Market and instrument states are used on the platform to control market and instrument availability and order entry and matching activity.
- 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.
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 Indicative Opening Price (IOP) determination. Order matching begins. |
Pause | 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. |
Instrument States
Instrument states indicate the type of activity allowed for the tradeable asset.
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 Indicative Opening Price (IOP) determination. Order matching begins. |
Pause | 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. |
Closed | End of communication. Order entry, modification, and cancellation are not allowed. |
| Pre-Cross | Instrument is entering Cross state. |
| Cross | Cross trade is occurring for the instrument. |