Submission Time Frames for Holidays
The chart below sets forth certain time frames for the submission of quotes and orders (including Order Cancel Request messages and Order Cancel/Replace messages) for products that are open for trading in connection with a holiday. All times referenced are Central Time.
| Time Frame | CFE Trading System State | What May be Submitted to CFE’s Trading System |
|---|---|---|
| From the close of a product's trading session to five minutes after the latest-product closing of that session. | Cancel-Only Period | Cancels for all persisted orders and quotes.1 |
| From the end of the cancel-only period to system start/restart (which occurs sometime between 10:00 a.m. CT and 10:15 a.m. CT on a Sunday and sometime between 4:05 p.m. CT and 4:30 p.m. CT on a weekday). | Suspended | Nothing |
| From approximately 10 minutes prior to product's pre-open to beginning of pre-open. | Suspended | Cancels for persisted Good-'til-Cancel (GTC) and Good-'til-Date (GTD) Orders from prior trading date and Cancels for persisted Day Quotes and Orders from same trading date (if applicable) |
| See Product Trading Hours2 | Pre-Open | Quotes and Orders (except Market, Immediate or Cancel (IOC), and Fill or Kill (FOK) Orders)3 |
| Trading hours during a holiday trading session. | Extended Trading Hours | Quotes and Orders (except Market Orders). |
1The Cancel-Only Period begins immediately following the end of trading in each product and will continue for 5 minutes after the end of trading in the latest-closing product within that segment.
2The pre-open period at the beginning of a business day or holiday trading session for Trade-At-Settlement (TAS) single leg contract expirations and TAS spreads commences at the referenced start time for the pre-open period plus a randomized time period from 0 to 3 seconds. The pre-open period at the beginning of a business day or holiday trading session for non-TAS single leg contract expirations and non-TAS spreads commences at the referenced start time for the pre-open period plus a randomized time period from 3 to 6 seconds.
3Orders permitted to be submitted to the CFE trading system during these times are not executable until extended trading hours next commence.