Why do some markets appear only in ‘close-only’ mode?
Sometimes, you may notice that a market is in ‘close-only’ mode – this means you can close existing positions, but cannot open any new ones.
What does close-only mode mean?
When a market is in close-only mode:
- The instrument is still available for trading, and prices continue to update as normal.
- However, opening new positions is restricted.
- You can still close any open trades.
This mode is used instead of disabling the instrument entirely or switching it to ‘view only’. It allows for final actions (like exiting a trade) while maintaining visibility of live pricing.
When is close-only mode used?
Some typical scenarios include:
- Delisting an instrument: as part of the delisting process, close-only mode is often the first step.
- Checking price accuracy: before fully enabling an instrument, the mode may be used to confirm that price feeds and configuration are working correctly.
- Futures expiry: for futures contracts, close-only mode may be applied up to a week before expiration, to allow clients to wind down positions.
- Managing risk: it can help limit further exposure to an instrument during periods of high uncertainty or operational change.
This setting helps ensure platform stability and fair client access while allowing for a smoother transition in how a market is managed.