Changes to the pre-open session and ETF price bands
Changes to the pre-open session and ETF price bands
From September 7, 2026, there are two sets of changes - one to how the pre-open session works, and another to how ETF price bands are set.
What is the pre-open session?
Every morning from 9:00 to 9:15 AM, before regular trading starts, exchanges collect all buy and sell orders and match them at a single price - the one at which the most trades can happen. This becomes the day's opening price. The idea is to let overnight orders settle in an orderly way so the market opens smoothly.
What's changing in the pre-open session?
The session still runs 9:00 to 9:15 AM, but the rules inside it are changing:
| Time | Currently | From September 7 |
|---|---|---|
| 9:00–9:05 AM | Market and limit orders allowed | Same, no change |
| 9:05–9:08 AM | Market and limit orders allowed | Only limit orders. Market orders already placed can't be modified or cancelled |
| 9:08–9:10 AM | Orders are matched | Order entry randomly closes; matching starts immediately after |
| 9:10–9:12 AM | Orders are matched | Opening price determined, orders matched, trades confirmed |
| 9:12–9:15 AM | Transition to regular trading | Same, no change |
The short version: market orders can only be placed in the first 5 minutes. After 9:05 AM, only limit orders are accepted.
There's also a change in how orders get matched. Currently, limit orders get priority. From September 7, market orders will get priority — they'll be matched first among themselves, then against limit orders, and finally limit orders will be matched with each other. All matched trades execute at the single opening price discovered during the session.
SL, IOC, and Disclosed Quantity orders are not allowed during pre-open. Trades executed during this session cannot be cancelled.
Gold and Silver ETFs are joining the pre-open session
Today, no ETF is part of the pre-open — they all start trading at 9:15 AM. From September 7, Gold and Silver ETFs will be included in the pre-open session, so their opening price better reflects overnight moves in international markets. All other ETFs continue to open at 9:15 AM.
ETF price bands
Currently, most ETFs have a flat ±20% price band based on a NAV that's two days old. When markets move fast, this older reference may not reflect where the ETF should be trading. This was visible with Gold and Silver ETFs earlier this year.
Two things are changing:
New base price: From September 7, price bands will be calculated using the previous day's closing market price (VWAP of the last 30 minutes), not a T-2 NAV.
New bands:
- Equity and debt ETFs (except Liquid/Overnight): Start at ±10%, can expand to ±20% in 5% steps if needed, with a 15-minute cooling-off between each expansion.
- Gold and Silver ETFs: Start at ±6%, can expand in 3% steps. Can be widened further if international prices move sharply.
- Liquid and Overnight ETFs: Fixed ±5%.
All changes are effective September 7, 2026.
