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Earliest phase of Opening market state. Order Entry, modification, and cancel are allowed. No order matching; Mass Quote messages are not allowed.

Pre-Open - No CancelEnd of Pre-Open state. Order entry is allowed. Modification and cancellation are not allowed.

Brief intermediate state. Pre-Open orders are resolved following Indicative Opening Price (IOP) determination. Trades are sent.

OpenStart of continuous trading phase. Order matching begins.
PauseInterruption of continuous trading. Only order cancellation is allowed. Order matching is not allowed.
Close - Not FinalEnd of day preparation for the next Pre-Open. Not final close for the date. This state allows a mid-session Pre-Open to be initiated.
Close - FinalFinal Close for the date. Day orders are eliminated.
Post - Close

Allows GTC/GTD orders only placement, modification, and cancellation. No matching takes place and no action can be taken on non-GTC/GTD orders.