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Sunday Session
The host is brought up, at the beginning of each week, and the system downloads for 20
minutes. Once the downloading of the CME® Globex® contracts is complete, CME Globex users
may log in. One hour later all products begin trading with futures opening first and options
following immediately after.
Globex Maintenance
Trading is closed on the CME Globex electronic trading platform from 4:30 to
5:00 p.m. (CT) for CME equity index and NYMEX® energy products, from 3:15 to 5:00 p.m. (CT)
for weather and from 4:00 to 5:00 p.m. (CT) for all other CME products, Monday through
Thursday for regularly scheduled maintenance.
Halting Phase
Contracts are pulled into the system and the market is adjusted to limit up and limit down.
Users may enter, modify, and cancel orders once they have logged in.
Cancel/Disable Phase
During this 30-60 second phase traders cannot cancel or modify their order.
Pre-Opening
This phase allows traders to enter and update orders. However, Hit, Take, and Market orders
are not permitted. Orders introduced during this period contribute to the calculation of the
Indicative Opening Price (IOP) but are not traded. The IOP represents the price at which an
instrument will trade or what the opening price will be on the Bid or Offer side when the
instrument begins trading.
Calculation Times
The system calculates the indicative prices for the products traded on CME Globex at varying
times prior to opening. The calculation times are as follows: 30, 15, 10, 5, 3, and 1 minute(s)
prior to contract opening. All times are not applicable to all contracts.
No-cancel Period
At a pre-determined time before the Session opens, traders can enter orders, but are not
permitted to Cancel, Activate/Deactive, Hit/Take or enter Market orders. Indicative prices will be
calculated and broadcast as changes occur. The IOP is broadcast to all CME Globex terminals as well
as to the external ticker feed.
Market Opening
During this short period, the system calculates the theoretical opening price. All orders
that can be executed at this opening price are traded. Orders entered during this period are queued
and then processed when the market switches to the Continuous Trading phase. Normal trading begins
at the conclusion of this phase.
Continuous Trading
This phase is triggered as soon as the opening phase ends. The switch to the Trading Session
phase (continuous trading) marks the end of the opening processes. Orders are sent to the market in
real time, base on the instrument's trading times.
End of Session
Electronic trading is closed.
Post Session
During the post session, all remaining day, session, expired GTC and GTD orders are purged
and credit controls are reset.
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