Sessions and events
Market close
The end of a trading session for an instrument. Positions held through a close carry gap risk into the next open, and spreads typically widen into the final minutes as liquidity leaves.
GFN’s figure
On a GFN account, weekend gaps, spread changes, slippage and market closures remain the trader's risk and can trigger a drawdown breach. Deliberately exploiting market-close gaps is prohibited trading.
In detail
Market close,explained
A stop loss offers no protection across a closed market. The next print is wherever the market reopens, and a stop is executed at prices available then rather than at the level it was set to.
Deliberately trading market-close gaps is prohibited at most firms, which is a different matter from holding a position through one as part of a strategy.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
Market open
The moment an instrument begins trading for a session. Opens concentrate order flow that built up while the market was closed, which is why volatility spikes and spreads take time to settle.
Rollover time
The point in the day when positions are rolled to the next value date and swap is applied. It is also when many platforms reset daily statistics, and spreads often widen briefly around it.
Swap
The financing charge or credit applied to a position held past the daily rollover. It reflects the interest rate difference between the two sides of the pair and can be positive or negative.
Bank holiday
A public holiday in a market's home country. The instrument may open late, close early or not trade at all, and liquidity in related instruments thins even where they stay open.
Prohibited trading
Activity a firm bans because it targets the trading environment rather than the market. It covers exploiting errors and pricing delays, coordinated trading between accounts, and third-party account management.
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