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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 Pre-Open state. Order entry is allowed. Modification and cancellation are not allowed. |
| Opening | Brief intermediate state. Pre-Open orders are resolved following Indicative Opening Price (IOP) determination. Trades are sent. |
| Open | Start of continuous trading phase. Order matching begins. |
| Pause | Interruption of continuous trading. Only order cancellation is allowed. Order matching is 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. |
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