Skip to end of metadata
Go to start of metadata

Market and instrument states are used on the platform to control market and instrument availability and order entry and matching activity.

  • Market Operations can configure a specific time for each phase in advance of the trading day.
  • Group level settings are applied to instruments as the default unless changed by Market Operations.
  • Market Operations can modify market phases and states in real-time as a result of market conditions (e.g. emergency auctions, market halt).

Watch this video for an overview of market states:

Market States

The CME Globex Trading Day proceeds through distinct periods, known as market states. A market state defines the types of activity allowed which ensures market integrity. Market states are managed by CME Globex administration and disseminated over market data.

State

Description

Price Indication

Start of Communication Inquiries. No cancels, modifies, or order entry allowed.

Pre-Open

Earliest phase of Opening market state. Order Entry, modification, and cancel are allowed. No order matching.

No Cancel

End of pre-open stage. Order entry is allowed. Modification and cancellation are not allowed.

Ready to trade/Start of Session

Start of continuous trading phase Period where pre-open orders are resolved following Indicative Opening Price (IOP) determination. Order matching begins.

Pause

Start of interruption of continuous trading for one or more instruments.

Trading Halt

Interruption of continuous trading and the period during which only order cancellation is allowed and order matching is not allowed.

Not available for trading/End of session

End of communication. Order entry, modification, and cancellation are not allowed.

Instrument States

Instrument states indicate the type of activity allowed for the tradeable asset.

State

Description

Price Indication

Start of Communication Inquiries. No cancels, modifies, or order entry allowed.

Pre-Open

Earliest phase of Opening market state. Order Entry, modification, and cancel are allowed. No order matching.

No Cancel

End of pre-open stage. Order entry is allowed. Modification and cancellation are not allowed.

Ready to trade/Start of Session

Start of continuous trading phase Period where pre-open orders are resolved following Indicative Opening Price (IOP) determination. Order matching begins.

Pause

Start of interruption of continuous trading for one or more instruments.

Trading Halt

Interruption of continuous trading and the period during which only order cancellation is allowed and order matching is not allowed.

Closed

End of communication. Order entry, modification, and cancellation are not allowed.

Pre-CrossInstrument is entering Cross state.
CrossCross trade is occurring for the instrument.