Cancellation of Carried Orders or Quotes Between Sessions
GTC and GTD orders persist within CFE's trading system between CFE business days. By default, GTC, GTD, and Day orders/quotes persist between multiple trading sessions on the same business day in connection with a holiday. Persisted orders/quotes can be cancelled while the associated product is in a suspended state and during other trading states as described above.
At the end of the scheduled Cancel-Only Period for a product, cancellation requests for persisted orders/quotes in that product will be rejected with reason O = Order known, but cannot be canceled at this time until after the next trading segment when persisted orders/quotes are reloaded on the book. After the orders/quotes are reloaded on the book, they can be cancelled from that time until the end of the scheduled Cancel-Only Period for a product. In other words, the period of time in which persisted orders/quotes cannot be canceled starts at the end of the scheduled Cancel-Only Period for the associated product and ends after the persisted orders/quotes are reloaded on the book, after the system restarts.
Note that port Cancel on Disconnect behavior is in effect from the time persisted orders are reloaded to the book to the end of the Cancel-Only period. Clients may modify this port attribute via the logical port request tool available on the customer web portal.
The Multi-Segment Holiday Day Order Handling port attribute will enable TPHs to designate if Day orders and quotes are cancelled or preserved across holiday trading segments comprising a single business date.
| Period | Description | Time |
|---|---|---|
| System Start | System starts up but no new orders, modifies, nor cancellations are accepted. | ~10:00 a.m. CT on Sunday |
| Pre-Open and Regular Trading | New orders may be entered. Existing persisted orders may be modified or cancelled starting approximately 10 minutes before Pre-Open period begins for each product | Time varies by product |
| Product Close (PITCH status S) | Day orders are cancelled. | Time varies by product |
| Cancel-Only Period | Orders and quotes can be cancelled during a product's cancel-only period. GTC and GTD orders are persisted to the next trading date at the end of the cancel-only period. | From product close to 4:05 p.m. CT on Monday |
| System Restart1 | System starts up but no new orders, modifies, nor cancellations are accepted. | 4:05 p.m. - 4:30 p.m. CT on Monday |
| Period | Description | Time |
|---|---|---|
| System Start | System starts up but no new orders, modifies, nor cancellations are accepted. | ~10:00 a.m. CT on Sunday |
| Pre-Open and Regular Trading for Segment 1 | New orders may be entered. Existing persisted orders may be modified or cancelled starting approximately 10 minutes before Pre-Open period begins for each product | Time varies by product |
| Product Close for Segment 1 (PITCH status S) | No new orders are accepted. | 10:30 a.m. CT on Monday |
| Cancel-Only Period | Orders and quotes can be cancelled during a product's cancel-only period. Live GTC and GTD orders are persisted to segment 2. Day Order persistence is dependent on port attribute2 | 10:30 a.m. - 10:35 a.m. CT on Monday |
| System Restart1 | System starts up but no new orders, modifies, nor cancellations are accepted. Segment 2 will begin after system restart. | 4:05 p.m. - 4:30 p.m. CT on Monday |
| Period | Description | Time |
|---|---|---|
| Tuesday Half-Day | ||
| System Start | System starts up but no new orders, modifies, nor cancellations are accepted. | 4:05 p.m. - 4:30 p.m. CT on Monday |
| Pre-Open and Regular Trading | New orders may be entered. Existing persisted orders may be modified or cancelled starting approximately 10 minutes before Pre-Open period begins for each product | Time varies by product |
| Product Close (PITCH status S) | Day orders are cancelled. | Time varies by product |
| Cancel-Only Period | GTC and GTD orders may be cancelled. Remaining GTC and GTD orders are persisted to the next trading date. | From product close to 12:20 p.m. CT on Tuesday |
| Wednesday Holiday | ||
| System Restart1 | System starts up but no new orders, modifies, nor cancellations are accepted. | 4:05 p.m. - 4:30 p.m. CT on Tuesday |
| Pre-Open and Regular Trading for Segment 1 | New orders may be entered. Existing persisted orders may be modified or cancelled starting approximately 10 minutes before Pre-Open period begins for each product. | Time varies by product |
| Product Close for Segment 1 (PITCH status S) | No new orders are accepted. | 10:30 a.m. CT on Wednesday |
| Cancel-Only Period | Orders and quotes may be cancelled. Live GTC and GTD orders are persisted to segment 2. Day Order persistence is dependent on port attribute2 | 10:30 a.m. - 10:35 a.m. CT on Wednesday |
| System Restart1 | System starts up but no new orders, modifies, nor cancellations are accepted. Segment 2 begins after system restart. | 4:05 p.m. - 4:30 p.m. CT on Wednesday |
1The disconnect/reconnect sequence of a system restart generally take less than ten minutes and could occur anytime between 4:05 p.m. and 4:30 p.m. CT.
2See the Multi-Segment Holiday Day Order Handling port attribute.