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.|
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.