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- Market Operations can configure a specific times 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).
Market States
The CME Globex Trading Day proceeds through distinct periods, known as market states, during which defined types of activity are allowed to take place to ensure market integrity. Market states are managed by CME Globex administration and disseminated over market data.
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. |
Not available for trading | End of day preparation for the next pre-open. |
Instrument States
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. |
Not available for trading | End of day preparation for the next pre-open. |
| Pre-Cross | Instrument is entering Cross state |
| Cross | Cross trade is occuring for the instrument. |