An instrument is one base and quote token pair on a trading venue, with its own tick size, lot size, price bands and fee schedule. Its detail page holds the controls that decide what the instrument does next: the “Listing ceremony” checklist, the Manage instrument menu that halts, suspends or delists it, and the tiles that edit its fees, price bands, holding period, calendar and collection windows. Venue operations covers the venue around it.
Halting or suspending an instrument here stops matching on this one venue only. It leaves the token's other transfer paths and other instruments' status unchanged, unlike Emergency halt and freeze, which acts on the token contract itself. Shared token or network restrictions can still affect them.
The EUROC / AEDT instrument with the “Manage instrument” menu open.
The instrument shows the “Session open” state. The open menu lists “Halt instrument”, “Suspend instrument”, “Delist instrument” and “Schedule a change”, above the “Instrument structure” and “Fees” tiles.
Steps
Open the instrument
Open “Asset lifecycle”, then “Venues”, select the venue and select an instrument row on the Overview tab. The detail holds the “Listing ceremony” checklist, the lifecycle controls described below, the fee schedule and price bands, the trading calendar, the close methodology and, on a private instrument, the approved participant wallets. Removing an approved wallet cancels its resting orders and releases its reserved balances, and the confirmation says so.
Choose the operation
Select Manage instrument in the header for halt, suspend, resume and delist. Use the tiles for the fee schedule and price bands, the holding period, the calendar and the collection windows. While the venue's “Trading venues” row under “Approvals” is on, lifecycle, calendar, price band and fee changes sent through the Console or the Platform API wait for a second operator. A venue operator wallet that calls the venue contract directly changes fees, the fee account and the holding period with no second person.
Review and submit
Check the affected instrument and the values shown in the confirmation step before you confirm. A delisting cannot be undone, so it asks for a typed confirmation, as Halt, suspend, resume or delist describes. A calendar override exists only on your screen until you select Save calendar. Complete every approval and wallet-verification prompt the operation presents.
Read the instrument lifecycle
Every instrument carries one of five states, and what an operator can do next depends on which one it is in. An accepted instrument starts pending while its listing ceremony checks the registered feed writer, eligible fee account, trading schedule, trading model, valuation price, and price floor. A continuous instrument needs weekly trading days, its own or the venue's. An auction-only instrument needs a collection window in the instrument's or the venue's timezone. A private continuous instrument always needs a price floor. The instrument goes live only when every item is complete, a private listing still states its sponsorship and meets the venue's current minimum admission value and share count, and any go-live time set for the instrument has passed. An instrument that falls short stays pending until a later check finds it complete. The Listing ceremony checklist on the instrument detail marks each item “Complete”, “Blocked”, or “Awaiting” and refreshes itself every ten seconds while the listing is pending. A live instrument accepts orders and matches them under its price bands. From live, an operator can halt, suspend, or delist it. A halted instrument accepts no new orders and matches nothing while retaining pending orders, though Day and Good till date orders still expire on schedule. From halted, an operator can resume, suspend, or delist it. A suspended instrument has no pending orders because suspension cancels them across all validities. It can resume to live with an empty book. Delisting is available from every state except delisted and moves an instrument to its final state, where new trading remains disabled. Pending delivery obligations keep their own lifecycle.
Delisted is the only state with no arrow leaving it, and a pending instrument can be delisted before its listing ceremony completes.
Halt, suspend, resume or delist
Halting, suspension and delisting differ in what they do to orders already in flight. Halting and suspension are reversible, and delisting is not. All three start from Manage instrument in the header of the instrument detail.
Halt instrument
Stops matching and new order acceptance once the halt is recorded. A halt cancels no resting order and unlocks no balance. Orders that expire on their own schedule still expire, and a submitted settlement batch keeps its own execution outcome. Scheduled auctions wait too: an opening auction or collection-window clearing due during the halt runs at the first session step after you resume, and a session that ends while halted closes without its opening auction. A halt is meant to be temporary and cheap to reverse. Resuming reopens matching with the same wallet-verification step as any other Console admin change.
Suspend instrument
Stops matching and new order acceptance, then cancels every resting order across all validities. Each cancellation unlocks its amount back to free escrow balance and appears in the transition result and order activity. A suspension is reversible: resuming returns the instrument to live with an empty book.
