Pre-Open Session

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.