Multicast PITCH and TOP Market Data Dissemination

Trading Status

The CFE Multicast PITCH and TOP Trading Status message type is used to indicate a current trading state of an instrument and will be sent whenever an instrument's trading state changes.

CFE Multicast PITCH and TOP Trading Status field supports the following status codes:

S - Suspended (Not accepting orders. Outside of trading hours.)

Q - Queuing Period (In a Queuing Period.)

T - Trading (Distributed after the Opening Process and at the conclusion of intraday supervisory halts.)

H - Halted (Issued immediately following Supervisory Halts.)

All active instruments available for trading during the Opening Process and post Supervisory Halt Queuing state will explicitly disseminate a Trading Status of Q. At the time an instrument opens for trading the Exchange will update the Trading Status to T following both the Opening Process and post Supervisory Halt Quoting state. New spread instruments added intraday will be communicated with a Trading Status of Q, which may even occur during the Opening Process Queuing Period.

Upon initiating a Supervisory Halt, CFE will halt trading and attempt to update Trading Status to H on all affected instruments. A Queuing Period will begin at a time determined by the exchange, at which time affected instruments will transition from Trading Status of H to Q. Affected instruments will transition from Queuing state to Trading via the Opening Process described above.

Order Quoting/Trade Printing

Limit orders queued during the Opening Process and post Supervisory Halt Queuing state will be disseminated via CFE Multicast PITCH and TOP feeds. All executions from the Opening Process and post Supervisory Halt Opening Process will be disseminated over Multicast PITCH and TOP.