Delist instrument
Shares the role and the wallet-verification step a halt uses, but it cannot be reversed. Every resting order on the instrument is cancelled, every locked balance behind those orders is unlocked, and the instrument closes permanently. The confirmation asks you to type a phrase built from the first six characters of the base and quote token addresses, so a delisting cannot be submitted against the wrong instrument.
After a successful halt, resume, or delist, the platform publishes a trading-window announcement for that instrument. The default announcement names the instrument and includes the operator's reason. An API caller can provide its own title or body, or set announce to false when the transition should stay silent. Halt and delist announcements carry warning severity. Resume announcements carry info severity. A request that repeats a transition another operator already made publishes nothing. A suspension publishes no announcement, and a suspend request that sends announce is refused.
On a venue whose Trading venues row is on, a halt waits for a second operator like any other instrument transition. A venue admin can let an emergency halt skip that wait by setting allow with PUT /api/ in the Platform API. A halt request that then sends emergency halts the instrument at once, without a second operator, and records the halt under “Instrument emergency halt” as executed, with no checker. The same call with makerCheckerRequired set to false turns the second operator off for the whole venue. It, like turning the emergency halt bypass on, waits for a different venue admin to approve it under “Venue configuration approvals”, and the venue keeps asking for a second operator until then. Resuming the instrument is its own request. The flag applies only to a halt: a request that sets it with any other target state is refused, and resume and delist always follow the row. The Console has no control for an emergency halt.
Schedule a change
To make a halt, suspension, resumption or delisting happen later, choose Schedule a change from “Manage instrument”, then set these fields:
- In Move the instrument to, pick “Instrument halted”, “Instrument suspended”, “Open for trading” or “Delisted”, as the instrument's current state allows.
- Under When, choose “When the next session opens” or “After the session closes on a date”.
- For a date, enter a Date in the instrument's time zone.
- Give the change a Reason.
The earliest date the Date field accepts is the current date in the instrument's time zone. The empty field shows that date as its example. The calendar greys out earlier days, and a typed earlier date shows “Enter a date on or after” and that date, so no request is sent.
Most listing choices get a later edit, some do not
A continuous instrument matches orders as they arrive. An auction-only instrument matches only in auction crosses. A private instrument restricts trading to approved participant wallets in either matching mode, and its participant list stays editable after listing. A private instrument never shows an indicative price or quantity. A public instrument's Indicative price visibility setting controls whether participants receive the indicative price and quantity during pre-open and collection: everyone, operators only, or nobody. A private instrument shows participants only the top of the book, one level a side, even when it listed before that rule with full depth stored. A public instrument keeps its own depth setting. The “Book shown” row of the “Trading style” tile on the instrument detail reports how many levels a participant with depth access sees and how many levels a participant with depth entitlement sees.
By default an instrument carries unfilled “Good till cancelled” and “Good till date” orders to the book after an auction, under the “Carry to the book” rule. You can choose Cancel remainders at listing. A carried order keeps its hold, and a “Good till date” order still expires on its date. When an auction is blocked or refused at the window close, a carry instrument keeps its resting orders. Only an instrument set to “Cancel remainders” cancels them.
A new continuous instrument allows “Day” orders alongside “Good till cancelled” and “Good till date”. An auction-only instrument does not. A day order rests until the instrument's session closes. The venue then closes it as “Expired” and unlocks its locked balance, so an early close, a holiday, “Extend trading” or “Delay open” moves the expiry with the schedule. A day order expires at the close of its trading session: the session it was placed in, or the next scheduled session for a day limit order placed while the instrument is closed. It expires when that scheduled close passes even if the instrument stayed halted all session. On an auction-only instrument whose operator allows “Day”, a day order expires when its collection window closes. A closed instrument accepts no other order, and a halted or suspended instrument does not open its session until it resumes. An instrument with no trading calendar, neither its own nor the venue's, refuses day orders.
Each instrument also sets which attributes of a book level its participants see. The price is always shown. The quantity and the order count are each optional, and a new instrument shows all three. You choose them in the listing wizard and change them later under Participants see in the instrument's order rules editor, where “Price” is locked on. A hidden attribute reaches participants as null over the API, in both the book read and the stream, and the order book ladder shows “Hidden” in place of a hidden size. The depth chart shows “This instrument does not show quantities, so there is no depth to chart.” The venue operator always sees full depth with every attribute. A change to a hidden quantity sends participants no stream update.
