Trading Rotations

What this video covers

• Why orders and quotes in the queuing book cannot execute before the opening rotation
• How to match the queuing start times to all-sessions index options, equity options with global trading hours, and regular-hours-only classes
• How good til canceled (GTC) and good til date (GTD) orders from the prior session automatically return to the queuing book
• Why immediate-or-cancel (IOC) and fill-or-kill (FOK) orders are rejected, while match trade prevention (MTP) modifiers are accepted but not enforced during the rotation
• How all-or-none (AON), stop, and stop-limit orders are accepted but do not participate, and how intermarket sweep orders (ISOs) are converted into non-ISOs
• What opening auction updates show, including expected opening price, cumulative size, open status, and the five-second versus one-minute cadence
• How the earlier of the equity-option trigger conditions starts a rotation, plus the curb-hours exception