Question 2.1.25 Data Field (28)

Question 2.1.25 Data Field (28)

The implementing acts define field 28 as “the trading hours of the contract”. Although we do open and close our electronic markets, this is not always done at fixed times, the times can change from day to day, and even outside of those times we will be available to broker trades if customers require.

Our proposal is to list our markets hours as 00:00 to 00:00 which we believe reflects the service that we offer.


The TRUM indicates that “in case of continuous markets, exchanges or broker platforms shall report the trading hours in which their clients may place orders and trade in that market: e.g. 09:00Z to 17:00Z or 00:00Z to 24:00Z if no restrictions are imposed by the exchange.”

In the Agency’s view “the trading hours of the contract” should represent the hours within which the electronic orders are displayed in the screen, e.g. 09:00 to 17:00 if there are restrictions. If a voice brokered trade takes place outside the core trading hours 9:00 to 17:00 the contract should be reported with the same hours but flagged as “voice-brokered” in field 34.

When there are not any trading restrictions on a particular contract then 00:00Z to 24:00Z or 00:00Z to 00:00Z should be reported.