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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. | |||
| Pre-Open - No Cancel | End of | prePre- | open stageOpen state. 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 Opening | Brief intermediate state. Pre-Open orders are resolved following Indicative Opening Price (IOP) determination. | Order matching beginsTrades are sent. | |
| Open | Start | of interruptionof continuous trading | for one or more instrumentsphase. Order matching begins. | |
| Pause | Interruption of continuous trading | and the period during which only. Only order cancellation is allowed | and order. Order matching is not allowed. | Not available for trading/End of session | End of communication. Order entry, modification, and cancellation are not allowed
| Close - Not Final | End of day preparation for the next Pre-Open. Not final close for the date. This state allows a mid-session Pre-Open to be initiated. | |||
| Close - Final | Final Close for the date. Day orders are eliminated. | |||
| Post - Close | Allows GTC/GTD orders only placement, modification, and cancellation. No matching takes place and no action can be taken on non-GTC/GTD orders. |
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 Due to Velocity Logic (VL), the market automatically enters a brief Reserved state for a predetermined time period. Instruments can also be reserved by Surveillance. | ||
| Open | Instrument returns to group Open state after being Reserved, Forbidden or Paused. Instrument Open status is also sent due to Instrument activation. | ||
| Pause | Interruption of continuous trading. Only order cancellation is allowed. Order modification and matching are not allowed. | ||
| Close (Forbidden) | Order matching is not allowed. Incoming orders are rejected along with cancel requests. | ||
| Pre-Cross | Invoked by Customer Request for Cross (RFC) message. Holds RFC matching for a configurable time period. All other order entry and matching is allowed. | ||
| Cross | Configured Pre-Cross time expired. |
For technical specifications please refer to MDP 3.0 - Market Data Security Status.