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  • Market Operations can configure a specific times 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:

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<p><a href="http://www.cmegroup.com/education/market-instrument-and-states-video.html" target="_blank" rel="nofollow"><img src=http://www.cmegroup.com/globex/images/eid-thumb.png alt="Market and Instrument States"></a></p>

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.

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State

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Description

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Price Indication

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Group States

Group States apply to a grouping of related instruments, for example, product group Eurodollar futures.

State

Description

Pre-Open

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
Pre-
open stageStart of continuous trading phase Period where pre-open
Open state. Order entry is allowed. Modification and cancellation are not allowed.

Ready to trade/Start of Session

Opening

Brief intermediate state. Pre-Open orders are resolved following

Theoretical Opening Price determination. Order matching begins.

Unknown or Invalid

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

Trading Halt

Indicative Opening Price (IOP) determination. Trades are sent.

OpenStart of continuous trading phase. Order matching begins.
PauseInterruption of continuous trading
and the period during which only
. Only order cancellation is allowed
and order End of communication. Order entry, modification, and cancellation are not allowed
. Order matching is not allowed.

Not available for trading/End of session

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.

Instrument States

Specifies the state of the tradeable asset which indicates the types of activity allowedInstrument states apply to the single given instrument, for example, Eurodollar option instrument GEH8 C9725.

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 Theoretical Opening Price determination. Order matching begins.

Unknown or Invalid

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.

Pre-CrossInstrument is entering Cross stateCrossCross trade is occuring for the instrument

Due to Velocity Logic (VL), the market automatically enters a brief Reserved state for a predetermined time period. Instruments can also be reserved by Surveillance.

Open

Instrument returns to group Open state after being Reserved, Forbidden or Paused. Instrument Open status is also sent due to Instrument activation.

PauseInterruption of continuous trading. Only order cancellation is allowed. Order modification and matching are not allowed.
Close (Forbidden)

Order matching is not allowed. Incoming orders are rejected along with cancel requests.

Pre-Cross

Invoked by Customer Request for Cross (RFC) message. Holds RFC matching for a configurable time period.

All other order entry and matching is allowed.

CrossConfigured Pre-Cross time expired.

For technical specifications please refer to MDP 3.0 - Market Data Security Status.

Info

During a product's pre-launch period, when instruments are listed on CME Globex but not yet eligible for trading, Market State may be Closed or Paused. Clients may not act on these instruments until their Activation date/time.