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published-date Published: January 22, 2025
update-date Last Update: January 28, 2025

Add & Edit Trade Sessions

Trade sessions tab allows setting up trade session for any exchange. It displays columns such as:

  • Name of the trade session;
  • Name of the current session period (described below);
  • Session time (start – end of current session);
  • Actions column, with the following actions: Add, Filter, Edit, Delete, Duplicate

Adding a new trade session

 

After opening a new trade session window, fill in all the common parameters (Session name, Time zone, and Country code), and move to the next tab which is template parameters. Select one of the provided session templates from the drop-down or create a custom one.
Next, click the “Session periods” button to select necessary session periods and types. The following window will open:

  • Before market – precedes the Pre-open period:
    Continuous 1 – main trading session throughout the Before market period. Trading is closed during this period.
  • Pre-open – this one precedes the main exchange period:
    1. Pre-open auction – session that starts a pre-open period;
    2. Continuous – general trading session during a pre-open period;
    3. Pre-close auction – auction session for closing a pre-open period. All orders that have not been matched will be canceled;
    4. Pre-main open auction – session for closing a pre-open period. All orders that have not been matched will remain during the main period.
  • Main – main exchange period:
    1. Open auction – session that starts a main exchange period;
    2. Continuous 1 – first general trading session of a main period;
    3. In-between clearing – clearing in the middle of a main period. It is used for internal exchange recalculations;
    4. In-between auction – in-between session, intended for setting up markets that have a lunch break or other gaps in the main period, additionally activates the ‘Auction pre cross’ and’ Auction Freeze’ periods (described below);
    5. Continuous 2 – second general trading session of a main period;
    6. Main close auction – auction session for closing a main period. All orders that have not been matched will be canceled;
    7. Clearing – final clearing of a main session when all values and margin are recalculated.
  • Post-close – period after a main exchange period:
    1. Settlement clearing – settlement at the beginning of a post-close period;
    2. Post-open auction – auction session at the beginning of a post-open period;
    3. Continuous – general trading session of a post-close period;
    4. Post-close auction – auction session for closing a post-close period. All orders that have not been matched will be canceled;
    5. Settlement clearing – final settlement of a day.
  • After-market – follows the Post-close period:
    1. Continuous 1 – first main trading session of the After market period;
    2. Continuous 2 – second main trading session of the After market period.
    Trading is closed during this period.

All selected sessions will be displayed in a table. The user can edit their values and set the required time periods.
The auction session has two sub-sessions: Auction pre-cross – traders have a possibility to place orders; Auction freeze – the possibility to place orders is blocked. After freezing, the matching process begins.

Some other options are available for setting up a trade session:

  • Session template – three timing templates are available here:
    Monday-Friday – same session time throughout the week;
    Monday, Tuesday-Thursday, Friday – separate time for Monday and Friday sessions, the same time for other days;
    Monday, Tuesday, Wednesday, Thursday, Friday – separate session times for each day.
  • Time zone – allows selecting a time zone for exchange;
  • Setup Sunday – allows customizing time settings for Sunday sessions;
  • Setup Saturday – allows customizing time settings for Saturday sessions;
  • Country Code – allows selecting country. The country’s holiday calendar will be used and displayed below the main table;
  • Enable advanced mode:

    1. Only decrease position orders – if checked, only orders to decrease a position will be placed (i.e. orders that close the position in whole or in part), otherwise – all orders;
    2. Order types – allows selecting different order types for each session. Commonly used order types for each session are set by default;
    3. Allow operations – operations allowed for each session. By default, the generally applicable operations are set for each session;
    4. Account operation settlement – if active, then at the end of this session, unsettled account operations will be delivered to the account. Thus, settlement of account operations can be made not only during clearing sessions, but any;
    5. Allow options exercise on Last trade date – if active, allows to exercise European options on their last trading date.
    6. Quote filter – if checked, all data for this session (including L1, L2, and Trade quotes) will be skipped for instruments to which this session is assigned. If not checked, no filtering is applied, and all quotes are allowed into the system. Note that the filter applies based on the receiving time of the quotes, rather than their timestamp.
    7. Risks->Is Intraday – if checked, Intraday margin calculations will be applied, otherwise – overnight margin calculation.

Other parameters

 

