing section.
Source note: This article includes information reported by Markets Media.
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