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. 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 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. |
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 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. |
| Pre-Cross | Instrument is entering Cross state |
| Cross | Cross trade is occurring for the instrument. |