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"Combine traders must only trade the “front” (most liquid/highest volume) contract month for ALL products. Overnight trading is permitted, although positions must be closed prior to a product’s electronic market close."
Confusing, ain't it?
What they are basically saying is that you are allowed to trade a product during it's "off hours", which I think they mean by non-pit hours. This is kind of misnomic these days, because most markets no longer have pits/open outcry.
That's my guess. All TST wants is for you to not have an open position between market's close and then re-open the next trading day, which for many instruments would be an hour later.
You can open during Globex. You just have to have closed at the electronic close of the instrument, so you can't hold multiple "days," defining days as ending at the electronic close.
When I wrote "day trades only," that's what I meant to convey, not that you had to use pit or "regular trading" hours.
When the new "day" has begun -- that is, when it re-opens -- as defined by the CME, you can trade it again. "Days" aren't really days any more. You can trade it all night if you want to.
How about $1000 restriction? Will that be based on trading hours or new day? For example if we loose $500 in regular hours and the lost another $600 after reopen of trading but before 12 midnight are we technically out of 50k combine?
Well, I should always point out that I am no official source on any of this, and that the TST website and/or support phone/email is.
Given that, midnight and other calendar date/times are not the point. Nor are regular hours. It's a new "day" after the instrument re-opens. Check when CME regards it as a new trade day and go by that.
If this is important to you, I suggest sending the question to support to be sure of it, but that's how I understand it.
To me it seemed there was a bit too much history of the old way of trading versus electronic. The history is very interesting to know, but some of that time could have been saved for more Q&A after the main presentation. I had two questions, and only one was answered because we ran out of time.
Next time, shrink the time for the history, and add more time for and about the ins-and-outs of TST, the Combine, and Q&A.