System Event Codes

IPXS-SOM

Start of Messages. First message sent (after a Time Stamp – Epoch [T] message).

ENQUIRY

Users may connect and receive reference data.

Order management (enter/amend/cancel) is not allowed.

Trade Reports are not allowed.

PREOPEN

Orders management (enter/amend/cancel) is allowed.

No matching occurs. Theoretical Opening Price (TOP) and Theoretical Opening Volume (TOV) are calculated and disseminated.

Trade Reports are not allowed.

OPEN

At the transition to OPEN, orders are matched at the TOP.

Order management (entry/amend/cancel) is allowed.

Continuous matching occurs.

Trade Reports are allowed.

HALT

Applied when a temporary halt in trading is required, for example, when a price sensitive announcement occurs

Orders management (enter/amend/cancel) is allowed.

No matching occurs. Theoretical Opening Price (TOP) and Theoretical Opening Volume (TOV) are calculated and disseminated.

Trade Reports are not allowed.

MATCH_REJOIN

Applied to return a orderbook in a different session to the board it is in, to the same state as the board is currently in.

For example, if an orderbook is in the PREOPEN state, and MATCH_REJOIN is applied when the board is in OPEN state, the orderbook will return to the OPEN state.

CB_AUCT

Applied when an Extreme Trading Range (ETR) limit is breached. The order that caused the ETR breach is placed in the order book.

Orders management (enter/amend/cancel) is allowed.

No matching occurs. Theoretical Opening Price (TOP) and Theoretical Opening Volume (TOV) are calculated and disseminated.

Trade Reports are not allowed.

CB_AUCT_END

Applied on the end of CB_AUCT placed due to an ETR limit being breached.

If CB_AUCT_END occurs when the board is OPEN, orders are matched at the TOP

Order management (entry/amend/cancel) is allowed.

Continuous matching occurs.

Trade Reports are allowed.

If CB_AUCT_END occurs when the board is any other state, CB_AUCT_END is cancelled and the orderbook returns to the state of the board.

PRECLOSE

A Pre-Close session is a period of price discovery that is run at the end of a trading period.

Orders are entered during the period but no trades are generated until the end of the session. The aim is to establish an closing price for the security. If no trades are executed in the PRECLOSE session then, the last traded price of the security will be used as the closing price.

CLOSE

The market is closed.

No order management is allowed.

Users may continue to receive market data and execution reports.

Trade Reports are not allowed.

END_OF_DAY

Completion of operations.

Users will be disconnected.

IPXS-EOM

End of Messages. This is the last message sent (when Event Status = “T”).

IPXS-ENDSESS

End of Session (sent only with Event Status = “S”).