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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 times 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).

Market States

The CME Globex Trading Day proceeds through distinct periods, known as market states, during which defined types of activity are allowed to take place to ensure 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 Theoretical Opening Price determination. Order matching begins.

Unknown or Invalid

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.

Not available for trading

End of day preparation for the next pre-open.

Instrument States

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 Theoretical Opening Price determination. Order matching begins.

Unknown or Invalid

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.

Not available for trading

End of day preparation for the next pre-open.

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