Market and Instrument States

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.

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.

Group States

Group States apply to a grouping of related instruments, for example, product group SOFR futures.

State	Description

State	Description
Pre-Open	Earliest phase of Opening market state. Order Entry, modification, and cancel are allowed. No order matching; Mass Quote messages are not allowed.
Pre-Open - No Cancel	End of Pre-Open state. Order entry is allowed. Modification and cancellation are not allowed.
Opening	Brief intermediate state. Pre-Open orders are resolved following Indicative Opening Price (IOP) determination. Trades are sent.
Open	Start of continuous trading phase. Order matching begins.
Pause	Interruption of continuous trading. Only order cancellation is allowed. Order matching is 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 apply to the single given instrument, for example, SOFR option instrument SR3U4 C9525.

State	Description

State	Description
Pre-Open	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.

During a product's pre-launch period, when instruments are listed on CME Globex but not yet eligible for trading, Market State may be Closed or Paused. Clients may not act on these instruments until their Activation date/time.