Sessions and events
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.
GFN’s figure
GFN trading hours depend on the instrument and the liquidity available. Public holidays can cause late opens, early closes or closed markets, and the instrument information in the platform carries the current schedule.
In detail
Market open,explained
Index instruments open with the sharpest move of the day, because a cash session opens against hours of accumulated overnight news.
Spreads at the open are frequently several times their mid-session width, so a market order placed in the first minute pays for the privilege.
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 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.
Session overlap
The hours when two trading sessions are open at once. The London-New York overlap, roughly 13:00 to 16:30 UK time, carries the highest volume and the tightest spreads of the day.
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.
Spread
The gap between the bid and the ask price. It is the cost paid on entry: a position opens slightly underwater by the width of the spread before the market has moved at all.
Liquidity
How much can be traded at a given price without moving it. Deep liquidity produces tight spreads and reliable fills; thin liquidity produces wide spreads, slippage and gaps.
Also governed by /rules/trading-hours
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