When the liquidity providers pricing into Global Prime switch online (Monday session start) and switch offline (Friday session end) the spreads can be wider as the liquidity providers reset and liquidity is low.
To ensure our clients positions are not stopped out by the widened spread, we commence pricing on Monday 2 minutes after the market open and close pricing on Friday 3 minutes before market close.
There is a daily 2 minute break in trading from 23:59-00:01 platform time. Clients are able to see the prices streaming during this break. No orders can be placed and pre-existing orders cannot be executed during this time.
This is to safeguard from positions with a Stop Loss getting hit by the potential spread spike that can occur over rollover when Liquidity Providers reset their pricing for the new trading day at 00:00 platform time (which is 5pm New York ET).
| Instrument Group | Market Open | Market Close | Trading Break |
|---|---|---|---|
| Forex | 00:01 Monday | 23:57 Friday | 23:59 - 00:01 |
| Metals | 01:02 Monday | 23:57 Friday | 23:57 - 01:02 |
| Instrument Name | Symbol | Trading Hours (GMT +2) |
|---|---|---|
| ASX200 | AUD200 | 00:50 – 24:00 |
| Nikkei 225 | JPN225 | 01:00 – 24:00 |
| Hang Seng Index | HK50 | 01:00 – 24:00 |
| Euro Stoxx 50 | EUSTX50 | 01:00 – 24:00 |
| CAC 40 | FRA40 | 01:00 – 24:00 |
| DAX 30 | GER30 | 01:00 – 24:00 |
| FTSE 100 | UK100 | 01:00 – 24:00 |
| DJ 30 | US30 | 01:00 – 24:00 |
| NASDAQ 100 | NAS100 | 01:00 – 24:00 |
| S&P 500 | US500 | 01:00 – 24:00 |
| ES35 | ES35 | 09:00 - 21:00 |
| China50 | China50 | 04:00-11:30, 12:00-23:45 |
| Instrument Name | Symbol | Trading Hours (GMT +2) |
|---|---|---|
| Brent Crude Oil | UK Oil | 03:00 – 24:00 |
| US Crude Oil | XTIUSD | 01:00 – 24:00 |
| XNGUSD | XNGUSD | 01:00 - 24:00 |
To align the daily chart candles with New York close (5pm ET) Global Prime server time and charts are GMT + 2 or GMT + 3 when daylight savings is in effect.
Trading Hours - The foreign exchange market trades 24 hours a day, 5 days a week. This is from 5pm New York (ET) on Sunday through to 5pm New York on Friday. Global Prime quotes on most Forex pairs from the open on Sunday through to the close on Friday. The daily break time of Forex is 23:59-00:02 server time. During this time you are unable to trade. Prices are generally wide and erratic from the low liquidity arising from the end of day processes at all the major trading banks across the world. To align the daily chart candles with New York close (5pm ET) Global Primes server time and charts are GMT+2 or GMT+3 when daylight savings is in effect.
The trading week starts from 6pm New York (ET) on Sunday (01:00 server time) until 5pm New York on Friday (00:00 server time). The daily break time for Commodities vary (see table). During this time you are unable to trade. To align the daily chart candles with New York close (5pm ET) Global Primes server time and charts are GMT+2 or GMT+3 when daylight savings is in effect. Find more information here https://www.globalprime.com/wp-content/uploads/2020/01/fx_specs.pdf
Trading outside of market hours generally results in high spreads and increased volatility. This is primarily due to there being less liquidity available in the market during these times. Further, in the case of indices or commodity futures, these products are priced as fair value estimates of the futures underlying markets. Accordingly, after the underlying market closes, LP’s have to formulate a price that represents where the underlying market would be if it was still operating. During these times, there is nowhere for LP’s to hedge their exposure so to account for the increased risk, they must increase spreads to offset their exposure.
Generally speaking, times that involve increased spreads and scarce liquidity are indicative of a more volatile trading environment that carries an increased risk level.
Non-DST = GMT + 2 / DST = GMT + 3
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