The instrument's Depth for participants without depth access tile sets what a participant whose access does not include depth sees in the order book. “Top of book only”, the default, shows the best bid and ask. “Nothing” shows no book: the order book panel shows only its title and the note “Your access to this instrument does not include the order book.”, with no price step, column headers, last trade or auction matching price. A participant with depth access and the venue operator are not affected.
A private listing also asks who initiated it, under Listing initiated by: the issuer, for a sponsored listing, or a holder, for an unsponsored one. On a sponsored instrument the venue refuses an order, buy or sell, from a wallet whose registered country the security's country rules exclude, or whose country it does not know. The nationality rule changes order eligibility only. A restricted wallet keeps the instrument's public listing, prices, and depth, while private instrument visibility still follows the participant list. The wizard asks for the minimum admission value and share count the listing rules set, and the venue refuses a private listing below either. An optional “Floor price” on the risk step, entered as a price on the instrument's tick grid, is saved with the price bands.
Maker and taker fees, in basis points and zero allowed, adjust through Edit fee schedule on the Fees tile, which opens the fee schedule in a side panel with the resting-order impact shown before a raise applies. On a delisted instrument “Edit fee schedule” is disabled, and the API refuses the change. The official close methodology opens through “Edit official close” on the Trading style tile and saves through “Save methodology”, between “Last trade” or “VWAP” with its window in whole minutes. A VWAP close is the volume-weighted average price of the settled trades in that window before the close, rounded down to the tick. If nothing traded in the window, the close uses the same window length ending at and including the session's last trade. The configured no-trade fallback can use the auction price and then the previous official close, or the previous official close directly. A first session without a previous close uses the instrument reference price. A trade that settles after the session closes updates the official close once it settles, using the policy stored for that session. Price bands and order caps open through “Edit price bands” on the Risk controls tile.
The same sheet has a Volatility interruption group with “Threshold” (basis points, 1 to 10000), “Duration” (seconds, 1 to 86400) and “Reference price” (“Last trade” or “Previous close”). It is off until you fill it in, and clearing the threshold turns it off again, so no existing instrument changes behaviour. While it is on, a trade that would print further from the reference price than the threshold does not print. Fills inside the threshold stand, and continuous trading stops at the first resting order beyond it. The instrument collects orders for the set duration, then one single-price auction clears the book and continuous trading resumes. The auction price is not bound by the market-order protection band, but the static band, the price band and the floor still apply. While trading is interrupted, the instrument header shows “Interrupted · Volatility” with the time the auction runs, and the instrument page in the venue shows the same badge beside its status. The market data stream and the FIX drop copy report the interruption when it starts and when it ends. Each start and end is also written to the audit log as a system action, however it ends. A session change away from continuous trading, such as a close, ends the interruption without an auction. Changing the rule keeps a running interruption on its original timing, and clearing the threshold ends it at once without an auction: the orders collected meanwhile rest and trade against the next incoming order. The change follows the same approval and dating rules as any other band change.
The sheets that edit one setting, such as the minimum notional, the trading cut-off and the indicative price publication, say beside Save why it is off: “Change the value to save.” while the value matches the stored one, “Fix the value marked in red to save.” while the entry is not valid, and “Change this setting while the instrument is open for trading or halted.” for a setting that changes only then.
Change an instrument's holding period or valuation price
You can set a listed instrument's holding period to any value from 0 to 30 days. Open the instrument detail and choose Edit holding period on the “Instrument structure” tile, or send an instrument update through the API. The change is its own update and asks for wallet confirmation. It needs the same venue-operator role as other instrument settings. Before an instrument's first auction, “Edit valuation price” on the same tile changes its valuation price. After the first auction the tile shows “Valuation is fixed after the first auction.” instead. A delisted instrument cannot change either value. Both buttons are disabled, and the API refuses the change.
The new period applies to fills that settle on chain after the change lands. Trades already waiting for delivery keep their release time.
