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--- ice_futures [2019/08/08 10:12] – maya
+++ ice_futures [2020/03/17 11:45] (current) – [Basic Market Rules] maya
@@ Line 55: / Line 55: @@
   * Tick Size: varies by contract.
   * Short Sale Rules: short selling is allowed, and no mark or locates are required for shorting.
+  * Circuit Breakers: Interval Price Limits (“IPL”) prevent large price movements in one direction within a given period of time. This protects the market from price spikes caused by cascading stops, multiple limit or market orders. IPLs have upper and lower limits which are reset periodically, not after each trade. If a bid or offer crosses the IPL, it will trigger a market hold. During the hold, the market is prevented from further movement in that direction for a specific period of time. During this time trading is still permitted in the opposite direction. Once the hold comes to an end, a new IPL is calculated and the market can continue in either direction.
+    * For more information, you can see the [[https://www.theice.com/publicdocs/How_the_ICE_Market_Works.pdf|How the ICE Market Works]] and the [[https://www.theice.com/publicdocs/technology/IPL_Circuit_Breaker.pdf|ICE Circuit Breakers]] documents.
 ===== Additional Info =====