Beginning Oct. 26, traders on CME Group Inc. futures exchanges will face new restrictions on their activity prior to the pre-open period.
Under new CME rules, they will be prohibited from entering “trading at settlement” and “trading at marker” orders.
TAS and TAM futures contracts allow market participants to trade at a differential to a not-yet-known price. For TAS futures, the not-yet-known price is the end-of-day settlement price; for TAM, it is a “marker” price.
Entering a TAS or TAM order “prior to receipt of the security status message indicating that the market has transitioned to the pre-open” is prohibited ...
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