Assign instrument groups
Groups such as equities or fixed income sort a venue's instruments, and a participant's access profile can allow or refuse trading by group. Every instrument read returns the instrument's group. A venue admin defines the groups through the Platform API with PUT /api/, and the Console has no editor for them. A code starts with a capital letter and holds up to 16 capital letters, digits, hyphens or underscores, and it is unique on the venue. Sending an existing code with a new name renames that group. Any caller who can see the venue lists its groups.
When the venue defines groups, the listing wizard offers Instrument group, with “No group” for an instrument that belongs to none. A listing that names a group the venue does not define is refused with “The venue refused the listing: the instrument group it names is not one this venue defines.” When the groups cannot be read, the wizard says “The platform cannot read this venue's instrument groups” and offers “Try again”, and you can still list the instrument without a group. A change of an instrument's group is written to the audit log with the group it left and the group it joined. The trading desk's instrument panel names the instrument's group, and the “Participant access” page shows which instrument groups the wallet may trade on each instrument, after its access profile and any override.
Change the price bands
On the instrument detail, open Edit price bands on the Risk controls tile. The instrument's “Price-band setting” offers “Inherit venue default”, “Off for this instrument”, or “Instrument override”. The Risk controls tile says where the band comes from: “Inherited from the venue” or “Set on this instrument”. That selection applies across the instrument's instrument models. Inheriting instruments follow later venue-default changes. An override uses its own static or dynamic policy.
The “Price bands & order thresholds” sheet with the anchor, widths, order caps, floor price and the “Price-band setting”.
The sheet lists “Anchor price”, “Anchor mode”, “Anchor-price width”, “Last-trade width”, “Min order quantity”, “Max order quantity”, “Max order notional” and “Floor price”, then the “Price-band setting” set to “Inherit venue default”, and “Save bands”.
A dynamic band starts around the previous official close. While the override is dynamic, Anchor mode stays on “Roll on close” and says “A dynamic band always rolls the anchor to each official close.” A trade at a bound widens only that side by one step, up to the maximum threshold. Between the session close and the official close, a band that rolls on close has no anchor, and every order, market orders included, is refused. When the official close lands, resting orders outside the new band are closed as Rejected with the reason “Above the price band's upper limit” or “Below the price band's lower limit”. Orders inside stay on the book. If the session ends with no official close, the band re-anchors on its pre-close reference, otherwise on the previous close. Static and dynamic bounds include both endpoints and apply to continuous fills and auction clearing prices as well as limit-order admission.
Saving a tighter policy closes every resting order outside the new range as “Rejected” with the price-band reason and unlocks its locked balance. No separate prune action is required for those orders. An instrument whose band setting outOfBandCarryOver is suspend keeps them instead: each order outside the band is suspended, leaves the book with its reservation and time priority, and returns to the book when a later band covers it again. Trading: how a resting order becomes a fill explains suspension and reinstatement. Prune out-of-band orders is a separate action for orders that stay resting outside the static or dynamic band width in basis points or over a quantity cap. The order ticket shows the configured range. Market orders retain their separate signed protection limit, but each fill must also stay inside the effective price band.
Before a tighter limit is saved, the band editor asks for Preview impact, and “Save bands” stays off with “Preview the impact before saving a tighter limit.” until you run it. The preview counts the resting orders the change would close: “No resting orders fall outside the new limits.”, or the number with “Saving cancels them and releases their reserved balances.” The “Venue price band” on the “Listing rules” page asks for the same preview before any change to the default, summed over every instrument that inherits it, and a count of zero still lets you save. A width band or a quantity cap does not close an order on save. Those orders stay resting until you select “Prune out-of-band orders”, whose confirmation states how many resting orders it cancels before “Prune orders” releases their reserved balances.
A floor, a maximum order size or value, or an anchor-based width saved before the price-band policy stays in force until you change it. Off disables only the new price-band policy. Raising the issuer floor also cancels resting orders below it. The separate “Market-order protection band”, shown in basis points on the “Instrument structure” tile, remains set at listing, with no editor afterwards.
Raising the fee schedule above a resting order's signed fee cap does not silently charge the difference. The order still rests and can match, but the venue contract refuses to settle any fill of it at a fee above that cap, and the platform holds the fill on the Held fills tab for an operator to retry or bust. Before you apply the change, the fee-schedule screen reports the number of resting orders it affects, or says the venue has not reported the count when it cannot compute the figure.
