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  • Market Operations can configure a specific time 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).

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.