CME Globex Reference Guide (PDF) - CME Group

CME Globex Reference Guide
THE TRADING SESSION
Trading sessions on the CME Globex
platform meet customer needs
around-the-world.
Electronic Trading Availability
Virtually all CME Group products trade
electronically at some point during the
day, but specific schedules vary according
to product.
Note: Special holiday trading hours are
available at cmegroup.com/holiday.
A current list of products on CME Globex
and specific availability can be found online
at cmegroup.com/trading_hours.
Trading Sessions and States
Trading on the CME Globex platform is
generally available Sunday evening through
late Friday afternoon. Exact trading hours
vary by product. CME Globex sessions
start in the afternoon or evening and mark
the beginning of the next trading day (for
example, orders entered during Sunday’s
evening session are dated for and cleared on
the following Monday).
Market States
All CME Globex markets cycle through
the daily order entry states. Below are the
pre-defined market states:
1. Pre-Opening
A predetermined time before the trading
session opens when customers can begin
entering, modifying and canceling orders
for the next trading day, but no trades
are executed.
2. Pre-Opening/No-Cancel
A predetermined time before the session
opens when customers can enter orders
for the next trade date but cannot cancel
or modify orders, and no trades are
executed.
3. Open
The period of time when orders are sent
and matched in real time, based on the
product’s trading times.
4. Pause
A pre determined time when customers
can only cancel orders. No trades are
executed.
5. Closed
cmegroup.com
This CME Globex state change, cancels,
day orders and advance the trade date.
6. Post Close/Pre Open (PCP)
This market state allows order placement,
modification, and cancellation of GTC/
GTD orders only. No matching takes place
and no action can be taken on non GTC/
GTD orders.
7. Maintenance Period
Occurring between 16:15 Central Time
(CT) and 16:45 (CT) Monday through
Thursday.
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