A calendar override adds one exception for today, and still needs saving
An instrument's trading calendar sets its normal weekly session and any dated holiday or half-day exception. An instrument without a weekly session of its own trades the venue's week: its calendar shows the venue's time zone and weekdays, and saving gives the instrument its own schedule. A private continuous instrument shows those weekdays without the pre-open, which it never runs. If the instrument's calendar, or the venue's week it shows, cannot be read, the card shows an error with Retry instead of an empty week. The card's next change, such as “Closes 29 Oct 2026, 14:59 UTC · 23:59 UTC+9”, reads in UTC and then in the calendar's own time zone. The operator overrides “Delay open”, “Extend trading” and “Close early” each prefill a dated exception for today on top of the calendar, and the exception takes effect when you select Save calendar. “Delay open” moves today's open 30 minutes later, “Extend trading” moves the close 60 minutes later, and “Close early” sets the close to the next minute, never at or before the open. An auction-only instrument has no daily trading hours and offers no overrides. On a day with no session, whether the weekday is disabled or a holiday exception suppresses it, the override buttons are disabled and the panel says today has no session to override, because there is nothing to delay, extend, or end early. The exception an override writes is marked with the override's name, as “Unsaved override: Delay open” until you save and “Override: Delay open” afterwards, and the mark is stored with the calendar, so an intervention stays distinct from a hand-entered half day after a reload. A day with no “Pre-open” time opens straight into trading, as Skip the pre-open for a day explains. A public continuous instrument can also set an optional “Closing auction from” time on a weekday or exception, as Add a closing auction explains.
Collection windows
An auction-only instrument collects orders over collection windows instead of daily hours. On its instrument detail, the Collection windows tile lists each window as “Scheduled”, “Collecting” or “Cleared”, with only the five most recent cleared windows.
- Select Edit schedule to open “Collection window schedule”.
- Enter one window that repeats every week with Opens at (HH:MM) and “Clears at (HH:MM)”.
- Check the Windows to save preview for the next 12 weeks in the instrument's time zone. It lists under “Skipped” each week that has “already started” or “clears on a closed day”, and states how many upcoming windows the save replaces. A window that already started is kept.
- Select Save schedule.
The platform stores the weekly pattern and keeps generating windows from it 90 days ahead. Once a window has ended, a new order or a reduction of an order's quantity is refused with “This instrument's collection window has ended; its orders wait for the clearing”.
A stock split cancels the orders it re-based
A stock split, forward or reverse, changes every holder's units and the share's reference price. A resting order keeps the quantity, price and escrow commitment its maker signed, so the venue cannot re-size or re-price it. It cancels the order instead.
Confirming a split cancels every open order on each instrument whose base or quote token it splits, stop orders included, and waits until each order's locked balance is back in free escrow balance before any unit moves. The venue keeps checking in the background as well: while a split on the instrument's base or quote token moves units, it cancels every open order on the instrument. Once the split has ended, the venue cancels every order accepted at or before the end and keeps the orders accepted after it. An aborted split counts once it has moved any holder's units or re-set the reference price. A split aborted while a chunk or the price update was still queued counts as moving units until that settles, and its end is the moment the last of them landed, so an order placed between the abort and that landing is cancelled too. Each cancellation appears in order activity with the reason “a stock split changed the instrument's units and price”, and its locked balance returns to free escrow balance. An order with a trade still to settle is cancelled at once, and its balance is unlocked once that trade settles.
The sweep covers live, halted and suspended instruments alike. Halting an instrument before the split keeps its orders, as any halt does, until the split starts moving units. To give participants notice before then, suspend the instrument instead, which cancels every resting order straight away.
A split re-bases escrow balances and held trades
The venue's escrow holds tokens for each participant. When a split, bonus issue or other corporate action changes the units of a token the escrow holds, the platform counts each participant's escrow balance as if they held it directly, and the action mints to or burns from the escrow the sum of those amounts. Each free balance and each lock then moves to the new basis the next time it is read or used, with the action's own rounding. The escrow balances on the venue show the new amounts once the action has run.
