| Technical Connectivity | 05:30 | - Commencement of technical connectivity;
- No order entry, modification or cancellation is permitted.
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| Pre-market | 06:35 - 10:00 (06:35 - 9:50* for Cboe Warrants over Indices, Currencies and Commodities) | - Participants may check connectivity and details concerning securities available for trading but will not be able to enter orders into the Cboe market;
- The Cboe Trading System will not match orders;
- Trade Reports may be lodged in accordance with the Cboe Operating Rules and the Market Integrity Rules.
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| Pre-Open | 07:00 for auction eligible securities (CXA unique Funds) | - A call period commences prior to the opening auction for auction eligible securities. Participants may enter, amend and cancel orders and form overlapping order books however no trades are executed.
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| Opening Auction | 10:00 (randomised) for auction eligible securities (CXA unique Funds) | - Auction eligible securities with an overlapping order book are subject to the auction algorithm to execute overlapping orders, establish an auction price and commence continuous trading.
- The opening auction timing is randomised between 09:59:45 and 10:00:00
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| Continuous Trading (including Hidden Market on Close) | 10:00 - 16:13 | - Participants may enter limit and price improvement orders for eligible securities into the Cboe Market;
- Cboe Trading System will allow order entry and match orders;
- Participants may enter hidden Market on Close (MOC) Orders for eligible securities into the Cboe Market;
- Trade Reports may be lodged in accordance with the Cboe Operating Rules and the Market Integrity Rules.
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| Pre-Close | 16:00 for auction eligible securities (CXA unique Funds) | - A call period commences prior to the closing auction for auction eligible securities. Participants may enter, amend and cancel orders and form overlapping order books however no trades are executed.
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| Closing Auction | 16:13 (randomised) for auction eligible securities (CXA unique Funds) | - Auction eligible securities with an overlapping order book are subject to the auction algorithm to execute overlapping orders, establish an auction price and commence post-trading administration.
- The closing auction timing is randomised between 16:12:45 and 16:13:00
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| @Last Trading Phase | 16:12 - 16:20 | - Participants may enter hidden MOC Orders for eligible securities into the Cboe Market.
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| Post-Trading Administration | 16:13 - 18:55 | - Participants cannot enter or amend orders for Non-MOC orders from 16:13;
- Orders are not matched in this period;
- Trade Reports may be lodged in accordance with the Cboe Operating Rules and the Market Integrity Rules;
- All orders remaining in the Cboe market at the end of this period will be automatically cancelled.
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| End of Technical Connectivity | 19:00 | - All participant connections to Cboe are closed;
- Intraday trade cancellations are no longer possible.
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