The NMCES is open from 4:00AM to 8:00PM, and anyone with access to ECNs can trade during those hours. The ADF is open from 8:00AM to 6:30PM, and there are low volume price spikes all over the place at the ADF open. However, the ADF is a display only facility, and the FINRA website states there are currently no active ADF participants... https://www.finra.org/filing-report...ay Facility (ADF,and the comparison of trades. Anyone know why these spikes are happening at that time?
May be same as discussed here every couple months? https://www.elitetrader.com/et/threads/what-are-the-8am-premarket-spikes.355017/ https://www.elitetrader.com/et/threads/large-price-spikes-in-pre-market-spy.345033/ https://www.elitetrader.com/et/threads/who-dropped-the-hammer-at-8-am-pst-1-25-on-es.355189/ https://www.elitetrader.com/et/threads/8-oclock-am-price-action.346116/ https://www.elitetrader.com/et/thre...ime-data-exist-yet-for-retail-traders.351953/ Sample quote:
%% Premarket, postmarket, lower volume anytime /price can + does spike\gap. [Last time i looked in premarket, i thought the bids were worth more+ sure enough they were regular market open + later...............................................................................................].