Forced Openings

Any series, excluding the VSA constituent series, will be eligible to be forced open without conducting an opening auction after a configurable period of time. The force open timer starts after the Opening Trigger has been received and after the one-second opening delay is complete. The force open timer is configured for thirty seconds. At the conclusion of the force open timer the system will evaluate whether an unopened series is eligible to be forced open.

Please see the multi-list opening and proprietary opening sequence for additional information.

No opening auction will be conducted in series with a forced open. Orders that are not cancelled will be rolled into the book in time priority and processed subject to normal order handling based on order instructions and the NBBO at the time.

If at any time the conditions are met to allow the opening to conclude with either an opening auction or a forced opening, then the series will open. Otherwise, a series must remain closed with Opening Condition = Q until the necessary conditions are met for either an opening auction or a forced opening, or the Trade Desk manually intervenes.