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    New Updates In Futures & Options

    The pre-open session comprises of how many sessions? What are the features?

    Pre-open session comprises of two sessions as mentioned below:

    1. Order Collection Period:

    • During this period orders can be entered, modified, and cancelled.
    • No trades are executed
    • Order collection period ends by system driven random closure between 7 and 8 minutes.
    • Both Limit and market orders are allowed.
    • The information like Indicative equilibrium / opening price of contract, total buy and sell quantity of the contract and % change of indicative equilibrium price to previous close price shall be computed based on the orders in order book and will be disseminated during pre-open session.
     

     2. Order Matching Period

    Order matching period starts immediately after completion of order collection period.

    • Order will be matched at a single (equilibrium) price which will be open price.
    • The order matching happens in following sequence:
    1.  Eligible limit orders are matched with eligible limit orders
    2.  Residual eligible limit orders are matched with market orders
    3.  Market orders match with market orders
    • During order matching period order modification, order cancellation, trade modification and trade cancellation are not allowed.
    • The trade details are disseminated to respective members before the start of normal market. Request for trade cancellation shall not be allowed for these trades.
    For which instruments is pre-open session applicable in Equity Derivatives market? What are the pre-open session timings? What shall be the trading parameters for Equity Derivatives market for pre-open session? Will the Self Trade Prevention Check (STPC) mechanism be applicable during the pre-open session in the Equity Derivatives segment? On what basis is the equilibrium / opening price determined for pre-open session? What happens to unmatched orders which are entered in the pre-open session? Will the orders received in pre-open session be validated at the applicable margins?