...
Watch this video for an overview of market states:
| HTML |
|---|
<p><a href="http://progressive.powerstream.net/008/00102/cmeg_es/electronic-trading/market-states/index.html" target="_blank" rel="nofollow"><img src=http://www.cmegroup.com/globex/images/eid-thumb.png alt="Risk Management Video"></<a></p><div style="display: block; position: relative; max-width: 50%;"><div style="padding-top: 56.25%;"><video data-video-id="ref:170523MarketandInstrumentStates" data-account="49919183001" data-player="46f29b5c-718a-4f1f-aabc-37aadea1426c" data-embed="default" data-application-id class="video-js" controls style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;"></video> <script src="//players.brightcove.net/49919183001/46f29b5c-718a-4f1f-aabc-37aadea1426c_default/index.min.js"></script></div></div> |
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. |