What happens during the 15 minute trading halt that occurs between 315-330PM central time? Are all orders frozen in place? Can people still enter orders, but they just won't be executed? Is it a cancel only/no match time? As per the ES contract specs: http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contract_specifications.html Sunday - Friday 6:00 p.m. - 5:00 p.m. ET (5:00 p.m. - 4:00 p.m. CT) with 15-minute trading halt Monday – Friday 4:15 p.m. - 4:30 p.m. ET (3:15 p.m. - 3:30 p.m. CT). Monday - Thursday 5:00 p.m. - 6:00 p.m. ET (4:00 p.m. - 5:00 p.m. CT) daily maintenance period. The use of the phrase "Trading Halt" leads me to believe that only cancels orders can occur, and no orders will be matched. (http://www.cmegroup.com/confluence/display/EPICSANDBOX/Market+and+Instrument+States)
DAY orders are cancelled. GTC stay in place. New Orders are rejected. Not sure about cancels, though I can't see why not. There was a time when the after-RTH was used to settle Out Trades. It could be so bad as to consume the rest of the pit trader's early evening. Nowadays, I think it is just used by the exchange to reboot the computer, run database maintenance routines, install patches etc.
I thought the 4-5pm stoppage was for maintenance and patching? Stopping for 15 minutes at 315, starting again at 330, only to stop again at 4 is bizzare. You'd think a single stop at 4 would suffice. Any of you trade the 315-4pm stretch? How's the action?