Market State Protocol
- Body encoding
MS(See BTP Body Encoding).
Market state updates are sent over the Order Entry and Pricefeed connections. The message structures are the same for each.
Market State
| Byte Offset | Byte Length | Type | Name | Description |
|---|---|---|---|---|
| 0 | 1 | char | marketState | See Market State Code |
| 1 | 8 | uint64 | ackId | Ack ID |
| 9 | 8 | uint64 | productId | Product ID |
| 17 |
Market State Code
| Value | Market State |
|---|---|
O |
Open |
H |
Halt |
C |
Closed |
Market State Semantics
There are 3 possible market states: Open, Halt, and Close.
- Open: New orders and cancels can be submitted. Matches are possible.
- Halt: The market is “paused”. The book is persisted, but new orders cannot be submitted and no new matches can happen. Cancels are allowed. Book snapshots will be updated with orders that were cancelled being removed. You may even see new levels in the book snapshot during a halt, but those are from previously hidden levels being revealed from closes at tighter levels.
- Close: The market has been closed, no new orders are allowed, and the book has been cleared.
| Market State | Matching | New Orders | Cancels | Persist Book |
|---|---|---|---|---|
| Open | X | X | X | X |
| Halt | X | X | ||
| Closed |
The only market state update message that is useful when constructing the book is Close. A Close destroys the book,
where Open and Halt do not alter the book. Multiple Open updates in a row do not imply any changes either.