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
Start of Day
The product state Start of Day represents the time in the morning before the activity starts. Participants have no access to the order books in this product state.
All instruments are in the instrument state 'Closed'.
