Trading phases
During the trading day, each product has a specific trading phase (state) that gives a structure to the business day.
The instrument state changes in general with the product state.
The following sub-chapters describe each product state in detail; in order to get more details about order restrictions, please see the sub-chapter Order restrictions by trading period.
Overview of content
Trading
The product state Trading represents the trading phase.
For Continuous Trading models, the standard procedure for the product state Trading is that after an initial opening auction call phase, the instruments are in 'Continuous' phase, possibly interrupted by intraday or auction freeze or volatility auction call phases.
In Continuous Auction trading models, the instruments are in 'Pre-Call', interrupted by 'Auction-Call' or 'Freeze' phases.
During the trading period, open orders and quotes are compared continuously. All orders and quotes entered during this time that are equal to or better than existing orders and quotes on the corresponding contra-side of the order book are immediately matched. If not immediately matched, orders are held in the central order book, if appropriate. Transactions are confirmed in real time. Orders and quotes can be entered, changed, or deleted as required.
Combination quotes and orders can only be entered during the trading period. Eurex Market Supervision has the option of implementing a fast market on a per-product basis in unusual circumstances, such as times of high volatility. The difference between a fast market and the normal trading period is that the parameters for maximum quote spread and minimum quote size in response to a quote request are more relaxed during a fast market, and mistrade ranges are extended accordingly.
