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Watch this video for an overview of market states:
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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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Start of Communication Inquiries. No cancels, modifies, or order entry allowed.
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 Cancel | End of | prePre- | open stageOpen state. 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 Opening | Brief intermediate state. Pre-Open orders are resolved following Indicative Opening Price (IOP) determination. | Order matching beginsTrades are sent. | |
| Open | Start | of interruptionof continuous trading | for one or more instrumentsphase. Order matching begins. | |
| Pause | Interruption of continuous trading | and the period during which only. Only order cancellation is allowed | and order. Order matching is not allowed. | Not available for trading/End of session | End of communication. Order entry, modification, and cancellation are not allowed
| Close - Not Final | End 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 - Final | Final 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
Instrument states indicate the type of activity allowed for the tradeable assetapply 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 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-Cross | Instrument is entering Cross state. | |
| Cross | Cross trade is occurring for the instrument Pre-Open | 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. | |
| Pause | Interruption 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. | |
| Cross | Configured Pre-Cross time expired. |
For technical specifications please refer to MDP 3.0 - Market Data Security Status.
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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. |