Instrument States
Instruments can be in different states that determine their availability for trading and what operations are allowed:| State | Description |
|---|---|
| Open | The instrument is available for trading. Only in this state can orders and quotes be entered or amended. |
| Locked | Signifies an unexpected technical event. Instruments would become locked in the case of an incident. Orders can still be cancelled. |
| Inactive | Instruments can be inactive for two different reasons: - A newly listed instrument can start out as inactive, typically for new product launches. - A combination instrument can become inactive (and later open again) to save ME capacity and to remove a quoting obligation. |
| Settlement | The instrument is temporarily unavailable as positions are settled and day orders are removed. Typically only lasts a few seconds. On the settlement moment where the instrument is delivered, a state of Delivered is sent instead. |
| Halted | Signifies an expected technical event. Instruments would become halted in the case of scheduled maintenance. Orders can still be cancelled. |
| Delivered | At the moment of expiry, an instrument’s state will change to Delivered. Afterwards, the instrument will never become tradeable again. |