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Price Indication

Start of Communication Inquiries. No cancels, modifies, or order entry allowed.


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 determinationIndicative Opening Price (IOP) determination. Order matching begins.


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


End of communication. Order entry, modification, and cancellation are not allowed.

Pre-CrossInstrument is entering Cross state
CrossCross trade is occurring for the instrument.