  • Simulated Day orders cancel offset, minutes – allows to set a time interval for cancellation of simulated day orders before the onset of the overnight period;
  • Checking overnight requirement offset – allows to set a time interval for overnight margin recalculations before the overnight period;
  • Day bar correction shift (sec) – delay in seconds after which, at the end of a trade session, a request for a day bar correction will be sent to a liquidity provider. For example, the session ends at 17:00, Day bar correction shift = 30 sec, this means that at 17:00:30 the server will send a request to a liquidity provider;
  • Switch mode – allows selecting an item that affects the session change, the following values are available:
    By trading status – when selected, trading sessions are changed in accordance with the instrument’s trading status;
    Server time settings – when selected, trading sessions are changed in accordance with the time settings specified for the session;
    Session status from route – allows selecting an info route from the drop-down Session status change list (this feature is available for LMAX, B3, BIST, and BSE Market data routes). In this mode, with one of the selected routes, sessions will be switched not according to local time, but according to messages received from the selected route;
  • External name – appears when the ‘Session status from route’ is selected in the Switch mode; this is a text field that allows specifying the external session identifier for a given route. This identifier helps parse messages for the selected session;
  • Block trading – if checked, trading will be completely blocked for all instruments for which the selected trading session is active. This option is disabled by default;
  • Auction local orders matching, available values:
    None – this value is set by default. If trading is allowed on specified sessions, then orders are accepted with the same Order types/TIFs received from the client application. During Auction pre-cross/Auction freeze periods of specified trade sessions, no triggering of local pending orders (Limit, Stop, Stop limit) is performed. After the beginning of the Continuous session following the Auction session, orders start triggering according to the standard mechanism after receiving quotes;
    Auction price trigger – if selected, the trigger logic by auction price received from info feed will be applied. At the moment, this logic applies only to the Peresys route but can be also implemented for other routes if needed. If “Auction local orders matching = Auction price trigger”, then the execution logic will look as follows:
    Limit orders: from Buy orders will be executed only those, for which Limit price >=Opening price/ Limit price >= Closing price; from Sell orders will be executed only those, for which Limit price <= Opening price/ Limit price <= Closing price;
    Stop orders: from Buy orders will be executed only those, for which Stop price <=Opening price/ Stop price <= Closing price; from Sell orders will be executed only those, for which Stop price >= Opening price/ Stop price >= Closing price;
    Stop limit orders: from Buy orders will be executed only those, for which Stop price <=Opening price & Limit price >=Opening price/ Stop price <=Closing price & Limit price >= Closing price, only if Stop price satisfies the condition, after completion of an auction, an order continues to wait for triggering of a Limit order. From Sell orders will be executed only those, for which Stop price >=Opening price & Limit price <= Opening price/ Stop price >=Closing price & Limit price <=Closing price, only if Stop price satisfies the condition, after completion of an auction, an order continues to wait for triggering of a Limit order.
  • Day start offset (hours:minutes) – allows specifying the number of hours and minutes by which the beginning of a trading day will be shifted. Available values: from -12 to +12, including 0; (by default – 0). This parameter is used only if the Custom FX time zone is selected in the Session status change. The number of minutes can only be specified manually after the ‘ : ‘ sign;
  • Close-out offset – delay period before orders canceling and positions closing for derivative contracts, which is measured in minutes starting from the end of the last Continuous session on the Last trade date. After the specified period is elapsed, the system performs forced canceling of all remaining pending orders and closes remaining open positions. With that, the orders are canceled regardless of “Auto-close position type” selected value, while the closing of the positions is performed only for Auto-close position type = By market price. The available values are positive integers with an increment of 1 and zero. With the default value of 0, automatic closing of positions and canceling orders for expiring derivatives is performed at the end of the last continuous session (in 1 minute before the session ends in some cases) of the Last trade date;
  • Final settl. price checking offset – allows setting the offset for checking the final settlement price of derivative contracts, which is measured in minutes starting from the end of the last Continuous session on the Last trade date. Available values are negative and positive integers, and zero. With a default value of 0, the final settlement price of derivative contracts is checked at the end of the last continuous session on the date of the Last trade. Setting negative values ​​for this control causes the final settlement price of the contract to be checked after the end of the last Continuous session on the Last Trade date (the specified number of minutes after the end). If a positive value is specified for this parameter, the final settlement price of the contract is checked for the specified number of minutes before the end of the last Continuous Session.

You can also view and edit the list of national holidays specified for the trading session using the Set holidays button located in the Common settings.
The “Set Holidays” button is not available until the new session is saved!

 

This screen contains:

  • Date – displays holiday’s date;
  • Name – name of the holiday ;
  • Working state – drop-down list that allows selecting a working state to be applied for this holiday date;
  • Action – only the Edit action is available, when not disabled, this button allows opening a screen with the Session periods for this holiday. Action is available for the Shortened day only. Session periods screen is considered below in more details;
  • Settlement will not be completed – this checkbox determines whether the date will be taken into account when calculating the delivery date via the Settlement system. Available for Shortened day state only. If active, then this date will not be taken into account when calculating the Value date of the unsettled account operation.

Selecting the “Edit” action will bring up screen that contains the trading session schedule on a holiday with Working state = Shortened day. The window is standard as for adding a trade session and was described above:

 

It also allows you to configure Session periods by clicking on the corresponding button in the upper left corner. The standard session period manager will be opened, please note that Main continuous 1 period will be selected by default:

 

After setting the trading session start time and periods, the settings saved in the “Session period for holiday” screen will be applied to the holiday trading session.
The default settings for the trading session periods will be selected in the “Session periods for holiday” screen when changing the Working state value to Shortened day.

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