Instruments, Venues, and Trading Sessions
An instrument defines contractual exposure; a venue defines where and under what rules it trades; a session defines which rules are active at a given time.
Central questions
- What exactly is delivered, settled, or financially referenced?
- Which venue and session state govern an order?
- How do auctions, halts, expiries, and corporate actions alter continuity?
Planned model
Place one instrument on several venues and step through pre-open, auction, continuous trading, halt, reopen, and close while displaying permitted actions and price formation.