When is a Non-Opening triggered?

When is a Non-Opening triggered?

• A. If in CLOB and QDM there are market orders still left in the auction
• B. If there are no market orders left in the book
• C. If there are no quotes on the opposite side
• D. If the opening price is the reference price

Answer: (A)

Opening price discovery relies on matching orders during the opening process. A Non-Opening is triggered when there are market orders still present in the auction in CLOB and QDM, meaning there is aggressive demand that has not yet been satisfied and the opening cannot finalize. The auction remains in this extended state until those market orders are cleared or the process ends. If there are no market orders left, the opening can conclude and regular trading begins, so that condition does not trigger Non-Opening. Absence of quotes on the opposite side or the opening price simply being the reference price do not by themselves initiate the Non-Opening state.

Opening price discovery relies on matching orders during the opening process. A Non-Opening is triggered when there are market orders still present in the auction in CLOB and QDM, meaning there is aggressive demand that has not yet been satisfied and the opening cannot finalize. The auction remains in this extended state until those market orders are cleared or the process ends. If there are no market orders left, the opening can conclude and regular trading begins, so that condition does not trigger Non-Opening. Absence of quotes on the opposite side or the opening price simply being the reference price do not by themselves initiate the Non-Opening state.