A trade still in its holding period when the action runs is delivered on the new basis: the base quantity, the quote to the seller and each fee move by the action's ratio, and whatever the trade's escrow holds beyond that returns to the participant's free balance. Under a round-up-to-one action on the quote token, the lifted quote and fee amounts can come to more than the buyer's lock. That delivery is refused: the trade is undone with the reason Refused, both locks go back to the participants' free balances, and no operator has to act.
Check that an instrument is trading
Open the venue to see each instrument's status on its “Overview” tab, then open the instrument and confirm its calendar, bands, fees, controls, or participant access reflect what you submitted. To confirm an instrument is trading, read its Instrument activity card: the last price, the 24-hour volume, trades and range, and the price over the last 24 hours.
The “Instrument activity” card below the instrument settings.
The card shows “Last price” and its change, “24-hour volume”, “24-hour trades”, “Open” and “24-hour range”, and the “Price, last 24 hours” chart with “View as table”.
Troubleshooting
The instrument action is unavailable
Each state allows a different set of controls, and the instrument you are looking at may not offer the one you expected. A pending instrument offers only delisting. Nothing else is available until its listing ceremony completes on its own. A live instrument offers halt, suspend and delist. A halted instrument offers resume, suspend and delist. A suspended instrument offers resume and delist. A delisted instrument offers no controls. The controls sit in the Manage instrument menu on the instrument detail. The menu is missing when you are neither an organisation owner nor a platform administrator, or when none of your wallets holds the venue operator role. It is disabled, with the reason in its tooltip, when the venue operator role sits on another of your wallets. If the menu is enabled but the submission is refused, that is the server's role check, described in the error catalogue.
An instrument is halted
Open the instrument detail and read the latest operator reason before you resume trading. A halt blocks new orders and matching, but every resting order and locked balance from before the halt is untouched, and a submitted settlement batch keeps its own execution outcome. Day and Good till date orders still expire on schedule while it is halted, so check the order activity before you resume. To resume, open “Manage instrument” and select Resume trading, enter a reason and confirm. With the “Trading venues” row on, a second operator approves.
A fee schedule or price band change did not do what you expected
A fee schedule increase cancels no resting order. When an affected order matches, the venue contract refuses to settle the fill at a fee above the order's signed cap, and the fill waits on the Held fills tab for an operator to retry or bust it. Before you apply it, the screen tells you the number of resting orders that carry a signed fee cap below the new schedule, or says the venue has not reported the count when it cannot compute it. Tightening a price band behaves differently: saving a tighter policy closes every resting order outside the new range as “Rejected” and unlocks its locked balance, as Change the price bands describes. If an operator also runs “Prune out-of-band orders”, the orders it removes end as “Cancelled” and their locked balances unlock.
An operator calendar override had no effect
The overrides prefill a dated exception for today in the calendar editor. If you selected “Delay open”, “Extend trading” or “Close early” and then navigated away, nothing was saved, so open the calendar again and select Save calendar after the override. On a day with no session, because the weekday is disabled in the template or a holiday already suppresses today, the override buttons are disabled and the panel says today has no session to override: there is no open to delay, no close to extend, and no session to end early. Overrides never touch tomorrow's schedule or the weekly template.
Frequently asked questions
Can a delisted instrument be reopened?
No. Reopening trading means listing a new instrument through the wizard rather than reactivating the old one, and that new instrument starts its own listing ceremony, with a fresh feed writer registration and fee-account eligibility.
Do I need a second operator to halt, suspend or delist an instrument?
Only while the venue's Trading venues row under “Approvals” is on. That row covers halting, suspending, resuming and delisting an instrument, and every other venue configuration change that Desk administration lists. With the row on, a halt can skip the second person only as an emergency halt through the Platform API.
How is the market-order protection band different from the static and dynamic bands?
The static or dynamic policy sets the allowed limit prices and bounds all fills, including market orders and auction clearing prices. The market-order protection band is a separate limit fixed at listing. It bounds how far a market order may walk the book, and the order is signed at that protection edge. A price inside that protection limit must still satisfy the effective price band.
API routes
The instrument controls call the trading venue routes in the v2 API reference. The calendar reads are GET /api/ and GET /api/. Instrument groups are defined with PUT /api/, and an emergency halt uses PUT /api/.