Markets & trading
A trading session is a defined period during which a venue accepts and matches eligible orders. Opening, continuous, auction and extended phases can use different rules.
Make it click
A hall may collect offers before opening, match them together at one moment, then allow continuous bargaining. The same participants face different processes in each phase.
Now put that into markets
Exchanges publish calendars, hours and auction procedures. Prices measured at 'the close' or 'the open' need the correct session and venue definition.
Holidays, shortened days, halts and daylight-saving differences affect timestamps. Global instruments may trade on more than one venue or nearly around the clock.
Record exchange calendar, time zone, phase and price field. Convert times explicitly instead of assuming a familiar local clock.
A calendar date is not enough to establish information availability or an executable price. Session boundaries are part of research methodology.
Takeaway
